BFSI (Banking, Financial Services & Insurance) practice is the center piece of our growth and expertise. Today, banks are relooking at current strategies, re-evaluating the business models and reinvesting in building efficiencies in systems and processes. While internal challenges are behemoth, the external world is changing shape as well. New regulations, tighter compliance, closer watch and higher intervention by government bodies are forcing the banks to be nimble, yet robust. Banks are still juggling between consolidations of operations and fast approaching regulatory deadlines like SEPA. Redundancies in infrastructure created by mergers still need to be addressed.
Our executive team has designed, developed, and delivered banking, financial services, and insurance (BFSI) solutions to clients both domestically and internationally for over 15 years. Our team is comprised of a combination of proven successful entrepreneurs whose companies have been acquired by Idhasoft, and corporate performers; former CIO, COO, VP and Director level professionals who have honed their skills by delivering results and being held accountable for those results in a corporate setting.
Our team of highly skilled consultants is managed by our PMO office in Atlanta, regardless of their geographical location, to ensure consistent application of proven project methodologies across all of our service offerings. Our consultants possess excellent functional, operational, and technical knowledge of the BFSI domain and the leading products currently used by global organizations. This experience has proven invaluable to our clients as our team identifies and implements industry best practices and leverages our "real life" experience to identify solutions that are proven performers within the industry, rather than simple theoretical exercises.
eDelivery Solution using iStatements
Idhasoft shows great ROI to the banks and financial institutions from the moment that a new account is opened to the delivery of statements. Many financial institutions have taken the advantage of saving to the bottom line by adopting the e-Delivery solution. This e-Delivery solution is built on using the Intelligent Document platform and LiveCycle software from Adobe.
The Intelligent Document solution enables banks and other financial institutions to add transaction-level intelligence to electronic statements, which are batch-processed and delivered to customers in Adobe PDF. Using the free Adobe Reader® software, customers can view and interact with these statements for transactions such as updating personal information, disputing an erroneous transaction, or taking advantage of a special offer. Once the customer clicks the submit button, the data is protected and automatically sent back to the institution's core systems for processing. Additionally, the statement can be saved to a local hard drive for completion or submission at a later time.
Regulatory requirements. Now more than ever, banks face increased pressure to comply with strict mandates such as Sarbanes-Oxley. From customer privacy and security to corporate governance and risk management, banks expend tremendous resources on costly, labor-intensive administrative tasks to ensure and prove that they are meeting regulatory requirements. Noncompliance leads to costly consequences.
Tremendous opportunities to save
With an interactive interface that embeds business logic in Intelligent Documents, eDeliverysolution for banking combine the best features of paper-based and digital processes. When you integrate this solution into your bank's document workflows-from loan applications and new account openings to statement delivery and call center automation-you'll be well equipped to meet industry challenges and powerfully positioned for long-term strategic growth and profitability. That's been the experience of several leading financial institutions that automated document processes using this solution for banking.
This example illustrates the integration of both paper-based and digital processes into a seamless flow of information between the customer and the bank:
For global large customers, the current process of bank account management (i.e. opening, maintaining, and closing accounts) is a complex, labour-intensive and paper-based activity leading to high costs and inefficiencies for both corporates and banks.
Quite apart from being inefficient, not knowing exactly how many bank accounts or even where they are, has serious implications for the corporate financial department. Managing multiple accounts is not an easy task as there are no tools available to help. It can take between few hours to few months to open or close an account. Consider the fact that there could be around 10 signatories for each account in a large customer. The names of these signatories may change several times in a year. All these multiplications add several complexities for the bank account management operations.
eBAM aims to standardise the process of account opening, account closing and mandate management. The purpose is to enable straight-through processing, thereby reducing commercial risk and increasing the speed in opening bank accounts.
Swift has been asked by its community to facilitate and lead a project to develop standards for bank account management, including developing messaging standards for the processes of opening, maintaining, and closing bank accounts.
At Idhasoft, we have come across large global corporations which have around 100 bank relationships, thousands of bank accounts in more than 50 countries and deal with more than 40 different currencies.
Idhasoft takes pride in partnering with Citibank to build a pilot EBAM program that has been successfully implemented for one of the large customer of Citibank.
For the large financial institutions, the growing need of flexibility, automation is strongly coupled with the security that goes along with it. Mobile devices are very flexible to authorize a payment or make a financial decision with an investment banker. The security implementation of a transaction by a mobile device has always been big concern while providing the flexibility and automated services to the customers.
Idhasoft brings the flexibility and automation to the mobile transactions and provides multi-factor authentication for the financial institutions to comply with the regulations. Our solution brings the best practices in implementing the digital certificates depending on the mobile device being used.
