FinRemit RTGS Payment Hub & Liquidity Manager

FinRemit for Banks, built on J2EE Service Oriented Architecture (SOA), is a comprehensive multi-lingual payment and liquidity management solution. Acts as a single point of entry / exit for all inward and outward payments of the bank.

It is a dynamic rule-based global payment solution that is specifically designed to meet various countries payment and settlement needs. Base60 FinRemit platform is built on top of an message transformation component that facilitates Straight Through Processing’ by seamlessly integrating with different systems in the bank, thereby providing huge operational and cost benefits.

Base60 FinRemit comes with Liquidity Manager that performs monitoring, notifying, prioritizing, scheduling, matchmaking and repairing activities of the liquidity management.

Straight Through Processing

FinRemit provides greater “Straight Through Processing” by directly interfacing CBS, TBA (Any TBA), Treasury to the Payment Gateway (PI Server).

Payment Hub - Key Benefits

  • Configurable Business Workflow
  • Dynamic Rule engine to configure the different rules for: Priority, Liquidity, and Printing etc.,
  • Notification - Instant alerts to administrators, controllers and
  • Scheduler Services based on Time, priority, Payment limits etc., any activity can be scheduled automatically without any manual intervention.
  • Payment Monitor helps monitor payments through out its life cycle.
  • Payment enrichment helps repair and enriches the transactions
  • Bulk payments
  • Support for Forward Dated Transactions
  • Auditing
  • Support for All Payment messages including S.W.I.F.T., etc.,
  • Role Based User Management & Access Control..
  • Level Based Calendar Definition to handle holiday’s at specific branch
  • Payment instructions in any format can be converted to the desired payment network messages
  • Straight Through Processing (STP)
  • Payment ware housing and enrichment
  • Configurable workflow for business process modeling
  • Payment monitoring
  • Prioritizing and scheduling payments
  • House keeping
  • Charge calculations
  • Inter Branch Payments
  • Support for un-automated branches
  • Liquidity management for fund managers
  • Transaction Report, Payment report, Reconciliation report, Audit Report and various customizable reports.
  • Extensive Error Handling
  • Broadcast or receive messages to/from any of the bank’s branches or host systems.

Technology Benefit

  • Service-Oriented Architecture (SOA) using Java/J2EE technologies
  • Greater “Straight Through Processing” for CBS & NON-CBS branches
  • End-to-End Processing
  • Components Re-Use
  • PKI based Security through electronic message signature encryption
  • Futuristic flexible Architecture & Technologies (Web based Solution)
  • Offline Payment Creation for un-automated branches

Other Benefits

  • Multi-Lingual
  • Payment Warehouse to store all payment messages
  • House Keeping - like Pre-SOD, SOD, Pre-EOD and EOD.
  • Historical data maintenance – MIS on any back dated transactions.
  • Payment charge calculation
  • Inter Branch Payments
  • Incremental Data backup and Disaster recovery
  • G/L Posting
  • Comprehensive Reports and Reports are available on all formats HTML, Excel and PDF etc.,
  • Reconciliation

Liquidity Manager Features

Intra Day Liquidity Manager displays real-time liquidity position. Actual liquidity available is calculated based on various parameters such as balance in the various settlement accounts, payments received, payments settled, payments awaiting settlement, payments awaiting acknowledgement, payments awaiting authorization.

Key Features

  • Support settlement a/c for different channels
  • Current liquidity position by channel wise
  • Expected liquidity position by channel wise
  • Historical data for analysis
  • Fund Rules - Dynamic rule engine to configure limits on Funds Rules
  • Intra-day liquidity Management
    • SOD and EOD Operation
    • Automatically matches payments with predictions; however it has the flexibility to match manually
    • Rule based mechanism to schedule/prioritize both outward and inward payments based on BIC, currency, amount, beneficiary and time
    • Reserve fund allocation for high priority messages or expected debit
    • Graphical and tabular display of active fund status, predicted vs. actual at any given point of time
    • Forecasting Net Position of day-end, based on known payments and receipts at day-begin or any time during the day at Bank’s option
    • Alert when liquidity falls below preset threshold
    • Transaction Report, Prediction Report, Transaction Volume Report, Graphical reports and various customizable reports

Fin Remit Messsage Transformation Engine

FinRemit Transformer offers dynamic support to all Payment Message Networks like SWIFT, XML ISO 20022, FEDWire, MEPS, RTGS, SFMS etc. Once a message of a particular network is feeded in, Fin Remit can dynamically generate message of another network. It also has a mapper-component that enables seamless integration with any existing Internal Systems like Core Banking System, Treasury Banking System etc., Payment Message types themselves can be dynamically defined and configured while the system is online.

This is a dynamic service designed to transform a given payment message of a particular type to the desired type. It can also be configured to enrich the message with default values. Transformer rules can also be defined both online and programmatically to add customization and validation to the transformation.