Company insight
Intix helps banks to interact with data they accrue at a deeper level, in order to increase customer satisfaction and deal with regulatory processes.
archives and reporting on specific high- value transactions.
“The key market development has been around offering increased transparency in cross-border payments,” Cuypers says. “Corporates now expect their banks to offer end-to-end visibility into payment operations and this has to be achieved from start to finish, which means revealing more about their internal operations and that can be very complex for banks.” Intix partners with banks through a very focused and phased approach. For instance, its xTRAIL module integrates seamlessly with banks’ financial messaging systems thanks to a series of connectors, and it embeds all industry standards such as SWIFT MT and ISO 20022.
“This approach allows us to offer banks a very simple and smart solution to access all transaction data in a matter of weeks,” Cuypers notes. “Banks really ought to discover the magic in the way we can assist them. A demo is worth a thousand words.”
Focused on outcomes Tracking their internal payment operations is typically a complex task for banks. To make the process simpler, Intix has developed xTRACE, which tracks payment flows from start to finish within banks’ own infrastructure, and which is compatible with SWIFT gpi and any other messaging infrastructures including blockchain networks. The solution fits easily within existing technology and
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transaction environments to break down organisational and technical silos that typically exist within financial institutions, providing a complete picture across a myriad of data.
“Besides providing very granular transactional details, Intix xTRAIL also provides the ability to run pattern analysis and to produce aggregated dashboards,” Cuypers explains. “This is also an area where banks can offer more to their clients using the same tools as they use internally. We are now adding machine learning capabilities which will offer more business intelligence on the available data.” “Our core role is to help banks access their financial messaging data at a granular and exhaustive level,” he adds. “Once the transaction details are accessible, they are being used for a series of use cases going from searching, reporting, dashboarding, alerting, and more. That is what our xTRAIL module offers.” With this increased visibility,
delivered through a solution that is highly secure, Intix helps financial institutions implement Know Your Transaction protocols, and address a myriad of regulatory challenges.
“Banks are under extreme pressure from regulators to screen, monitor, report and archive transactions,” notes Cuypers. “Compliance and risk are top of the agenda for all financial institutions. Using data on transactions as well as client master data, we can provide a
comprehensive view on compliance-related risks related to payments.”
“In most jurisdictions, banks need to keep records on financial messages such as payment instructions and their related events such as sanction screening cases, AML cases, SAR reports, confirmations and so on,” he adds. “The retention period varies from one jurisdiction to another, and this is an area where Intix applies its expertise in handling extremely large volumes of data, as we make sure the archived data remains easily accessible.” Cuypers gives the example of Canada, where financial institutions are required to report incoming and outgoing international electronic funds transfers of $10,000 or more no later than five working days after the day of the transmission of the instructions. xTRAIL can generate the appropriate transaction-level reports – whether on single EFTs exceeding $10,000 or on aggregated amounts across multiple transactions by the same customer exceeding that amount.
In short, Intix knows what banks need from their transaction data and has put to work advanced technologies to help deliver the insight their corporate customers require. The automation and configurability it offers makes the complex task of mining high-volume data simple and secure, leaving banks and their customers to focus on clear business outcomes. ●
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