Our mobile solution works on Smart Phones, Blackberry devices and iPhones
Client Mobile Application and the backend Web Service(s) communicate over HTTPS (SSL), secure transport protocol using mutual X509 certificates based authentication. In addition consumer application is enabled with the second authentication token, user name and password thus providing two-factor authentication model when consumer of the web service is authenticated by the server.
HTTPS transport provides security model with Confidentiality (encryption) and message Integrity (digital signature). Digital signature in the form of the client X509 certificate also provides with authentication factor. Since the messages are encrypted and signed, second authentication token, User name/password is also secured.
Mobile Application authenticates server based on its SSL X509 certificate issued by well-known trusted Certification Authority (eg. Entrust, VeriSign, etc.). These certificates provide low-cost well-established security identity of the server application because of the low number of server applications running at the backend.
The diagram below shows "CS,ca" server certificate issued to a server application that is signed (issued by) well-known trusted Certification Authority (CA). It is stored securely with its privatClient applications on the other hand significantly outnumber server applications. Managing and distributing X509 client certificates can be a challenging and an expensive task. The best solution that guarantees low-cost and the best security model is to establish an internal Certification Authority within the organization. This internal CA can be localized (enabled as trusted CA) to an organization only, department only or project/application only scope.
The diagram below shows SSCA, an internal self-signed X509 certificate that is used to sign (issue) other certificates that will be trusted only at predefined organization scope. SSCA certificate is stored securely (with its private key) at the server side and its public part is available to all mobile application devices as trusted CA certificate.
Client applications receive client X509 certificates, CC,ssca signed (issued) by SSCA certificate. Client applications will store securely CC,ssca certificate with its private key on the device. Security access to this certificate can be enforced by the operating system running on the device that is built-in security on the device itself (locked devices) or through custom developed security.
When the server receives requests from the client application it can authenticate a user based on two factor authentication tokens, and provide authorization logic based on the results of authentication. It is conceivable to implement server application authentication/authorization logic that will allow only specific users that run mobile applications only from specific mobile device to get access to server resources.
In the current market, Mergers and acquisitions (M&A) are one way of gaining competitive advantage in the marketplace and achieving in-organic growth for the financial institutions. No matter the reason behind the decision, there has to be a strategy in order to increase bottom-line profit and achieve long-term goals.
This post merger integration process is a double edge sword. In one way, it should not effect the current business and to the customers of both the financial institutions, while on the other side, you do not realize the benefits of savings without the one single system or a seamless integration of the products, systems & processes.
Idhasoft provides solutions in the following activities:
One of the major advantage of Idhasoft is the background experience of handling different products and systems from all the well known companies in the financial world.
Independently of who is sourcing your applications at this time or taking care of the maintenance and support, you might want to consider IDHASOFT in the following areas with ease:
In the critical area where business and technology intersect, IDHASOFT can bring to your company expertise in the following application areas:
Specialized financial formats and protocols (NACHA, SWIFT, FED, etc.)
After years of building Cash Management Systems for the leading companies in this domain, Idhasoft has acquired deep domain knowledge in the following areas:
Wire Transfers, Positive Pay, Check Imaging Accounts, Loans, ACH, Stop Payments, Reports Realtime interfaces to the backend hosting systems Integration of Cash Managements Systems to the Bank front-end Portals Several Data formats such as OFC, OFX, IFX, IIF, XML, FPML, NACHA, SWIFT, ISO 20022
Idhasoft also is very familiar with the interfaces to build for most of the leading banking products in the industry.
Idhasoft provides the following:
Corporate cash management solutions have been injected with new life through the application of Internet technology. Now webbased cash management systems provide value return to banks by streamlining their own business processes, as well as those of their customers.
Leaders in the web cash management space spent the past few years refining new offerings based on J2EE and XML standards, and laying the groundwork for existing customer to migrate away from Windows-based systems that once dominated the scene. The resulting product and service offerings are more powerful and easy to use than their predecessors, providing banks of all sizes new abilities to increase revenues and decrease costs.
Web cash management also provides numerous opportunities for cost reduction, as telephone and branch transactions are replaced with lower cost online transactions. Many solution vendors now offer self-service enrollment, eliminating the often high costs of initial account set up. Check processing costs are significantly reduced as the number of ACH originators increases and wire transfers replace paper checks.
