Solution
Synthesis’ txstream SARS reporting suite met the TymeBank’s requirements and provided the solution needed. The Synthesis txstream for SARS Suite is a recognised regulatory reporting solution that is used in local banking, financial services, treasury and trading environments. The implementation was quick. “We deployed an on-premises instance of the txstream for SARS software within eight weeks – in time to meet the SARS deadline,” notes Luke Machowski, Specialist Product Architect of Synthesis.
The txstream for SARS Suite reaches into the bank’s source systems, collecting and collating the necessary data for reporting. It validates the data against a rules-engine for SARS requirements, then automates submission. In addition, the txstream for SARS Suite is continually updated to meet changing SARS regulations.
Mula notes that “the implementation demanded an understanding of our internal systems, infrastructure, and of our data. Synthesis established relationships with the relevant stakeholders in order to better understand all these requirements. There was a simultaneous focus on future submissions and the requirements or lessons learnt. The support from Synthesis made it as easy as it could be in light of these challenges.”