Challenge
Indian Bank had a business need wherein all the Outward SWIFT payments and Inward SWIFT transactions received by the bank were not notified to the external customers of the bank and internal branches of the bank on a real-time basis. Since the inception of SWIFT at Indian Bank, the bank had a completely manual process of extracting SWIFT transactions from the bank’s SWIFT system and pushing email notifications of SWIFT Acknowledgement copies to the external customers and internal branches of the bank. As this task was completely managed in manual mode, the bank users had to manually download SWIFT transactions, convert them into a PDF file and finally send emails to both bank’s external customers and internal branches. This resulted in the immense delay in sending emails of SWIFT acknowledgement copies to the recipients and thereby customer dissatisfaction.
Approach
Indian Bank was exploring a solution that would entirely automate the business process of picking SWIFT transactions from the SWIFT server and on the basis of business rules and intelligent routing logic would automatically notify the SWIFT transactions (both Incoming and Outgoing) to the bank’s end customers and internal branches.
Process
As per the business need of the Bank, our proposed solution NOTIVA Prime is customized for Indian Bank to automatically read the SWIFT transactions and ensure email notifications are sent to the Customers and Branches of the Bank on real-time basis. NOTIVA Prime thereby ensures SWIFT transactions are recorded in a single database repository and as per the business requirement the transactions are notified to the pre-defined beneficiary.
Conclusion
Post implementing NOTIVA Prime, Indian Bank follows seamless and automated processes for managing and handling the entire process of real-time notification of SWIFT transactions to both, external customers, and internal branches. With this, the bank has gained immense benefits by eradicating the manual intervention process and has enabled a high level of STP while processing both inward and outward SWIFT transactions.
