For the third year running, everis was proud to have been sponsors at the Digital Business World Congress 2018 (DES), which took place in Ifema, Madrid between May 22nd through to May 24th.
The event hosted many leading experts and practitioners in the field of ‘digital transformation’ and focused on many important topics surrounding the digital world at present, such as AI, IOT, Big Data, Cloud and Blockchain.
Most notably Jorge Lesmes (Head of Blockchain, Banking Practice) gave an insightful presentation at the event regarding the current trends within the financial sector and how to rediscover blockchain and its’ uses.
This article below provides a case example of the use of blockchain as a payments solution for a tier one bank, and it’s significant importance within the financial industry.
everis has been intrinsic in the successful development and implementation of a solution for a G-SIB bank. Through enabling ‘near real-time’ payment and settlement of funds through a dedicated mobile app.
The main issue for this G-SIB Bank was to meet the current challenges within the International Payments settlement sector. According to the 2015 McKinsey Global Payments Map, international payments represent twenty percent of total transactions yet generate fifty percent of transaction-related revenues, so it was highly important for this G-SIB bank.
The underlying situation was that the whole international payments process was not straightforward, complex with added uncertainty, delays, and risk. For instance lack of visibility into payment status, details and induced delays as a result of the relay process were commonplace before the implementation of the project. Lots of intermediaries during the transaction process increased settlement risk and the inability to confirm total cost of payment before the process began.
For instance the average time for payment settlement to the EU SEPA Regions was three working days.
The average time for payment settlement to the USA was five working days. everis was able to meet these challenges by developing an agile deployment cycle based on 2-week sprints, this minimised delay and allowed for fast response in the event of any subsequent changes.
As a result of solutions provided by everis, time delays in global payments were reduced significantly i.e. (from three working days in the EU, and five working days in the USA) to just eight seconds and twenty-four access, seven days a week.
The project was fully compliant with AML, KYC and Sanction Screening Banking Regulations. And benefits of this allowed for a seamless customer experience, near real-time settlement of funds along with a global reduction of payment processing times.
Full fee disclosure before the initiation of transactions which in turn reduced operational costs through automated reconciliation. The biggest benefit of the project for the client was that there was less likelihood of payment failures due to transparency in costs.
Lastly this project has generated a new methodology and standardisation for the timely delivery of projects, increased level of productivity, maintenance and reduction of time to market. This will be the framework that will be used to implement more projects among this G-SIB Banking Group.