Zafin Labs Launches New Application Template for Correspondent Banking Designed to Reduce Implementation Processes and Reduce Time to ROI
Zafin Labs, a provider of relationship banking software solutions, today announced a new productized template for the Correspondent Banking line of business, which enables them to implement a full-service pricing and billing platform in three months following requirements gathering. Zafin Labs has recently implemented this pricing and billing platform for correspondent banking at two leading Tier-1 Banks.
The innovative and industry-trending offering allows correspondent banks to granularly manage customer hierarchies and price lists, specify billing and output formats, streamline and reduce manual processing, and automatically generate specialized reports to target profitability metrics for specific product lines. This functionality serves to reduce revenue leakage and increase profitability across correspondent banking services. The Application Template is available on a subscription model ensuring the offering is ‘evergreen’ as the banks will be benefit from the ongoing regular updates to best practices and methodologies.
Features of the Correspondent Banking Solution Template:
- Predefined business requirements templates and technical interface specifications
- Pre-configured and reusable business rules from a library incorporating industry best practices
- Ready-to-use test cases, test plans and regression suites
- User manuals and training manuals
- Recommended project plan, activities at a fixed cost
“With over a dozen implementations Zafin Labs has found a way to deliver even more value to our clients. The miRevenue Application Template for Correspondent Banking will allow us to assist more correspondent banks with their pricing and billing needs more quickly. By creating templates for specific lines of business in banking we anticipate even faster ROI on future pricing and billing projects,” said Al Karim Somji, CEO of Zafin Labs. “We believe we are the only company to offer such an innovative and unique solution to our banking clients.”
The unique benefits the solution delivers include accelerated deployment with pre-built components to ensure project life cycles in under 6 months, combined with industry expertise and best practices from compliance to standards such as pricing, bundles, exception pricing workflow and revenue leakage tracking. The solution is available as a subscription that delivers a lower footprint, which can easily be covered under operational budgets. With this new correspondent banking solution, banks can realize an accelerated deployment resulting in faster return on investment.