Company insight Finding gold F
or banks, data is the most valuable currency. It has become a strategically important asset that defines almost every aspect of a bank’s operation, and it is a key focus for any effort to enhance services for corporate customers. Innovative technologies that can deliver greater visibility for businesses from high-volume transaction data are in great demand.
Getting valuable insight from the huge volume of transaction data that banks create every day is no easy task. But institutions are finding that solutions offering advanced searching, reporting and alerting on incoming payments are not only available – but can be implemented without a cumbersome and disruptive process of integration.
“Corporate customers want main bank technologies that are simple, smart and which enable them to interact with the bank in a way that is totally secure,” says Steve Suarez, HSBC’s global head of innovation.
in a mountain of data
Banks are constantly in search of new technologies and innovative working practices that can help them to deliver better services to their corporate customers. A key goal is the capture and analysis of high- volume transaction data using solutions that are easy to implement, highly effective and cater for different regulatory regimes. Steve Suarez, global head of innovation at HSBC and Antoine Cuypers, VP EMEA at transaction management solutions provider Intix, show us how this can be achieved.
to realise real value from investment in new technology.
HSBC is currently using cloud computing and IoT solutions as part of its efforts to upscale services for corporate customers. To enable more bespoke services, it must offer a way of deriving real value from more than 300 petabytes of data that it holds and it continues to explore the use of AI to deliver more personalised customer experiences from more than 1.5 trillion transactions each day. “HSBC’s Trade Transformation Programme – using pioneering blockchain technology – is reducing the time of the average cross-border trade from ten days to 24 hours,” says Suarez. “84% of all transactions are now done through the bank’s Trade Transformation Programme.” “Voice ID has also been added to all interactions between the bank and its corporate customers and also in technologies which the bank provides to corporate customers for interaction with their customers,” Suarez continues. “For
“This is what Intix excels at: we help banks innovate and improve their payments and cash management services by putting their transaction data to work.”
HSBC is now able to provide exactly that through its partnership with transaction data management specialists Intix. The creators of solutions that have already been proven at various top 20 banks and central banks, Belgium-based Intix is helping financial institutions to react to the unstoppable move towards digital transformation and helping them
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AML protocols, big data and AI are now standard in looking for anomalies across 1.1 billion transactions per year.”
Simple, secure and supercharged HSBC is among a growing number of banks that have turned to Intix for simple, smart and secure solutions for handling huge amounts of financial messaging data.
Using advanced non-relational database technologies, Intix helps financial institutions provide customised experiences through real-time access to payment transaction lifecycle details. “Over the last five years, we have witnessed a real change of attitude towards new technologies in the banking market,” says Antoine Cuypers, Intix’s EMEA vice-president. “For Intix, this change has been extremely beneficial, as banks have recognised that the challenges they face with transaction data are best addressed by partnering with a highly specialised provider, rather than trying to develop everything by themselves.” Intix provides simple solutions that can be integrated in a non-intrusive way and which recognise all financial messaging industry formats. They can pull data from multiple sources, being agnostic to data formats and channels, including blockchain, on which more and more transaction services rely. Trade transactions, such as MT Category 7 Swift messages, can be handled natively by Intix.
“This is what Intix excels at: we help banks innovate and improve their payments and cash management services by putting their transaction data to work,” says Cuypers. “Over the last decade, we have developed unique expertise in the area of high-volume transaction data management and help banks utilise their massive data volumes in the area of payment operations and compliance, and also to support their clients.” Banks are relying on Intix for compliance-related use cases including long-term legal archives, reporting on
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