South African banking group Absa implemented Misys Message Manager to drive out manual intervention in the back office as part of a major overhaul of its Swift messaging architecture.
Absa's aim in the project was the removal of manual processes from the back-office in order to address increasingly challenging straight-through processing (STP) issues. The bank's existing infrastructure, which included a total of six major back-office systems either producing or processing Swift messages, was running at a significant cost. The bank was also keen to take advantage of new SwiftNet services, such as InterAct and FileAct.
In the months following the successful first phase of implementation, Misys Message Manager has continued to automate and manage Absa’s financial messaging, through the creation and delivery of a number of key interfaces, including:
- Automating incoming MT103s, 202s and 205s to three back-office systems – originally, all these messages were manually processed by the bank. Following the delivery of Misys Message Manager, Absa is able to boast 99% STP on incoming MT205s and over 90% for each of the others. Where once six people were required to handle message processing, now only two are required to complete the same tasks
- A fully automated confirmation matching interface for MT300s and MT320s – where payments are released after a successful match
- Message handling and routing for the RTGS and CLS solutions
- Message handling for all offshore locations – i.e. global hubbing.
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