Globalization has led to the emergence of new opportunities internationally, reducing the barriers for foreign direct investments. This has brought an increased demand for global payments for banks, with due regulatory compliance. Birlasoft provides Global Payments and Settlement offerings to help banks upgrade their technology and adopt frameworks such as Straight Through Processes (STP) to improve efficiency.

Client Challenges

• Acquiring technology to send secure message transmission
• Undertaking effective integration of different systems
• Adopting frameworks while complying to mandated regulations

What Birlasoft Provides

Birlasoft caters to clients having multi-channel, -currency and -country transactions, with various types of trade & finance services. Supported by resources with expertise in domain areas such as international trade, Forex operations, global payments and credit risk management, our Global Payments and Settlement offerings include:

• With knowledge of Payment Messaging Solution and the Core Banking transaction process flow, Birlasoft sets up Banks Payment Policy and implements standard interface solutions. Based on the bank-specific requirements, we can design new message formats to interface with existing software, bringing greater security in generation/processing of messages
• Birlasoft offers automation of settlement of global payments for messages processed with proper verification of transaction & validation of, both, inward & outward messages, within the stipulated settlement time. The settlement efficiency will bring in dual-advantage to the Bank by avoiding penalty for delayed settlement and greater customer satisfaction
• An increased volume of Global Payment transactions requires reconciliation, which becomes cumbersome, when not handled through appropriate software. With its expertise in payments, complemented with software skills, Birlasoft offers development & implementation of application software for auto reconciliation of global payments & receipts. Birlasoft also provides guidance and support for meeting regulatory requirements on Global payments such as AML/interfacing and integrating SWITCH connectivity with core banking & required compliance reporting as per IFRS formats.

Business Value

• Increased efficiency due to adoption of frameworks such as STP
• Increased compliance with regulatory bodies
• Efficient service delivery due to adoption of latest technology
• Increased customer satisfaction