02 October 2014

Nedbank chooses Inetco for payment platform transaction monitoring

14 January 2014  |  1053 views  |  0 Source: Inetco Systems

Inetco Systems Limited, a leading provider of transaction monitoring and analytics software, announced that Nedbank, one of South Africa's largest banks, has licensed the Inetco Insight business transaction management (BTM) solution.

Having grown by over two million individual and small business clients over the last two years, Nedbank chose INETCO Insight to improve the bank's operational efficiency and maintain high customer experience levels in the face of growing transaction performance complexities within their ATM and point-of-sale (POS) service channels.

"Nedbank is experiencing a period of explosive growth and is investing in modernizing our banking architectures and processing systems," said Jason De Swardt, head of Nedbank's new Payment Services Hub. "As our banking IT infrastructure grows, so does the complexity of monitoring transactions. INETCO Insight is envisioned to be our not-so-secret weapon when it comes to real-time transaction slowdown troubleshooting, improving problem isolation times by up to 75% – which helps us manage costs, and, more importantly, maintain the high level of service that our customers have come to expect."

With every new customer comes a significant increase in banking transaction volumes. Given its remarkable growth, Nedbank realized that investment needed to be made in monitoring capabilities to ensure that any transaction slowdowns or failures could be found before they affected ATM end-customers or merchants using Nedbank point-of-sale (POS) services. With a complex environment consisting of multiple switches, servers, and third-party back ends (such as Visa and Bankserv), Nedbank needed a solution that could provide the end-to-end transaction visibility into every transaction within its network to ensure that slowdowns were quickly addressed and failures averted. Nedbank recognized the need for business transaction management (BTM) – and identified INETCO Insight as the solution that would allow them to keep their customers happy by ensuring that service delivery levels were kept high while monitoring and troubleshooting costs were kept low.

"With Nedbank's recent migration to a new payments platform came the need to adequately trace a transaction from end to end," said Deon van Biljon, Managing Director of Stanchion Payment Solutions. "Stanchion understood this need, and knew that the INETCO Insight software would be the ideal transaction tracing tool to improve a problem's isolation times, with the knock-on effect of resolving customer queries faster, specifically from a technical perspective. Stanchion is a proud INETCO partner, and advocate of the INETCO Insight brand in the African market."

"The African banking market is rapidly growing, both in client numbers, as well as in the number of channels that banks use to interact with these clients," said Bijan Sanii, President and CEO of INETCO. "For growing financial institutions, like Nedbank, INETCO Insight is the ideal tool to monitor transactions as they rapidly move through mobile banking apps, point-of-sale terminals and ATMs. Using [INETCO] Insight, network and server problems that would take several labour hours to isolate, can be found in minutes: a result that will allow Nedbank to maintain its high level of customer service while taking advantage of operational efficiencies and cost savings." 

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