ADVERTISING FEATURE
What are the ‘Data Monetisation’ challenges facing transaction banks?
By André Casterman Chief Marketing Officer at INTIX, the data management FinTech
W
hilst transaction data is now firmly established as a new economic asset, transaction banks are facing several challenges to monetise the vast amount of transaction
information flowing through their systems. Understanding those challenges before embarking on a “Data Monetisation” project is essential.
Challenges impeding data monetisation Following regulatory requirements, most financial institutions (FI’s) have taken greater care at organising their transaction data. The archiving, reporting and screening obligations have created many dependencies on their ability to search through and report transactions, whether residing in long-term archives or in production systems. Implementations have usually been completed at department or system level and as part of the pressing regulatory agenda, thereby often missing the bigger picture. Whether leveraging new “Artificial Intelligence” capabilities or not, financial institutions have realised that monetising the vast amount of transaction data ought to be their next ambition level. To get there, financial institutions need to become aware of four types of “Data” challenges: accessibility, visibility, infrastructure and delivery.
INTIX makes it happen
By combining advanced big data technology and expertise in financial messaging infrastructures and standards, INTIX brings the appropriate set of capabilities to deliver a comprehensive data management solution. Acting as an enterprise-wide data management layer, the INTIX technology can be implemented across various business areas such as Regulatory Compliance, Risk and Audit Metrics, Business Activity Monitoring, Business Intelligence and Development, and Customer Service. Most INTIX implementations focus on Regulatory Compliance and Client Service. A growing area of attention lies with Business Activity Monitoring as transaction banks are increasingly investing in end-to-end track-and-trace capabilities, such as in cross-border payments thanks to SWIFTgpi. INTIX help transaction banks accelerate the monetisation of transaction
“Financial Institutions have realised that monetising [...] transaction data ought to be their next ambition level.”
Focused approach and specialised technology are required Data management solutions designed specifically for the financial services industry help financial institutions adopt a focused approach. When assessing available solutions, FI’s should revisit them against the four types of challenges as proposed below: • Accessibility challenge: the data management technology solution must enable to connect to hundreds of internal systems seamlessly
• Visibility challenge: the technology needs to be provided jointly with deep expertise in financial messaging in order to handle both industry standards and proprietary formats
• Infrastructure challenge: the ideal solution must provide a dedicated high-performance data management layer to address all reporting, tracking, measurement and alerting requirements
• Delivery challenge: upgrades to such data management solution are to be prioritised, developed and rolled out independently from those applied on internal transaction processing systems. FI’s must avoid integrating “data” requirements within existing processing systems.
“The specialised data management solution should be implemented separately from the plethora of existing and future transaction processing systems.”
data. Thanks to INTIX, the opportunities to put transaction data at the service of your clients are only limited by imagination and creativity.
ABOUT THE AUTHOR André Casterman is chief marketing officer at INTIX, the data management
FinTech. André also chairs the FinTech committee of the International Trade and Forfaiting Association (ITFA). Between 2001 and 2015, André rolled out various payments and trade finance innovations on behalf of SWIFT. He joined SWIFT in 1991. André has two master’s degrees from Vrije Universiteit Brussel and a master’s degree from ICHEC Brussels Management School.
ABOUT INTIX Acting as a collaborative FinTech serving financial institutions, INTIX helps
its clients transform data into a new economic asset. INTIX addresses the challenges faced by all financial institutions when it comes to aggregating transaction data from multiple sources, delivering the appropriate analytics and insights as well as tracking end-to-end transactions and spotting exceptions that require handling. For banks adopting SWIFTgpi, the INTIX Transaction Tracker maximises transaction visibility on end-to-end payment processing steps and performance.
CONTACT DETAILS INTIX, 2800 Mechelen, Belgium
Web:
www.intix.eu Email:
info@intix.eu Phone: +32 15 14 01 30
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