Till 2018, SVC Bank was connected to the SWIFT Network using SWIFT’s own proprietary SWIFT Interface, Alliance Entry, which was not only a basic entry level SWIFT system but had several limitations when it came to meeting the Central Bank’s guidelines. The major concern faced by the bank was on achieving STP between bank’s CBS system and SWIFT. The entire process of managing and handling SWIFT transactions was completely manual, cumbersome and the bank was looking for a solution that would automate the entire business process of the bank while handling cross-border payments.
As SVC Bank wanted to achieve 100% STP and automation while handling cross-border payments, the bank was exploring a more robust SWIFT solution, which would not only enable STP between the bank’s CBS system and SWIFT environment but would even automate the entire business process of handling SWIFT payments. Additionally, the bank wanted a solution to assist them in meeting the RBI guidelines and the CSP norms prescribed by SWIFT.
After a detailed evaluation, the bank took a conscious decision to migrate from its existing SWIFT Alliance Entry System to Total Messaging plus NOTIVA Prime combination which ensured the bank not only achieve 100% STP between the Bank’s CBS system and SWIFT environment but even helped the Bank to comply with the RBI guidelines. The migration to the new SWIFT interface was smooth and apart from the historical data being made available, the bank took advantage of innumerable features of NOTIVA Prime middleware solution which offered, real-time Message Validation, Amount Threshold Check, Customer Notifications, and Sanction Screening for both inward and outward SWIFT transactions.
SVC Bank has experienced a complete business process transformation with an improved SWIFT messaging experience post collaborating with the NOTIVA suite of products and services. The new SWIFT interface has ensured the bank can easily process both structured and unstructured messages more sophisticatedly without any manual intervention.