{"id":33942,"date":"2020-06-01T12:00:53","date_gmt":"2020-06-01T11:00:53","guid":{"rendered":"https:\/\/www.intelligentcio.com\/africa\/?p=33942"},"modified":"2020-06-04T10:59:04","modified_gmt":"2020-06-04T09:59:04","slug":"sasfin-integrates-synthesis-finsurv-reporting-into-its-new-calypso-suite","status":"publish","type":"post","link":"https:\/\/www.intelligentcio.com\/africa\/2020\/06\/01\/sasfin-integrates-synthesis-finsurv-reporting-into-its-new-calypso-suite\/","title":{"rendered":"Sasfin integrates Synthesis Finsurv reporting into its new Calypso suite"},"content":{"rendered":"\n

When Sasfin, an independent banking and financial services group based in Johannesburg, needed to ensure continued compliance with the South African Reserve Bank\u2019s (SARB) Finsurv reporting regulations it deployed Synthesis tXstream Finsurv. The benefits of this mission-critical solution have included automated compliance support, more efficient reporting processes and increased accuracy.<\/em><\/strong><\/p>\n\n\n\n

When Sasfin replaced its legacy payment system, continued compliance with the South African Reserve Bank\u2019s (SARB) Finsurv reporting regulations was critical.<\/p>\n\n\n\n


The Synthesis tXstream Finsurv solution fitted well. Integrated into the bank\u2019s new Calypso platform, it enables automated compliance support, significantly lowering reporting effort and increasing accuracy and efficiency.<\/p>\n\n\n\n


Marlana M\u00f6ller, Portfolio and Programme Manager at Sasfin, said: \u201cThe Calypso suite gives us a treasury trading platform with advanced functionality that provides the bank with a foundation for future growth. The Synthesis tXstream Finsurv solution, with its modern architecture, dynamic updates, ease of use and ability to scale, brings us a world-class regulatory compliance capability that meets local requirements.\u201d<\/p>\n\n\n\n


tXstream Finsurv adds automation, building validation of payments as well as SARB Finsurv reporting into Sasfin\u2019s Calypso payment solution.
Marais Neethling, of Synthesis, said: \u201cWith Calypso, Sasfin got increased control and deeper functionality as multiple standalone systems were replaced with a single suite of solutions; the Synthesis tXstream Finsurv reporting solution adds automation, building validation of payments as well as SARB Finsurv reporting into the Calypso payment solution.\u201d<\/p>\n\n\n\n


Challenge<\/strong>
Why choose tXstream?
Iqbal Sheik, Project Manager at Sasfin, said: \u201cWe had to weigh the effort, time, cost and complexity of upgrading and integrating our legacy Finsurv solution against acquiring a new solution. The Synthesis Finsurv solution was a standard, off-the-shelf solution that offered plug-and-play functionality.<\/p>\n\n\n\n


\u201cUsed in many South African banks, it comes highly recommended. In addition, the Synthesis team could provide the advanced support needed to configure, integrate and maintain this mission-critical solution.
\u201cTogether, Sasfin, Synthesis and Andile Solutions (the Calypso provider) have delivered a phenomenal solution that paves the way for Sasfin to expand its offerings and grow.\u201d<\/p>\n\n\n\n


Neethling added: \u201cWe worked as a team to build a proof of concept, embed a rules engine into the Calypso system and customise the workflow to drive accurate and efficient regulatory reporting. The outcome is fully automated Finsurv reporting and full continuity \u2013 the validation rules can run in an on or offline environment.\u201d<\/p>\n\n\n\n

\"\"
Josh Souchon, CIO of Sasfin<\/em><\/strong><\/figcaption><\/figure>\n\n\n\n


Intelligent CIO<\/em> asked Josh Souchon, CIO of Sasfin, further questions about the solution.<\/p>\n\n\n\n


Can you explain how the solution enabled you to achieve increased accuracy and efficiency in the reporting process?<\/strong>
I asked the COO and business users of the Synthesis solution for their specific views and here is their response which I fully agree with. This is feedback from the FX Back Office: \u201cIn terms of workability on Calypso I cannot fault the system. It has integrated seamlessly into our payments system. Provided all client information is populated on to their profiles on Calypso, all the CIF information on each payment is automated. It is also easy to detect errors before submitting the BOP information.\u201d Note that Calypso is our treasury and trading solution and tXstream is our Finsurv solution.<\/p>\n\n\n\n


What IT challenges did continued compliance with the South African Reserve Bank\u2019s Finsurv reporting regulations present to your company?<\/strong>
Previously Sasfin had to do a system update on our legacy Finsurv reporting system each time there was a SARB change. Now Synthesis keeps tXstream timeously updated each time there is a reg reporting update. Further comments from the same business team are: \u201cSynthesis staff are knowledgeable and keep up-to-date with SARB requirements meaning we can provide reports that are in line with required regulations.\u201d<\/p>\n\n\n\n


How effectively was the Synthesis tXstream Finsurv solution integrated into the bank\u2019s new Calypso platform? How easy was this process?<\/strong>
The effectiveness of the integration between Calypso and Synthesis tXstream can be clearly seen from my comments above and the implementation was done by Synthesis in conjunction with our Calypso partner, Andile Solutions, which proved to be effective in a very short time available for the project.
The client data quality validations have been moved from the treasury and trading solution to the group CRM solution, MS Dynamics, further improving automation. Only one further enhancement is required in Calypso to achieve all the objectives set out for the tXstream solution and the Finsurv reporting.<\/p>\n\n\n\n


How scalable is the Synthesis tXstream Finsurv solution?<\/strong>
Since Sasfin started at the lowest volume billing band for the solution and tXstream is deployed within our virtualised data centre environment, I don\u2019t envisage any scalability issues in the next few years. Here are the comments from the business team: \u201cAs our client base grows and we have new requirements I believe that Synthesis will meet our needs and we will have up-to-date technology.\u201d<\/p>\n\n\n\n


What are the benefits of the solution\u2019s dynamic updates?<\/strong>
The key benefit is that Synthesis takes full responsibility for doing this remotely thereby freeing up the IT and business teams to focus on other issues.<\/p>\n","protected":false},"excerpt":{"rendered":"

When Sasfin, an independent banking and financial services group based in Johannesburg, needed to ensure continued compliance with the South African Reserve Bank\u2019s (SARB) Finsurv reporting regulations it deployed Synthesis tXstream Finsurv. The benefits of this mission-critical solution have included automated compliance support, more efficient reporting processes and increased accuracy. When Sasfin replaced its legacy […]<\/p>\n","protected":false},"author":18,"featured_media":33943,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[565,34,260,183,9059,13,262],"tags":[1793,13122,1700,13121,745,13120,13119,10616],"class_list":["post-33942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-finance","category-case-studies","category-regional-news-newsletter","category-software","category-south-africa","category-top-stories","category-used","tag-banking","tag-calypso","tag-financial","tag-finsurv","tag-johannesburg","tag-josh-souchon","tag-sasfin","tag-synthesis"],"acf":[],"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/posts\/33942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/comments?post=33942"}],"version-history":[{"count":9,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/posts\/33942\/revisions"}],"predecessor-version":[{"id":34066,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/posts\/33942\/revisions\/34066"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/media\/33943"}],"wp:attachment":[{"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/media?parent=33942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/categories?post=33942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/tags?post=33942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}