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SEEBURGER’s FSI Integration Suite Delivers New Compliance Oversight for Banks

Industry’s Only Unified Data Transmission Platform Equips Banks with Built-in Workflow & Other Features to Support Compliance Efforts, Providing Added ROI for IT Modernisation

Global business integration software provider SEEBURGER today announced that its FSI Integration Suite offers advanced features to facilitate bank compliance with U.S. and European regulatory mandates. These features – ranging from built-in workflow to comprehensive audit trails and beyond – come standard with SEEBURGER’s data transmission solution suite for the financial service industry (FSI) and are directly related to a 100% SEEBURGER-engineered architecture that eliminates the visibility, policy enforcement and interoperability limitations of fragmented legacy systems assembled from multiple third-party products.

In the case of Know Your Customer (KYC) regulations, for example, the SEEBURGER platform not only automates onboarding, authentication and entitlement procedures needed to meet enhanced due diligence requirements but also applies business rules to the data that traverses the platform to ensure that data meeting pre-defined criteria is routed to the KYC compliance engine or a designated individual. The FSI Integration Suite also keeps an archive of the entire transaction lifecycle, enabling easy auditing and reporting. The same process can be applied to Anti-Money Laundering (AML) regulations and other mandates such as Dodd Frank and the U.S. Patriot Act.

Similarly, in the case of regulatory reform on derivatives, the SEEBURGER platform provides critical audit trail capabilities that were missing from over-the-counter (OTC) swaps before the financial crisis of 2007. It also provides the sophisticated and highly scalable infrastructure required to handle high-volume, complex data exchange with a near-zero error rate, addressing the 400% increase in OTC derivative data rates that is expected in the first few years of enforcement of the new derivatives regulations.

SEEBURGER features supporting the banking industry’s compliance requirements include:

  • A built-in BPEL engine that enables complex workflow and process orchestration, enabling banks to quickly add or change rules to address new financial regulations while also eliminating the complications of using a third-party business process management solution.
  • Centralised data visibility without the information silos created by disparate systems or platforms assembled from multiple third-party components. This includes near-real-time visibility into the status of all data transmissions and business processes, along with automated monitoring to ensure secure, efficient, error-free and uncompromised transmissions.
  • Integrated governance with policy engine compliance alerts and exception management, including the ability to automatically alert compliance departments to transactions that violate pre-defined rules.
  • A comprehensive audit trail of all data transfers that simplifies root cause analysis, facilitates production of audit reports, and helps demonstrate compliance effort to both internal and external auditors.

“Regulatory changes will continue to make increasing demands on financial services institutions that cannot be met by legacy technology infrastructure with its fragmented components, limited functionality, and need to manually compile audit trails from the multiplicity of products in use,” said Derek Schwartz, SEEBURGER Senior VP Financial Services. “Implementing a modern, unified infrastructure provides the ability to respond to evolving compliance requirements while also increasing security, reducing the total cost of ownership, and ensuring fast and reliable SLA-compliant operations ranging from payment processing to trade execution.”

The FSI Integration Suite offers a single, unified business integration platform that overcomes the complex mosaic of electronic delivery channels, file formats and data transfer technologies that financial institutions have acquired over the years to accommodate developments ranging from evolving protocols to mergers and acquisitions. This patchwork of systems has resulted in costly tool duplication, expensive custom script maintenance, distributed and fragmented legacy infrastructures that do not interoperate, and difficulty in meeting service level agreements (SLAs). It also limits visibility and traceability that are essential to effective data governance and smooth compliance audits.

With 100% in-house development of all components to avoid interoperability problems caused by acquisition of third-party solutions, the SEEBURGER platform makes it possible to deploy a secure, consolidated communications gateway that can accommodate any format, standard, gateway, protocol and business partner as well as accelerate the pace of data exchange to meet SLAs.

SEEBURGER migration tools and strategies - developed over 27 years of B2B integration experience – reduce migration time and expense, mitigate risk, and assist banks in replacing unwieldy legacy data transmission infrastructures to achieve the benefits of IT modernisation and consolidation.