MAKING INTERNATIONAL PAYMENTS EASIER FOR CLIENTS AND FINANCIAL INSTITUTIONS.

Regulatory requirements and the complex nature of international and cross currency payments give rise to a significant information collection burden that is, by necessity passed on the client. Any extra effort that the client needs to go through, over and above what is absolutely necessary, significantly reduces client satisfaction. How often have we heard the complaint: “Why do I need to give the bank my address details again? They already have my information!!”

Vision

Synthesis’ vision is to streamline this complex international payment process from beginning to end. Our objective is to make life simpler for all stakeholders by providing a solution that insulates them from the need to understand all aspects of the regulatory and payment landscape as well as having to constantly keep up to date with the constant regulatory changes. Ultimately our vision, is to radically simplify the payments process resulting in a pleasurable user experience for all parties.

 

  • Provide easy to use client facing interfaces that are pre-populated with known information and only require the entering of missing or incorrect information. These interfaces need to be embedded into the bank’s own systems and take on the look and feel of these systems.
  • Provide back-end support to house this data at the financial institutions and then supply this data for payment and reporting purposes. Ideally if informational requirements change, then only those systems that need this information should be changed and not all the systems through which this data moves. This approach could radically reduce the costs normally associated with keeping up to date with regulatory changes.
  • Provide regulatory reporting infrastructure that simplifies the whole process of reporting to the South African Reserve Bank.
  • All of the above components need to be built on top of a comprehensive knowledge base that understands all the rules and regulations relating to international payments. This knowledge base is then kept up to date with all the latest changes mandated by government and the industry.
  • Allow for the customization of this core knowledge base to cater for additional unique scenarios as needed.

Business Value

The txstreamFINSURV solution covers all the aspects from a regulatory point of view such as validation, reporting and performing the duties of the balancing module. However, at Synthesis, we provide more than just the technical solution to your BOP reporting process. We are subject experts who help bridge the gap between the technical requirements and business requirements. We have helped numerous AD’s and ADLA’s to create their reporting blue prints and have guided organisations through the SARB inspection process and audits thereby assisting them with obtaining their AD or ADLA license.

 

WHO NEEDS TO REPORT TO THE SARB?

 

AUTHORISDED DEALERS
(AD’S)

TxstreamFINSURV suite consists of 3 main components that can be licensed individually or collectively to assist AD’s in their operations.

FINSURV RULES ENGINE

The txstreamFINSURV Rules engine is a powerful component that can be utilised in a centralised or decentralised manner to provide FinSurv compliant validation to all line of business applications at an AD. This brings a consistent set of validation rules that can be managed centrally, to all existing or new applications which needs to handle BOP data.

The FinSurv rules engine implements the full set of FinSurv validations and can be extended to cover business specific validations or customised to check only a subset of data.

BENEFITS:

  • Centralise your rules and make it consistent across all applications. This reduces development and testing time when rules are changed. Update it once and it is available everywhere.
  • Be kept up to date with the SARB’s FinSurv published rules without having to develop anything. Synthesis will keep the rules updated under license.
  • Write once, deploy anywhere. The rules engine was built upon the philosophy that the set of rules must be usable on any client (web or mobile) and server and can be deployed without modification.
  • Automated classification for reportability.
FINSURV REPORTING APPLICATION

The Synthesis txstreamFINSURV Reporting application provides an automated submission engine to SARB (via SARBDEX II or other mechanisms as required) and is compliant with the FINSURV specifications as published by the SARB. Synthesis has more than 14 years of Cross Border flows reporting experience and has utilized this knowledge to provide a licensed software solution that incorporates all future FINSURV changes and validation rule updates. Synthesis meet with the SARB Finsurv team regularly to understand the necessary regulations and changes required by BOP Reporting. As a result we are able to meet our client needs in a timeous and seamless manner.

