Since its inception, Yes Bank has been using several disparate systems to manage the process of Auto Emailers, Regulatory Compliance, and Reporting. There have several in-house utilities and applications which used to be run for managing internal business processes.
The bank intended to implement a centralized in-house solution that would send Auto Emailers, Generate Automated Reports, and help the bank in meeting the regulatory compliance of the bank while processing transactions originating from several disparate internal systems. The bank was looking for a comprehensive solution that would capture the exhaustive audit trail of every action done during the entire life cycle of the entire transaction.
To meet this requirement, Yes Bank tied up with NOTIVA and has worked hand in hand on creating a centralized middleware solution that directly integrated with several internal systems of the bank using different secured channels for exchanging data. The integration of NOTIVA has been successfully done with the bank’s CBS system, SWIFT system, SFMS system, and Document Management System. Presently the bank uses NOTIVA for processing SWIFT Inward transactions, SWIFT Auto Emailers, GSTN Notifications, Bill Due-Date Reminders, PSFC Statement Generation/Notifications, Bank Advice Notifications, and LC/BG – Due Date Reminders.
The bank has even implemented a full-fledged Nostro Reconciliation System which has been designed to automatically reconcile Incoming Nostro Statements against entries in the Bank’s General Ledger entries and thereby minimizing the manual effort required to keep accounts reconciled.
Successful implementation of multiple modules of NOTIVA has manifold benefitted the bank by not only automating the internal business processes by sending Auto Emailers, Extracting Real-time User-Defined Reports, and meeting Regulatory Compliance norms but has helped the bank in consolidating data into a single system which has provided more control of the bank’s transactions in a single platform.