Symphony™: Financial middleware to accelerate financial procedures

Current and impending developments to the regulatory landscape of the financial industry necessitate a rapid adoption of regulatory middleware solutions to maintain competitiveness for banks and other financial institutions. Using technology to accelerate and automate business processes is not a particularly new concept. However, the need to improve on and enhance satellite applications in the sphere of financial technology is of great significance.

Customer experience has taken a central role in the development of products and services in many fields. Regarding the financial sector, legislation underlines this point as being the rational for increased and tightened regulation. With a plethora of systems and applications in use today, financial technology can seem more daunting than the regulations. Our comprehensive knowledge and understanding of financial regulations and technology have led us to develop Symphony™, our new financial middleware solution.

Symphony™ can convert financial messages into any format (ISO 20022, SWIFT RJE, SWIFT DOS-PCC, VIR2000, etc.). When a financial message is received from either an internal or external source it can contain multiple transactions. Symphony™ unbundles the message to its atomic elements so that each element can be processed. Once the processing is complete, Symphony™ rebundles the message for transmission. Moreover, the solution monitors and logs every step of the process in its fault-tolerant storage, providing you with access to this information for auditing or business intelligence.

The smart engine embedded in the solution makes decisions where necessary to keep your business compliant, regarding regulations and internal business policies, so as to minimize any possible disruption and accelerate the transfer financial transactions.

Fraud detection, Anti-Money Laundering (AML) verification in conjunction with accounting standards and archiving have been subject to increased scrutiny in recent years. These aspects of the evolving financial industry are the crux of today’s financial institutions. The processes and systems employed to monitor all of this has been fragmented. Businesses require a solution to handle any type of financial message with the performance and intelligence to validate and transmit them in real-time.

Symphony™ can execute processing functions on unit transactions. One of the most important processing tasks is the ability to submit each individual transaction to a filtering engine to check if the transaction respects national and international rules. If some transactions do not respect the rules, they are generated in a separated file during output and Symphony™ notifies your associated system which in turn informs whomever is responsible to deal with such transactions at your financial institution.

The solution is delivered as a virtual appliance that can easily be integrated on any virtualization platform such as VMWare ESX for instance. The Symphony™ is robust, secure and fast; accelerating and automating your financial controls to make your business more agile, more competitive and more performant.