BENEFITS:

  • A modern Web application architecture with very few system dependencies other than Java and MS SQL server for the data store. This means you can deploy on any hardware and OS that you prefer.
  • Reduce costs and internal development efforts, since the functionality for validation and reportability evaluation of FinSurv is performed in the txstreamFINSURV system and does not need to be duplicated in the business’s internal systems.
  • Maximum automation reduces human intervention and frees up employees from time intensive tasks.
  • Clever enrichment screens – Adapts to the type of transaction being, enriched and only shows the relevant fields based on Reporting Qualifier and Category Code. This reduces clutter and speeds up the capturing of information.
  • Updatable validation rules – The validation rules can be, updated centrally and deployed to all the components that utilize the validation rules. In addition, this will be, kept up to date with the SARB’s published validation rules.
  • High quality of Support services – Synthesis prides itself on the high quality of solutions and high level of customer support it provides. Client testimonials and references are available in this document.
  • Easy deployment and maintenance – txstreamFINSURV deploys on a single server and all the clients access it via a standard internet browser. txstreamFINSURV supports IE8 and up, Firefox, Chrome and other standards compliant browsers.
  • Active Directory (optional) integration for authentication.
  • Granular authorization scheme for groups and users.
  • Simple integration with the bank’s same source system.
ELECTRONIC BOP FORMS

As part of the end-to-end reporting solution, Synthesis has developed an electronic BOP form solution to help AD’s accurately capture BOP information once, in an electronic form, either in the back office or from the customer. This allows for straight through processing and accurate reporting to the SARB thereby saving nearly 80% of your employee’s time that they spend manually capturing the information.

The BOP Form is an application that has been written from the ground up to integrate into existing web pages. This requirement dictates that the underlying technologies be restricted to those supported by all browser manufactures: HTML, CSS and JavaScript.

The BOP Form is made up of a core component and a customisable component. The core component contains all the current validation and display rules as well as all the lookups supported by the SARB. In addition, there is support for custom components that can alter the behaviour and look of the form so that it can be tailored to specific customer requirements.

The Core BOP Form is maintained by Synthesis.

BENEFITS:

  • Complete SARB mandated data validation.
  • Any new or enhanced SARB validation rules are automatically updated to the BOP form
  • Data is captured only once and in the correct format by the customer or source.
  • Consistent validation rules between UI and back office by virtue of the shared validation engine.
  • Intuitive and easy to use by the customer.
  • Easy implementation – Quick turnaround.
  • BOP forms can reduce approx. 80% of the employees’ time who are manually capturing BOP form information.
  • Reduced data entry errors.
  • Reduced overheads.

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AUTHORISED DEALERS WITH LIMITED AUTHORITY (ADLA’S)

An ADLA is classified into three categories depending on how they are authorised to operate , as shown below.

THREE CATEGORIES OF ADLA's

An ADLA is classified into one of the following three categories:

  • Category one ADLA are authorised to operate as Bureaux de Change.
  • Category two ADLA are authorised to operate as Bureaux de Change and offer money remittance services in partnership with external Money Transfer Operators.
  • Category three ADLA are allowed to operate as an Independent Money Transfer Operator.

The txstreamFINSURV solution is able to meet the FinSurv reporting requirements for all ADLA’s.

HOSTED txstreamFINSURV REPORTING SOLUTION

The Synthesis txstreamFINSURV Reporting solution provides an automated submission engine to SARB (via SARBDEX II or other mechanisms as required) and is compliant with the FINSURV specifications as published by the SARB.

In order to reduce maintenance and overhead costs associated with procuring and managing infrastructure for SARB reporting, Synthesis is offering a cost effective hosted reporting solution for any AD or ADLA. All updates to the operating system will be taken care of which means you can focus what is core to your business.

BENEFITS:

  • A modern Web application running in the cloud.
  • Reduce costs and internal development efforts, since the functionality for validation and reportability evaluation of FinSurv is delivered as Saas.
  • Maximum automation reduces human intervention and frees up employees from time intensive tasks.
  • Clever enrichment screens – Adapts to the type of transaction being, enriched and only shows the relevant fields based on Reporting Qualifier and Category Code. This reduces clutter and speeds up the capturing of information.
  • Updatable validation rules – The validation rules can be, updated centrally and deployed to all the components that utilize the validation rules. In addition, this will be, kept up to date with the SARB’s published validation rules.
  • High quality of Support services – Synthesis prides itself on the high quality of solutions and high level of customer support it provides.
  • No maintenance – txstreamFINSURV is hosted and kept up to date by Synthesis.
  • Granular authorization scheme for groups and users.
  • Simple integration with the bank’s same source system. Very little time required by users for implementation.

