Solution
Synthesis implemented its balance of payments and txstream solution into Al Baraka’s core platform. This enabled Al Baraka to accurately report on all transactions to the SARB, simplify its deployment of consistent FinSurv rules throughout the bank and provide an application that allows for efficient storage, reporting and audit. Synthesis’ Chris Assad explains, “We simplify the payments process and regulatory reporting requirements, resulting in better overall compliance to the SARB rules.”
The rules-based approach of the solution validates the information against SARB rules to ensure all the correct information is provided. This ensures accuracy and speed.
Assad says, “SARB reporting has onerous validation requirements. txstream incorporates a feature that expedites this. The system applies validation and alerts users if anything is missing. We expose the validation rules via a web service so the bank’s internal system can leverage off it. Also, our software takes care of the complex re-submission process. To re-submit, one needs to delete the previous transaction and flag the new one. txstream takes care of the complexity of cancelling, waiting for a response and then resubmitting. In other systems, this all has to be done manually.”
Al Baraka’s Chief Operating Officer, Mohammed Kaka, describes working with Synthesis, “The team were open, frank and clear in their capabilities and delivered timeously. They worked hard to ensure very tight deadlines were achieved and delivered a solution that is robust and simple to use.”