Streamlining Fund Transfer Management for a Leading European Bank

Overview

Our client, a leading financial institution serving both retail and corporate customers across Europe and the Middle East, faced rising demand for fast, secure, and reliable fund transfer solutions. With an extensive network and high transaction volumes, the bank required a modernized infrastructure capable of managing local and cross-border transactions while ensuring regulatory compliance. Tellestia provided a comprehensive solution that delivered automation, scalability, and seamless integration, enabling the bank to streamline its fund transfer processes and support future growth.

The Challenge

The bank’s legacy systems were outdated and unable to handle the complexities of modern fund transfer management, presenting several challenges:

• Manual Processes: Many fund transfer tasks were manual, leading to inefficiencies and delays.
• Scalability Issues: The existing system could not handle the increasing transaction volumes.
• Complex Integrations: Integrating with third-party services like the Instant Payments System (IPS) and Automated Fund Transfers (AFT) endpoints was complex.
• Transaction Losses: Failed fund transfers lacked an automated reprocessing mechanism, causing some transactions to be lost.
• Fund Reversal Failures: Issues with fund reversals affected customer trust and system reliability.
• Batch Processing Limitations: Manual batch processing for account sweeps, scheduled monthly, was error-prone and time-consuming.

As regulatory demands grew and the need for error-free, rapid settlements intensified, the bank required a robust solution to integrate systems, automate processes, and improve scalability.

The Objective

Tellestia’s objective was to create a streamlined, automated fund transfer management system that would:

• Integrate multiple systems and third-party services seamlessly.
• Enable automation to reduce manual intervention and improve processing times.
• Enhance scalability to support the bank’s growing transaction volumes and evolving needs.
• Ensure compliance and reliability for local and cross-border transactions.

The Solution

In partnership with the bank, Tellestia designed and implemented an end-to-end solution powered by WSO2 API Manager, creating a scalable, flexible platform to address the bank’s challenges. Key solution components included:

• WSO2 API Integration: WSO2 API Manager connected various endpoints for AFT, email notifications, and SFTP, automating fund transfers and notifications to ensure a smooth, secure transfer process.
• Asynchronous Transfer Management: The solution supported asynchronous transfers, allowing the bank to handle large volumes, automatically reprocess failures, and execute fund reversals accurately.
• Institution & Service Management: The system managed different institution types (e.g., banks, mobile money services) and real-time connections to IPS, supporting efficient fund transfers across multiple accounts and services.
• Automated Sweeping Configuration: Customized automated sweeping ensured account reconciliations at specified intervals without manual intervention, increasing consistency and efficiency.
• Enhanced Reporting: Integrated reporting tools provided detailed transaction visibility, supporting regulatory compliance and simplifying audit preparation.

The Impact

With the implementation of WSO2 API Manager, the bank’s fund transfer system achieved significant improvements:

• Increased Efficiency: Automation reduced manual intervention by 80%, accelerating fund transfers and batch processing.
• Improved Scalability: The system seamlessly accommodated growing transaction volumes and provided the flexibility to support future growth.
• Smooth Integration: WSO2-based architecture enabled real-time integration with third-party services like IPS, AFT, and SFTP, enhancing transfer speed and reliability.
• Higher Accuracy: Automated sweeping and scheduled transfers minimized errors, ensuring timely, consistent processing.
• Regulatory Compliance: Enhanced control over operations supported regulatory adherence and provided audit-ready reporting.

By transforming its fund transfer management system, the bank has not only enhanced operational efficiency and reliability but also strengthened its market position as a leader in financial services, equipped to handle future demands with ease.