General Product Features

txstreamFINSURV Reporting application is a modern, client-server architecture application that features a web (HTML) front end that is feature rich and extremely user friendly.

The application includes a balancing module and a full suite of audit reports, which makes reporting and administration easy.

txstreamFINSURV is the most advanced Balance of Payments reporting application on the market and our growing user base is testament to that.

There is a consistent user interface across the electronic BOP form, AD interfaces and the txstreamFINSURV Reporting application.

 

Tech Features

 

FAST

Has the ability to accept, validate and report transactions in a STP (straight through processing) fashion.

STANDARDS COMPLIANT

Integration can be performed via simple web services. The front end is built in HTML and is supported by all the leading modern browsers.

WEB ARCHITECTURE

Access the system from any browser. No need to install client software on multiple computers.

Frequently Asked Questions

CAN I ONLY LICENSE ONE COMPONENT OF THE txstreamFINSURV SOLUTION?

Yes, components can be licensed separately. Please contact us to perform an investigation into your requirements and advise the best solution.

WHAT INFRASTRUCTURE IS REQUIRED TO RUN THE SOLUTION?

We have 2 options when it comes to deployment:

1) Cloud based – this is typically used by smaller institutions where infrastructure is a concern.

2) On site – This is typically used by larger institutions, and/or where infrastructure is not a concern.

HOW WILL YOU INTEGRATE INTO OUR SYSTEMS?

The reporting system does not fetch data from a source system, reporting data is rather pushed to the reporting system. txstream uses XML to accept reporting data and the schema will be made available to the client.

WHAT IS THE MINIMUM CAPITAL REQUIREMENT WHEN OPENING AN ADLA INCLUDING A BUREAUX DE CHANGE?

Category one: R2 million

Category two: R3 million

Category three: R5 million

WHAT INFRASTRUCTURE DO I NEED TO RUN THE SOLUTION? SERVER SPECS?

For on-site deployments, a MS SQL Database server is required as well as a Windows/*nix server to host the web application. The application can run on fairly modest hardware. A dual core processor with 4GB of RAM is sufficient for low to medium volume implementations.

HOW MANY DAYS DO YOU REQUIRE TO IMPLEMENT THE SOLUTION?

This varies on a case by case basis, and is typically anywhere between 2 and 10 business days.

IS THERE A LIMIT ON THE AMOUNT OF RECORDS?

No. Our pricing is based on volume on a tiered model, and can be provided on request. This allows us to accommodate smaller as well as larger institutions, who have very different performance, support, and deployment considerations.

HOW MANY USERS ARE LICENSED TO MAKE USE OF THE SOLUTION?

Our license model works on a tiered basis based on number of lines reportable as opposed to amount of users. This means that you can have as many users as you need connected to the system at any time.

Reporting to SARS

New regulations continuously introduced by the SARS (IT3, FATCA, DWT, Medical and Insurance Schemes and PAYE) has placed an ongoing burden on financial institutions, most of whom are already struggling to cope with the existing workload caused by the various types of regulatory reporting and compliance introduced in recent years. Synthesis Software Technologies in its endeavour to streamline the internal process for financial institutions have developed a product suite for SARS, which allows for the extraction of data (from source), validation of data quality, and packaging into the correct format of SARS formatted flat files. In addition Synthesis is able to send these files directly to SARS on behalf of our clients making the entire process from beginning to end seamless.

Let’s Get in Touch

PLEASE CONTACT US IN ONE OF THE FOLLOWING WAYS.

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Tel: 087 654 3300

 

Email: finsurv@txstream.co.za

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Melrose Arch, No 3 Melrose Boulevard,
2nd Floor, Unit 11

txstreamFINSURV is a licensed product of Synthesis Software Technologies.


Synthesis is a specialised niche-software development company that offers packaged software solutions, bespoke product development, consulting, and integration services to some of SA’s largest banks and financial institutions.

Synthesis Software Technologies (Pty) Ltd
Melrose Arch, No 3 Melrose Boulevard, 2nd Floor, Unit 11
Tel:
087 654 3300
Fax: +27 86 500 2626
Email:
admin@synthesis.co.za