Synthesis has helped one of SA’s big four banks to upgrade their Balance of Payments (BoP) reporting capabilities. The bank chose to adopt our BoP reporting system, txstream FinSurv, to supplement the platform we currently provide for them.
The txstream FinSurv architecture supports a centralised rules engine. This means that should reporting requirements change, the system can be easily and quickly adapted to comply with the new rules.
The project included switching the bank from SWIFT to SARBDex infrastructure. Our solution effectively manages all communications to the SARB via SARBDex, thus bringing the bank in line with newly released SARB directives to move away from SWIFT for reporting.
The bank now has a centralised reporting engine aligned to the regulator’s requirements and can report within the agreed reporting timelines. There is seamless integration between the bank and SARB and no system outages have been experienced to date.
The development has also enabled Synthesis to enhance the txstream FinSurv product. New features include a real-time dashboard to monitor data flows and queues, a modernised user front-end that allows for improved remediation, and advanced reporting and matching capabilities.