Sygnity

IT Solutions

Payment Hub – integrator of settlements for special tasks

Payment Hub module – integrator of settlements. Easy expansion, flexible implementation.  

We observe a constant and rapid development of banking services related to settlements and payments. Those changes force banks to quick and efficient adaptation of trends and to continuous development of banking systems dedicated to settlements.

Domino effect in banks

Market changes and consolidations bring their own challenges that emerge from the need to synchronize and interoperate multiple systems in one business area. This sometimes leads to an architecture that is inflexible, increasingly expensive to maintain and difficult to integrate with new emerging needs in financial area.

At our clients we often encounter a situation where each of the bank’s payment areas is supported by separate IT systems, which are at different levels of technological advancement and come from different suppliers. As a result, when the bank adapts to subsequent regulatory or business requirements, a domino effect is created – one change entails a whole set of other changes in different architectural spaces. The obvious consequence is that it is becoming more and more expensive, more time consuming and complicated to manage. This process requires so much time and resources that it often negatively affects strategic business management and adaptation to changes.

Following are some challenges faced by financial institutions today in the area of handling settlements and payments:

and other systems in the bank, which leads to excessive complexity of technological architecture

of existing systems, which requires either costly changes to be made directly to the core systems or implementation of additional systems in case of new regulations

a lot of time is spent on managing the process itself and the need to introduce the same change in different systems (domino effect)

due to management of older systems, which often do not satisfy the current business and technology needs

The solution to those problems is a system, that can handle all payments and settlements in different channels and business areas, creating uniform, complete and effective platform for banking settlements. All this while maintaining the benefits of modularity of the solutionю

Payment Hub – integrator of settlements for special tasks

This is precisely how Payment Hub works. It allows not only to centralize managing of all payment and information messages and settlements within the bank, but also to automate the processes of preparing, sending and receiving payments (both inter-branch and inter-bank). At the same time, it increases the security of the processes through the option of flexible definition of control points, adjusted to the expectations of users.

Payment Hub has been designed so that its most important characteristics are modularity and flexibility – both in terms of functionality, integration with other applications, as well as implementation and further development. This gives a possibility to adjust the system to individual needs of each ban.  

Due to this, Payment Hub is characterized by: 

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High adaptability to the needs and requirements of the banks

thanks to the modules that can be implemented together or as independent functionalities (including option of customization to the needs of business and IT).

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Easy adjustment to any bank infrastructure

regardless of the type of operational system, database or application server.

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Efficient and professional implementation

in any project methodology, adjusted to the standards and expectations of the bank.

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Quick launch time

thanks to our authoring, available and proven Warthog framework, on which Payment Hub modules and other applications, close to business, are embedded.

Payment Hub allows banks to provide services in a consistent, scalable as well as time and cost effective manner. As a result, they no longer have to spend time on maintaining and operating many different applications, and resources saved in that way can be used in other areas without compromising the quality of settlement service.

Payment Hub improves management of various:

  • forms of messages (e.g. payments, information, complaints),
  • payment systems (e.g. SWIFT, SEPA, TARGET2, SORBNET2),
  • customer sectors (e.g. corporate clients, SME, retail),
  • types of transactions (e.g. outgoing, incoming and inter-branch payments).

Business benefits

Thanks to Payment Hub banks:

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Minimise costs

through faster and more efficient management of payment messages flow while shortening manual operations time, faster accounting of costs in the account, automating operations.

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Increase control

over the process thanks to the possibility of viewing electronic documents during their processing; giving option of ”four-eyes principle” as an application parameter.

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Responds faster

to problematic situations connected with settlements, thanks to emails sent to indicated operators or dedicated user profile views.

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Saves time and money

Payment Hub allows to provide services in a consistent, scalable and effective manner.

Payment Hub – selected functionalities

  1. Efficient and safe operation of Polish and foreign payment systems within one platform (Elixir, Euro Elixir, SEPA, SWIFT, SORBNET2, TARGET2).
  2. Automatic handling of different formats of payment messages through built-in converters (e.g. MT to MX, SORBNET_BW to SORBNET2, MT103 to SCT).
  3. Automatic handling of mass payments and mass direct debits together with mass client service module
  4. A possibility to handle long and short paths for one type of event, e.g. control of messages for the occurrence of data included in the published sanction lists.
  5. Message archives, allowing bank to access processed, historic data.
  6. Automated reconciliation and client reports.
  7. Automated calculation of fees generated by messages processed within Payment Hub.
  8. Automated currency conversion based on built-in exchange rates tables.
  9. Accessibility of Application to Application module (A2A) used by SORBNET2 and TARGET2 systems.

Flexible system adapted to real needs and possibilities of the bank

Developed standards and flexible model of cooperation allow us to adjust the system to different Clients’ needs. We offer both the implementation of a comprehensive solution, allowing for the implementation of all processes related to settlements, as well as only its selected modules, with the possibility of any expansion in the future.

Opinion of KIR

We have been working with Sygnity for many years successfully implementing (and multi-annual developing) Elixir-OK and EuroElixir-Ok applications (known as EELX platform).

These applications are key elements of the interbank settlement system in PLN and EUR, which ensures secure and stable payments flow between banks in Poland. EELX facilitates the handling of transaction settlements in all banks participating in Elixir and Euro Elixir systems by:

  • supporting up to several million transactions per hour,
  •  supporting various interfaces for importing messages into the platform,
  •  ongoing customization of security mechanisms,
  • adjusting functionalities to the requirements of the market and its participants.

Developing and sharing new user applications in Elixir and EuroElixir was one of the biggest technological changes in those clearing systems which KIR has made since introducing the first version of Elixir.

This implementation, as well as following development and maintenance of the EELX platform, confirmed very high competences of Sygnity team, as well as knowledge and experience of experts we have worked with.
We can recommend Sygnity as a solid and reliable business partner, who supports us both in key aspects of EELX development and its daily management.

Tomasz Jończyk
Business Line Director, KIR