BIS Business Information Systems

How?

The scope of FaaS is to implement a processing center consisting of a financial transactions hub for corporate treasuries and banks in the European (multicurrency) space. FaaS provides:

Transactions’ management - by highly reliable and secure connectivity channel between the bank’s back-office, its corporate customer’s ERP and its correspondent banks:
- routing from/to back-office/ERP, towards SWIFT or other dedicated external networks
- formatting the payment, trade or securities instruments (credit transfer, debit instruments, direct debit, L/Cs etc.) for interfacing with market infrastructures (i.e. for RTGS & ACH subsystems).
- converting to/from SEPA or FIN standard
- authorizing, rejecting, archiving, reporting financial transactions
The hub keeps persistent tracks of all the financial transactions (using its own database) for improved reliability and audit trial

Shared business modules: AML (transactions filtering), liquidity reporting, competitive reporting, NOSTRO accounts reconciliation (for banks), and invoices / payments / statements of account reconciliation (for corporate)

SWIFT network connectivity via a SWIFT Service Bureau hosted by the same centre

SWIFT Business Applications (Exceptions & Investigation, Cash Reporting, Bulk Payments etc.).

Why?

Single fee	The software license, software updates and hosting revenue are combined into a single fee (including support services), resulting in a monthly subscription based on the number of users, transactions, processor/memory usage or other metrics
Flexibility	The service can be configured according to specific needs (business application processing resources) and you pay as you go
Equal chances	The solution opens access to competitive business infrastructure and technologies affordable to all customer sizes
Plug and play	You can connect to the offered infrastructure and start working immediately
Lower IT mgmt overhead	You avoid to perform application specific administrative activities
Cost reduction	No initial investment in licensing and hardware acquisition No concern about recurrent alignment to standards and regulations No platform and application maintenance costs No need to upgrade or modernize the system
Competitive SLA	Which insures the highest possible availability
Risk containment	The better control of the budget and greater predictability of the costs in the current volatile market
Business focus	You’ll be able to concentrate on the core business again