Tag Archives: SWIFT
In my previous blog on this subject, I talked about the incredible innovations of Hadoop as a new analytics engine, and the innovations of Informatica in removing un-maintainable and complex hand-coding. In this blog I want to drill into the world of Informatica ETL and Hadoop in order to show why these two innovations are critical to augmenting traditional data processing approaches as companies begin to look at leveraging Big Data for new analytics. (more…)
The complexity in automated payments processing, electronic bank account management, and reference data management is in the end-to-end integration. The value of the automation is the enhanced visibility into payment, counterparty, security data.
Your competitive differentiation lies in the level of visibility you provide your customers. (more…)
The Aite Group recently surveyed senior treasury and receivables management at 80 top US corporations. About half of the transactions at these firms were processed straight through. As a result, there remains a lot of opportunity to reduce costs and mitigate risk by increasing straight-through-processing (STP) of transactions. In addition, banks can help their corporate clients get better information about their payments and posting. For example, Treasury managers need to know where they can invest excess cash and where their funds are throughout the organizations to borrow internal cash.
At SIBOS 2010 (October 25-29 in Amsterdam), Informatica will discuss how the Informatica SWIFT Integration solution enables your customers to achieve true STP and get better information about their payments. This is especially critical given all the new regulation and industry changes that have been reflected in the latest SWIFT standard. With Informatica’s 2010 SWIFT certified solution, organizations can: (more…)
As we continue to emerge from the financial crisis, cash reporting is critical. Cash management functions have centralized in many organizations and increasing volumes of global payment transactions continue to drive the focus on cash reporting. How competitive is your cash reporting solution? Are you meeting the needs of your customers? Do you have the following gaps in your solution?
1. Lack of standard cash reporting format and implementation guidelines
2. Inability for machines or humans to easily read cash reports (without IT involvement to customize reports)
3. Delay in providing new cash reports to customers due to:
• Lack of automated support for SWIFT 9xx messages in current payment application
• Extensive, time consuming testing required as a result of custom code
• Lack of automated BAI to SWIFT conversion support
4. Inability to support new corporate requirements (e.g. due to inability to support new capabilities in XML based formats such as SWIFT MX)
In a recent AFP (American Finance Professionals) survey, respondents wish to see several changes to the BAI code reporting process in the future. 84 percent of corporate respondents would like the format and implementation guide standardized across all banks. Forty-four percent would like the tags and XML descriptions standardized to make the information more easily read by machine and humans.
With the global economy, financial standards and formats have proliferated. These standards enable organizations to accelerate, reduce costs, and ensure security of communicating critical financial information. In a survey conducted by AFP of banks and corporates who use BAI for critical cash reporting functions, “An overwhelming majority (84 percent) of corporate respondents would like the format and implementation guide standardized across all banks.”
But supporting one standard like SWIFT or BAI can mean creating hundreds of mapping rules with tens of validations, taking on average 3-4 weeks of development and testing. Compounding this problem is each standard changes every year, with some standards making hundreds of changes. Each change requires rigorous impact analysis, along with the actual development and testing time. If your organization can’t keep up with the speed of these changes, you risk penalties, failed trades or payments, and customer dissatisfaction. And all of this is for one standard. If you or your customers and partners support more than one standard, you need to somehow manage multiple standards, versions of standards, and conversions between versions of standards. Finally, getting this data (often coming from outside your organization) in all these different standards into your internal systems with all their formats is one of the biggest and most time consuming challenges. This delay can cost organizations 8% in annual revenue.
What Is The Best eBAM Approach For Banks—Provide An eBAM App For Corporates Or Support Any Corporate’s eBAM Requirements?
Banks need to be able to support any corporate’s eBAM requirements. Corporates (who work with multiple banks) would rather not invest in multiple IT projects to support eBAM. In addition, for banks to quickly onboard new corporate customers, it will be necessary to support any corporate’s eBAM requirements. As a result, what becomes critical is the bank’s ability to:
1. Accept and receive documents/forms from the corporate in any format, including word, pdf, or other non-XML formats
2. Support seamless integration to the bank’s back office
3. Provide the corporate with self-designed monitoring of the bank account management process (e.g. providing alerts based on the corporate’s specific rules)
Corporates require flexibility and the banks can provide that flexibility. This will enable the corporates and the banks to ramp up quickly together in electronic bank account management.
Today we announced Informatica Cloud Summer 2010. Powered by the Informatica Cloud Platform, customers and partners can build and share custom integrations for applications such as Salesforce, Oracle, SAP, Microsoft, Xactly, Right 90, Big Machines and numerous others. Informatica Cloud Summer 2010 extends this capability by introducing pre-packaged data quality and B2B data transformation plug-ins building towards our vision of a data integration marketplace. (more…)