If you have ever sent a wire transfer, you know that the process is fraught with manual steps and the chance of making a mistake. For financial institutions, manual wire processing is costly and risky due to the potential of human error that can lead to issues in matching debit and credit transactions (a.k.a. ledger settlements).
One of the largest consumer banks in North America had manually entered more than 5,000 wire transfers over two years. They needed to improve the operations to process wire transfers faster and more efficiently and eliminate errors and recurring ledger reconciliation issues.
The problem was that there was no automation or connectivity between where the wire started and when the payment happened. Sending money from point A to point B was neither quick nor easy. A new, modern payments platform needed to be built to support connectivity and provide transparency across all payment channels. This required modern software engineers and tech expertise to create a richer experience for the bank and the customer.
Clearing visibility along the money trail
Ascendion engineers got to work and built an automation layer for all payments going in and out, such as checks, cash, wire transfers, and more. They built a payment layer comprised of fully automated API adapters and conducted multiple dry runs to improve resiliency and avoid production failures. A phased implementation approach for different products, like Fedwire and cross-currency, was completed to reduce possible issues and have minimal impact on the whole system. We engineered uninterrupted connectivity between the wire and the payment.
Generate financial gains with improved experiences
Ascendion’s co-engineering model and experience in financial services and payment platforms unified the platform and created data transparency across all payment channels. Modernizing the payments platform eliminated not only errors but also improved the financial institution’s finances, speed, and efficiency, including:
- $1 million saved in operating costs
- 90% reduction in settlement issues for a daily volume of 1,200+ transactions
- 60% reduction in the total cost of ownership (TCO)
Tech-Stack: AWS, Java, Jenkins, Kubernetes, React, SpringBoot
Ready for the next?Talk to experts
Get the latest updates
Modernized energy e-commerce platform powers stellar experiencesRead more to know why
Mega data giant modernizes platform for faster business decisionsRead more to know why
Modernized data platform takes multi-cloud solutions to new heightsRead more to know why
Foremost American healthcare company innovates across the entire care continuumRead more...
Cloud integration hits a homerun for specialty retailerRead more...
Smooth sailing for global cruise line with touchless platform modernizationRead more...
Data and analytics hub helps students own their futureRead more...
Powerhouse accounting firm transforms legacy platform into an auditing marvelRead more...
Global tech giant moves to the top of their class to help schools improveRead more...