Case Studies / Large SA Bank BOP Reporting

A large South African bank selected Synthesis’ Balance of Payments (BoP) reporting system and now benefits from a centralised reporting system, easily upgradable should compliance requirements change, as well as fast, accurate reporting.

Challenge

The bank wanted to be able to respond more effectively to future regulatory changes and needed improvements in the quality and speed of reporting.

Solution

In partnership with the bank, Synthesis further developed the txtstream FinSurv software to meet additional requirements. The project, using the Agile methodology, included switching the bank from SWIFT to SARBDex infrastructure.

Results

The bank now has a centralised reporting engine aligned to the regulator’s requirements and can report within agreed timelines. There is seamless integration with SARB and no system outages have been experienced to date

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