PAYMENT MANAGEMENT
Opalina has been Strengthening the payment transaction ecosystem for Banks and Financial Institutes by its scalable backend architecture
OVERVIEW
Today, Banking, Financial Services and Insurance (BFSI) Industry is in urgent need to move from Traditional models to Digitization. The emergence of Automation has changed the face of BFSI Industry. Basing Innovation on Security, Technology has gained prime importance. A digital transformation is looked forward for, coupled with technical innovation to adopt technical business proficiency in the shortest possible time.
ABOUT THE CLIENT
One of the leading banks in Mexico provides banking services, insurance and investment products to their valued customers, with an aim to create the best outcomes for their customers with financial ingenuity that leads to solutions which are simple, creative and responsible. The core activities of this ambitious Bank are safeguarding assets, lending money, making payments and accessing the capital markets on behalf of their clients.
THE CHALLENGE
The Bank strives to earn and maintain the public's trust by constantly adhering to the highest ethical standards. Alongside the Bank envisioned offering a seamless digital solution to its customer. However the challenge was to handle voluminous requests from the customers – both from website and branches. The Bank required to create a scalable transaction system for Payroll Portability. The challenge was to create a system, where transfers can happen flawlessly on a stipulated timeline complying all the guidelines of Mexican government. Through the website, the Bank wanted to enable Users to request electronic receipt generation, Inter-banking movements enquiry, multiple currency / payment movements from Customer and Corporate Electronic Banking. In short, the Bank looked forward to overhaul the entire backend architecture to enhance operational efficiency in the way their customers deal with them.
THE SOLUTION
The Bank chose to collaborate with Opalina to design the seamless transaction system that in turn strengthens their backend architecture. The Client believed that, Opalina with its track record of building unprecedent system architectures, could bring the remarkable drift in the way the business operated and the Bank dealt with its Customers. Opalina simplified the complex process of transfer of request between banks with an intermediary. Also, with the consistent work on scalable transaction system, Opalina allowed an unmatched experience to Users for smooth transfer. The Solution brought in by Opalina, enabled the Bank to handle multiple requests coming from branch and website at the same time. By building the flawless interaction between originator and the intermediary bank, Interactions between external applications and the Bank’s internal systems were made possible within the stipulated time. The system was built to immediately generate the requested details for its users.
THE RESULT
As a result, the Bank introduced a seamless digital interaction system for its users with the robust backend architecture to handle the volume as heavy as of 5 million requests per day. The advanced User Interface helps them monitor transactions and processes efficiently. The UI has paved way for an entry point to communicate with front end and backend systems. In their continuous journey towards excellence, the Bank plans to recurrently approach Opalina to improvise their system and further feasibility of transaction handling.