Adhering to the SWIFT-related operational controls proposed by the Reserve Bank of India, all Indian banks are mandated to implement a fraud detection and prevention framework within their core banking system; thereby integrating SWIFT with a bank’s core banking solutions. You can refer to the PDF attached, to read about the exact reiteration, and date of implementation.
Against the backdrop of growing fraudulence in the SWIFT Messaging space, in recent times, it has become imperative for every Bank to implement a middle-ware solution that processes, validates and transmits correctly formatted SWIFT transactions to the Bank’s SWIFT system. While NOTIVA is primarily a customer-notification, user-define reporting and data analytics tool, NOTIVA PRIME rises a notch above and acts as a middleware solution which establishes real-time STP integration between the Bank’s CBS system and SWIFT system, thereby bridging the gaps that exist today in automated real-time customer notifications and SWIFT message reporting. Using NOTIVA PRIME, the Bank can process and validate source SWIFT transactions invoked by the Banks internal system, and resultantly put an end to any transactional duplicity, i.e. double entry of same cross border transaction, once in the CBS system and another within the SWIFT system. The data entered once within the SWIFT system on a Secured Channel (SFTP & MQ Series connection) shall directly get pushed to the Bank’s SWIFT system. This user-friendly, dashboard driven, browser-based solution facilitates direct integration of multiple internal systems of the Bank with the Bank’s SWIFT system. It also expedites automated e-mail notifications for all branches of the Bank, alongside sending notifications to their end customers; thus, saving time, and resources in attending to queries from the end clients. The bank’s internal back-office systems will even provide additional features and capabilities which would directly automate several internal business processes, otherwise managed manually. NOTIVA PRIME is a licensed product which supports all the major SWIFT FIN messages used by most banks, and is fed with adaptiveness to prospective format changes which are prescribed by SWIFT every year. In a nutshell, this breakthrough middleware solution is an archetypal of safe and secure banking, which meets every business need typically required by a bank.
SWIFT provides global connectivity to financial institutions through its network and services, implemented by a single channel connectivity targeted at the industry’s needs. Despite such support, the adoption of technology still remains a matter of concern. The industry’s evolution in terms of the volume and value of transactions has brought up new bottlenecks today. Some of these commonly recognized concerns are the different types of SWIFT message types, number of entities involved in the message and a knowledge gap between personnel in payment operations and the individuals implementing the transaction monitoring systems. Against this backdrop, there is an immediate need of a thorough reinforcement of fraud prevention and detection frameworks in the SWIFT payment transactions today. Banks looking to streamline their transaction management, so as to combat issues of inaccuracy in monitoring SWIFT messages, must indubitably implement a foolproof middleware solution like NOTIVA PRIME.
Our Beyond Solutions philosophy in transaction management facilitates a foolproof 2-way Integration between CBS/Treasury Systems of the Bank with the Banks SWIFT system, and fills the essential gaps that exist today in automated real-time customer notifications and SWIFT message reporting. Our middleware solution – NOTIVA PRIME is compliant with industry standard security controls mandatorily required typically by a bank, and deliberates a safe and secure banking experience.