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When Sasfin replaced its legacy payment system, continued compliance with the South African Reserve Bank’s (SARB) Finsurv reporting regulations was critical. The Synthesis tXstream Finsurv solution fitted well. Integrated into the bank’s new Calypso platform, it enables automated compliance support, significantly lowering reporting effort and increasing accuracy and efficiency. “The Calypso suite gives us a treasury trading platform with advanced functionality that provides the bank with a foundation for future growth. The Synthesis tXstream Finsurv solution, with its modern architecture, dynamic updates, ease of use and ability to scale, brings us a world-class regulatory compliance capability that meets local requirements,” says Marlana Möller, Portfolio and Programme Manager at Sasfin. tXstream Finsurv adds automation, building validation of payments as well as SARB Finsurv reporting into Sasfin’s Calypso payment solution. Explains Marais Neethling of Synthesis: “With Calypso, Sasfin got increased control and deeper functionality as multiple standalone systems were replaced with a single suite of solutions; the Synthesis tXstream Finsurv reporting solution adds automation, building validation of payments as well as SARB Finsurv reporting into the Calypso payment solution.”
Why choose tXstream? Says Iqbal Sheik, Project Manager at Sasfin: “We had to weigh the effort, time, cost and complexity of upgrading and integrating our legacy Finsurv solution against acquiring a new solution. The Synthesis Finsurv solution was a standard, off-the-shelf solution that offered plug-and-play functionality. Used in many South African banks, it comes highly recommended. In addition, the Synthesis team could provide the advanced support needed to configure, integrate and maintain this mission-critical solution.
Together, Sasfin, Synthesis and Andile Solutions (the Calypso provider) have delivered a phenomenal solution that paves the way for Sasfin to expand its offerings and grow.” Notes Neethling: “We worked as a team to build a proof of concept, embed a rules engine into the Calypso system and customise the workflow to drive accurate and efficient regulatory reporting. The outcome is fully automated Finsurv reporting and full continuity – the validation rules can run in an on or offline environment.”
How does it work? Neethling explains: “SARB requires that all cross-border foreign currency transactions be reported electronically to FinSurv by all Authorised Dealers in foreign exchange. Before a bank can release a payment, it must, for example, ask the client for the reason for the payment.
This determines the BoP code used and the data required. The Synthesis Finsurv BoP form is intuitive, eliciting the right information and precluding the need for inputs by a payments specialist. The FinSurv system then auto-submits the report to SARB. This reduces operational complexity and re-work, and frees up bank resources to get on with higher-value work.” Says Sheik: “This solution is faster, improves accuracy and lowers effort, increasing overall efficiency. For example, our previous Finsurv solution did not allow our policy staff to see the transaction visually; data needed to be loaded into a pivot table and manually entered. Now, payment and account data from the payment system are automatically populated into the report, balance of payment (BoP) codes are easily selected, with intuitive workflow to complete forms. And, with a real-time dashboard to enable us, we can see the transaction, do error checks and manage reports.”
Delivering value To date, three phases of BoP code testing have been completed to SARB’s satisfaction. This entails ensuring that data from the transaction and accounting databases are accurately mapped to each BoP type and that these reports comply with SARB’s requirements. Notes Sheik: “With 20 years experience in this domain, Synthesis was very knowledgeable in terms of the SARB BoP requirements and could assist and guide us in terms of the reporting. This helped us to get the workflow right, ensuring the correct data was generated and reported.
Technically, the Synthesis team offered excellence; they were always accessible and available. “This is a phenomenal implementation when you consider that the Calypso solution is hosted remotely, the Finsurv solution is hosted on-premise and the integration – and reporting – is seamless, operating efficiently in an off and online environment. A key success factor was the ease of collaboration between Sasfin, Synthesis and Andile Solutions – a highly professional approach by all to deliver on a single goal.” Adds Möller: “We really appreciated Synthesis’ solutionist thinking. Not only did they come up with effective and informed solutions, they knew how to apply them correctly to deliver the desired outcomes. That is invaluable.” Says Neethling: “We are very pleased to be able to support Sasfin as it transforms and expands its business in the exciting financial services arena. The team is forward-thinking and highly motivated, and knows what it needs to succeed – we look forward to being part of that success as we continue to build our relationship.” To learn more contact us.