Ahead of Sibos in Singapore this year where they are currently showcasing their newest product, bobsguide spoke to INTIX managing partner and co-founder Marc Braet about how their company can help financial institutions deal with regulatory challenges and new requirements that are coming to the surface.
What new opportunities can INTIX offer businesses?
INTIX offers the opportunity for financial institutions to get a single window view to all their financial messaging data. Today most organisations have silo-based data segregation and as a result, never get to see the full picture. On top of that, data in these silos are often in different formats and this is what makes consultation and aggregation very complex. Alongside this, many different departments within these institutions need access to all their data for many different purposes such as compliance, regulatory reporting, police requests, claims handling, investigations and business intelligence. INTIX also offers a modular and configurable solution suite that allows financial institutions to have an organised and accessible solution on all exchanged messaging data, real-time and long-term. Our solutions have a light footprint, are easy to use and are easy to implement.
How is INTIX helping financial professionals deal with compliance pressure?
An important need for those involved in compliance is easy access to all transactional data whatever the channel or format that has been used. INTIX provides that access and all required output for all messaging data compliance and regulation needs. For example, banks in Europe need to comply with the new ECB regulation on payment statistics (N° 1409/2013). Banks are obliged to deliver statistical information which is complex to generate and with the INTIX solution, customers can get access to that info when they need it.
What is the biggest challenge for banks that are facing financial standards?
As said before, financial institutions are often silo-based in terms of data management and the reason for this is that data often comes from different channels and is exchanged in specific formats or standards. INTIX takes this complexity away from customers while respecting data integrity at all times. We provide users within the financial institutions with centralised access to all data and so that it can be displayed in a readable fashion. Data will now become available at your fingertips and in just a few clicks so banks are no longer forced to duplicate data storage or keep costly procedures in place because of a silo-based organisation.
How does INTIX address the PSD2 requirements for its customers?
One of the key aspects outlined by the upcoming PSD2 regulation is the addition of new payment initiation services which will allow Third Party Payment Service Providers (TS PSP) to initiate payments from accounts they do not manage. The existing Payment Service Providers (PSPs) such as banks will be obliged to let their customers use PI services provided by TP PSPs. This brings many technological and operational challenges such as the creation, maintenance and support for APIs to all banking applications concerned. The INTIX solution provides a layer containing all required customer, account and payment data between the outside world and the core banking applications. The solution enables a single point-of-access for TP PSPs to the required information without direct access to the legacy systems. It is a unique combination of data store and middleware functions. Additionally it also captures all payment initiations and account management actions allowing institutions to manage the operational load, without duplicating business logic.
What can Sibos attendees expect from INTIX at the event?
INTIX will be showcasing the newest version of the INTIX Message Suite at Sibos. We are also launching our newest baby, the INTIX Case Manager. The INTIX Case Manager provides a near real-time view on all current and historical messaging data, as well as integrates all channels and standards. This solution allows for automated or manual case creation, assignment and aging based on issues raised by external systems. It can also provide feedback to the originating systems on the resolution status and offers full audit and reporting features which enables controls on SLAs and team performance. The INTIX Case Manager brings great improvements in minimising the total resolution time and provide a single window for all required actions.