As the volume of digital payments increases and payments become a commodity, numerous financial messaging methods are emerging. Despite efforts to coalesce around financial standards such as IS020022, the combination of multiple financial messaging methods and new and existing financial standards has made corporate payments more complex.
Bottom line: faster and more seamless payments correlate to better conversion rates for corporate customers. To meet their expectations for simple access to a variety of digital payment methods and rails (e.g. ACH, wires, immediate payments, etc.), banks need to streamline financial messaging across the various financial services players.
Axway can help.
The Financial Integration solution provides advanced financial flow integration, partner on-boarding and workflow management capabilities not available in pre-packaged applications. Implementation is fast and cost effective for a quick return on investment, with the flexibility to change and grow to meet new financial integration and processing requirements.
How does the solution work?
The Axway Financial Integration Solution addresses the challenges of a financial messaging hub. It enables banking and financial services organizations to integrate and govern the flow of financial messages for any business interaction involving corporates, market infrastructures, regulators (e.g. the Federal Reserve and European Banking Authority) and standards bodies (e.g. NACHA, EPC, etc.).
By focusing on the financial messaging channels themselves, the solution optimizes the usage of various payment rails such as ACH or Wires, network standards such as SWIFT or eBICS, and messaging formats such as IS0 20022 or NACHA.
In addition to managing the various financial messaging methods from a single point, Axway’s financial integration solution also provides the payment analytics operations staff need to answer the proverbial question, “Where is my payment or file?” They can continuously track alarms and alerts, including where and when they occur, current status, and when they were acknowledged, escalated, or canceled.
The right Axway gateway secures file transfer and B2B connectivity for multiple channels and formats, so you can:
- Connect your enterprise with partners of varying size, importance and technical sophistication
- Create manageable, secure and auditable two-way communications channels over the Internet and private IP networks such as SWIFTNet
- Connect with corporate clients, retail banking customers, regulators, market infrastructures, and payment and other service providers
- Exchange financial information with customers and partners using the networks (including SWIFT), protocols (including EBICS) and formats they require
Format mapping and control of financial data
- Design, execute, and monitor integration processes regardless of format type or origin
- Easily manage integration with payment back-office using mapping, transformation, routing, and other advanced capabilities for files, messages and APIs
- Speed implementation of new financial data flows and integrations with a single solution that is open and customizable
Secure API delivery platform for cloud, mobile and partner channels
- Leverage existing bank or insurance services to provide secure integrations and business services via cloud, mobile and partner channels
- Control and secure all services that interact with mission-critical systems and communities inside and outside your financial or insurance institution
- Deflect attacks against, control access to, and secure the financial data transmitted by APIs
- Gain insight into the performance and quality of your API gateway operations, APIs and transactions
Real-Time proactive analytics of critical transaction flows
- Gain single-pane end-to-end visibility into banking transactions (wire/HVP, SWIFT, ACH/SEPA, immediate payments, check, ATM and cards), from acquisition to processing and settlement
- Proactively identify and resolve quality and process issues before they impact the business and customers
- Provide end-to-end tracking of every transaction and file to help operation teams check activity levels in real time, get visibility into important client order acquisition, and identify abnormal situations
- Enable operations to justify any discrepancies between incoming and outgoing flows for cards, and transmit stored transactions that have come into the system but have not been released
Structured data creation, correction, and enrichment using a web user interface
- Enable recycling of incorrect financial flows
- Create accounting entry forms for any type of financial or insurance transaction or business event
- Secure, authenticate and manage error-correction and data-entry operations
- Run and monitor data-entry and recycling processes
Making pension contributions and payouts pay off
Automating and optimizing business processes to reduce the workload for monthly accounting closings by 80%
Responding to clients faster with competitive new services
- Benefit with new innovative revenue streams and a competitive advantage
- Tune your data for real-time insights that empower operations and propel your financial institution forward
- Transforming into a digital enterprise is not enough – enterprises must focus on building the ultimate customer experience to compete. Cloud services and API-Led integrations are key. View this on demand Webinar to learn more.