The Central Bank Sees Success with Data Integration

Bakgrund

The Central Bank is responsible for conducting monetary policy, as well as acting as banker for the local government.

Utmaning

In its role as a financial institution, The Central Bank was looking to optimize their payment standards. Their goal in this transition was to align with prevailing international best practices, and as well as to modernize their payment infrastructure to enhance its efficiency, reliability, and security. Specifically, The Central Bank wanted to switch from traditional ACH batch payment processing to the ISO 20022 instant payment standards. Traditional ACH payment infrastructure takes several business days to process, slowing cash flow and presenting considerable risk of delays and errors in payment reconciliation.

Lösning

After evaluating several integration platform solutions, The Central Bank ultimately chose Jitterbit iPaaS to transform their payments infrastructure. The company then hired Jitterbit Certified Consulting Partner Archie.io to execute this implementation, which involved precise transformation of payment messages and integration of these messages with the real-time clearing system.

Working with Jitterbit and Archie.io, The Central Bank revamped their entire payments system from ACH batch payments to instant payments. Archie.io also implemented a user-friendly Sharepoint interface to streamline the customer experience.

With Jitterbit’s cloud-based iPaaS solution, The Central Bank was able to deploy a flawless payment integration solution capable of handling format transformation, payment clearing flows, accurate reporting, and clean user-interface visibility for end users.

Archie.io and Jitterbit have been great partners in achieving our objective of implementing instant payments through the integration of various solutions, including Sharepoint. Karyna led her team at Archie.io over the past years with a thorough understanding of the business requirements and technical scope required to execute on time and within budget. This allowed for a solution that always took the end user perspective into consideration and therefore increased our chances of success. The solution has now gone live in production and we could not be happier with what we have in place.”
Justin Jacobs, Manager IT

BEFORE:

• Multiple applications used for the same information
• Payment cycle of several days
• Delays in reconciliation reporting
• Risk of duplicate payments or failure to process payments

AFTER:

• Unified customer experience for users
• Minimized risk for originator and beneficiary
• Faster reporting and forecasting
• Improved cash flow
• Real-time payments and confirmations

Resultat

The Central Bank is now a leader in the global banking space, with an instant payment infrastructure that executes payments within seconds and offers 24/7/365 availability. Instant payments make it easier to manage funds and liquidity, ensure real-time processing and confirmation, and speed up access to funds. Any questions can be answered quickly and easily using Jitterbit’s built-in logging capabilities.

By modernizing from ACH to ISO 20022 banking standards, The Central Bank is now at the vanguard of global banking best practices and ensures its preparedness for future use cases.