Wipro helped a leading Latin American Bank achieve a four-fold jump in transaction capacity by providing real-time visibility of funds and improving payment processing capability
Client Background
The company is one of the leading commercial banks in Latin America, offering an extensive range of financial services across the world. With revenues of US$20 billion, the company offers personal and corporate banking services via more than 1,500 branches. They have over 40,000 employees and assets of US$60 billion.
Industry Landscape
Latin America has a dynamic banking sector, which, in recent times, has been marked by intense technological changes. This has enabled banks to offer online products and services. With the development of an electronic large value payment system, banks can now make transfers among themselves or on behalf of their customers. Thus, there is an immediate need to increase messaging capacity and ensure payment safety between different institutions.
Opportunity
Our client is one of the largest interbank payment processors in Latin America, handling close to 5 million payments every day. With the increasing product types and their associated payments, the bank wanted to:
The Solution
We partnered with the client to implement the Wipro TransformX solution, which enables Financial Institutions to expand and enhance their core business by providing a fully-managed service for Institution-2-Institution (I2I) integration. The solution helped address scalability, portability and cost-related challenges of the integration requirements through a message transformation service.
The Wipro solution catered to the client’s current as well as future needs by offering a full suite of advisory, technology and operations services including:
In addition to the core payment processing capability, liquidity monitoring and reconciliation was introduced to have near real-time visibility of funds and their movements in treasury with 100% online reconciliation of payments that aided the accounting division in closing their daily books.
Business Impact