Case Study - Online Banking Bill Payment

VERAX Case Study | Online Banking Bill Payment

Finance Industry | Retail

Project Overview:

  • A major Canadian Financial Institution reengineered its current Biller application to improve the online functionality and strengthen their competitive advantage in the marketplace
  • The redesign was the first phase of a multi-phase, multi-year strategic initiative. The objectives of Phase 1 were:
    • Align the Bill payment system with existing Customer Centric and payment architecture
    • Consolidate processes, business logic and rules within the middle-tier architecture, building multi-channel reusable business services to provide the flexibility to add P2P transfers and wire payments
  • Aligning Billers and Bill registrations with OCIF to add flexibility in managing Billers as Customers and provide a customer-centric view of holdings (registered Billers)

Approach:

  • VERAX used an Iterative Development approach resulting in quicker user feedback benefits realization
  • Leveraged development stubs to minimize dependency on backend systems and data.
  • VERAX was responsible for the Design, Development, Testing and Implementation of the Biller application

Achievements:

  • Delivered the Biller solution on time and on budget
  • Able to include additional enhancements to its Online Banking, ABM, IVR and branch services provided: improved bill payments and transfers functionality; reduced trace investigations on bill payment errors; reduce operating costs through avoidance of interactions at contact centres/branches; and established a more flexible system enabling the bank to introduce new payment and transfer methods

VERAX Case Study | Online Customer Management

Finance Industry | Wealth Management / Investment

Project Overview:

  • The initiative was to identify, create and manage wealth management Client from the book of record account based systems
  • The system also integrated with the bank’s Customer Information System to identify and flag the customers who were customers of the bank as well
  • VERAX team was engaged for the overall architecture, analysis and project management

Approach:

  • The initiative reverse engineered the business rules for identification of customers from the account based systems
  • Exception handling rules were identified to handle scenarios to deal with complexities associated with customer privacy, and accounts with multiple Investment Advisors
  • The initiative developed back-end processes for getting feeds from The Broadridge system, an on-line application to manage the customer repository, and real-time integration with the bank’s Customer Information System
  • Technologies include Java, HTML, MQSeries, Sybase T-SQL

Achievements:

  • Creation of a Customer Information System that was leveraged as the book of records for the Wealth Management Customers
  • Successful delivery in a complex multi-vendor joint team environment