Global Bank Transformed and Modernized Their Payment System to Seeburger BIS

Client

The client is one of the world’s largest banking and financial services organizations. Its global businesses serve more than 30 million customers in wealth and personal banking, commercial banking, and global banking and markets.

Challenges

• High maintenance cost of legacy system
• Customers unable to track payments
• Dependency on technical teams to investigate dispute cases
• Lack of proper reporting on historical payments and disputes

LTM Solution

• LTM implemented a future-ready and feature-rich platform – Seeburger BIS, to process payments for wholesale banking customers across 30 countries.
• This digital transformation journey helps create a modern, customer-oriented, business-friendly direct channel by migrating the existing payment file transformation flow from the heritage system (built on the mainframe) to the Seeburger BIS platform. It involves processing, validating, transforming, and creating extracts for down-streams systems.

Benefits

• Highly scalable with 100 million+ transactions processed per day
• The updated UI includes a streamlined process to modify customer details and quicker launch of new initiatives, ensuring the customer stays ahead of competitors
• Facilitates processing of high-volume payments of approximately USD 50K at once
• The LTM solution provides seamless integration of downstream and upstream systems with scalability and flexibility
• Reducing/streamlining existing systems’ complexity 
• Low maintenance cost