Finally, in a time when capital regulation is increasing yearly, banks need systems that provide greater operational transparency as they strive to manage operational risk. Idhasoft has helped to build todays leading cash management systems. Idhasoft partnered with leading companies in this space such as Metavante, FiServe, Fedility Information Systems to help in architecting and bulid the cash management products with the following features:
Process transformation does not turn around the current processes in one step, but our approach provides a step-by-step approach to transform the processes from the inefficient model to highly effective and efficient model. This iterative process takes the first big jump by adopting the existing process templates.
Our knowledge and experience in the end-to-end processes are categorised as follows:
The functional areas:
It serves as the basis for defining service architecture for business process led SOA initiatives.
Internet and mobile banking provide a cost effective channel to communicate with banking customers. These services are based on a customer's channel preferences and can improve customer relationships significantly. We provide the necessary skills and experience to implement various specialized channel platforms.
Now a days, with the latest technological innovations, a new channel is being adopted. That is with the PDF document. With the new technologies, we can create the communication channel from an interactive PDF document.
The bank statement in PDF format could act as a connector to the bank systems and take up the customer actions.
At Idhasoft we use Adobe technologies to create these innovative solutions to the banks.
Retail banks seeking to expand their markets might find that investments in Web 2.0 tools like Blogs, viral marketing and RSS technologies can deliver maximum bang for their buck by creating greater awareness in their target markets. Rich Internet Applications facilitated by Web 2.0 development platforms like AJAX can help increase conversion rates of 'leads to deals' for many
online banking processes. We bring proven expertise in program management, deployment, and systems integration of technologies that help you move towards Enterprise 2.0 solutions for communicating and engaging with your customers, employees and business partners. These include re-factoring of existing web applications, creation of rich applications using mash-ups, weblogs, wikis, podcasts, RSS feeds, and online services.
Legacy systems, multiple systems, third-party products - that's a common scenario in the retail banking world today. It is therefore essential to integrate all applications to be cost-effective and efficient.
In a multi-vendor implementation, Idhasoft , as a program manager and systems integrator, will execute the overall project and delivery management. We have a well established implementation framework for third-party product integration including managing the overall program and delivery execution.
Our complete application lifecycle solutions from concept to deployment to production to transformation These include services ranging from application development, reengineering, migration, maintenance and production support, enterprise application integration, quality assurance (testing) and project management. Execution is based on our proven global delivery model supported by a global infrastructure, governance and project management frameworks, and flexible engagement models.
"Going green" is becoming a rewarding objective for consumers and companies alike. Some are motivated by environmental concerns and others are motivated by cost reduction benefits. Paperless billing is being adopted by consumers and companies at a faster pace than ever because of the benefits of cost reductions, convenience of receiving bills electronically or reducing environmental impact.
Idhasoft has helped leading EBPP providers to develop the product and helped in integrating this product with back-end payment systems.
Idhasoft with its BI solutions expertise helped in generating several reports in the Wealth Management industry.
What we have done:
The dedicated insurance professionals at Idhasoft team up with all types of insurances - Property & Casualty, Health and others. Our team helps in bringing significant gain in customer satisfaction, operational and cost efficiency , revenue growth and speed/time to market
Our expertise lies in providing the following:
Idhasoft has helped an insurance provider company in building the web based claims processing system. This is a portal system which provides service to insurance carriers, self insured, third part admins, call centers, managed care organizations, states and state funds and other employers.
The claims processing consists of receipt (by paper, EDI, XML formats, images) module, data conversion and cleaning module, Facilitation and Repricing, and Document Management solution.
It also has a flexible business rules engine which is essential to the product.
We have also significantly improved accounting processing by modeling and optimizing reinsurance claims processing, inuring and cession processing
Succeeded in goal of providing a more auditable system
Java - Prolog Bridge for an insurance software company
HealthWatch,Inc. is a leading company in the insurance business. It has been providing insurance products which work on top of a Prolog workflow engine. When HealthWatch decided to move on to providing online JAVA-based web application, they needed to build a connector from JAVA objects to their well-tested Prolog workflow engine. This project required a deep knowledge of Prolog and developing interfaces in JAVA
HealthWatch selected Idhasoft for this project. Idhasoft has analyzed their information infrastructure and workflow engine interfaces. Using the latest technology processes, Idhasoft built the connecting bridge from JAVA to the Prolog engine. This provided HealthWatch,Inc. advantages on both sides as well as reducing the design and development time for the entire product.
Attune,Inc. specialize in assessing your needs and adapting our digitized applications, and special Knowledge Management tools, to meet those needs, including applications that manage your e-commerce transactions, administrative, and back-office functions.
Web based applications in insurance specific domain are mainly driven by AI processing engine. Attune partnered with Idhasoft in delivering systems integration solutions between the J2EE based product and AI processing engine. Idhasoft has articulated an innovative solution to make it happen.