Financial Data Integration

Introduction

One of the largest commercial bank in the United States offers a comprehensive line of banking, investment, mortgage, trust, and payment products to consumers, businesses, and institutions. This includes a full array of administrative services for investment managers and other financial institutions. For example, a small investment company might outsource the Bank their end-of-day trades, reconciliation activities, commission calculations, net asset value calculations, regulation filings, and financial statement preparation. Outsourcing back office activities to the Bank allows smaller firms to focus resources on their core business, rather than on day-to-day administration.

There were issues, however. The Commercial Bank had hundreds of clients requiring administrative services. These clients were sending their data in multiple formats – sometimes at the transactional level, and sometimes as bulk or batch files. Tens of thousands of files would come in every day. The Bank was struggling to handle this incredible volume with the cumbersome manual and legacy systems they had in place.

A Web of Complexity

Over the years, a web of custom coding applications had been developed to handle incoming data files, supported by manual tasks. Different processes were built to aggregate data based on data type, or to validate data according to applicable business rules. Mapping the data and logging it into the Bank’s own backend systems was labor-intensive.

Not only was this situation challenging from a complexity and resource standpoint, but it resulted in multiple and often replicated sources of truth. That is, it was very difficult to determine the most up-to-date and, therefore, the most accurate data.

A Single Source of Truth

A single architecture and single platform was called for to resolve the complexity, speed up transaction processing, remove the human factor, and eliminate the potential for manual errors. The commercial Bank turned to Adeptia Connect, an enterprise-class solution that incorporates all aspects of integration, from data to applications to business processes.

With Adeptia Connect, the Bank was able to use a single platform to manage the full range of administrative services offered to their clients. This platform became the single source of truth for the company, removing any possibility of duplicate or out-of-date data.

As an integration platform, Adeptia Connect is able to accept all file formats from clients and map that data automatically into the Bank’s backend ERP systems without the need for manual checking or intervention. Additionally, the solution validates the data, checking it for errors, omissions, or issues, and sends an alert if a problem is identified.

Speed, Simplicity, and Scalability

With a single platform encompassing comprehensive financial data integration capabilities, the Bank is now able to process their clients’ transactions and deliver services at the speed needed in today’s competitive business environment. Volume is not an issue, because Adeptia Connect can effortlessly handle hundreds of thousands of transactions or more every day.

The platform also has the significant benefit of being user-friendly. Because Adeptia employs a “configure, don’t code” approach, business users at can easily configure connections and solutions for their clients using convenient wizards. IT executed the initial setup and provides appropriate governance and control, but is not called upon to perform daily integration and management activities.

One of the ways Adeptia Connect streamlines scalability is by allowing business users to reuse existing process maps for new clients. For example, suppose Client A is set up in the platform with a certain map to handle end-of-day trade files. Client B needs to be onboarded, and has a similar end-of-day trade situation. A business user can copy the process map from Client A and apply it to Client B, making any slight adjustments or modifications that might be necessary. Onboarding happens in minutes by reusing maps or validation rules, no coding required.

Positioned for the Future

With Adeptia Connect, the leading Commercial Bank is self-sufficient to handle new processes, new file formats, new validation rules, and new clients. Unlike with custom coding, there is no need to rely on external resources or expert programmers to keep business running smoothly. A single architecture, a single platform, and a single source of truth are all Bank’s needs to remain competitive in the financial marketplace.

Challenge

A leading Bank in the US was burdened with a web of custom coding applications to handle incoming data files, resulting in multiple or duplicated sources of truth.

Solution

The commercial Bank turned to Adeptia Connect, an enterprise-class solution that incorporates all aspects of integration, from data to applications to business processes.

Benefits

Through Adeptia Connect, the Bank is able to:

• Manage their full range of administrative services through a single platform
• Rely on a single source of truth
• Map data automatically into backend ERP systems
• Validate data according to defined business rules
• Speed transaction processing
• Onboard new clients rapidly
• Empower business users to configure connections