Opted NOTIVA Prime to Meet RBI Guidelines for managing SWIFT Transactions


During 2018, RBI released a guideline which enforced all the Banks in India to ensure manual message entry within the SWIFT interface should be completely stopped and thereby any structured and unstructured transaction should only invoke from the Bank’s internal CBS system. Saraswat Bank needed assistance in ensuring the source data originating from their internal back-office system is transformed, validated and successfully pushed to the bank’s SWIFT system on a STP mode. As this was a regulatory requirement, the Bank had to comply to this within definite timelines and meet the RBI deadline.


Saraswat Bank took the option on using a customized middleware solution offered by Notiva, which would fetch the source data from the Bank’s CBS system and transform this data in a valid SWIFT message prior to pushing the SWIFT transaction to the Bank’s SWIFT system. The Bank wanted to ensure that all the SWIFT messages only get originated from the Bank’s CBS system and thereby ensuring the Bank’s SWIFT system is not at all used for manual message generation.


The proposed solution implemented at the Bank ensured the SWIFT transaction apart from just being pushed to the SWIFT system, went through stringent message validation test, amount threshold checks, SWIFT network validation, and sanction screening process for payment messages being sent and received by the Bank.


With NOTIVA Prime implemented and live at Saraswat Bank, the Bank has successfully achieved 100% STP between the Bank’s CBS system and the SWIFT system. The Bank is reaping innumerable benefits from the middleware solution and has manifold complied to the RBI compliance points which ensure the Bank is on track and has met the regulatory checks.