SOA in Banking - TransFonD - IBM SOA Customer

TransFonD brings Romania’s national banking system into the electronic era with IBM infrastructure solution - SOA in Banking - IBM SOA Customer

"With our service oriented architecture, TransFonD can leverage reusable code components, enabling the same services to function within many applications, saving time to value for our new solutions." - Marian Simion, IT Director, TransFonD

Customer: TransFonD S.A. - IBM SOA Customer
Deployment Country: Romania
IBM Business Partner: S&T Romania
Industry: Banking - SOA in Banking
Solution: Enabling Business Flexibility, SOA Service Oriented Architecture, Small & Medium Business

Overview - SOA in Banking
Since the fall of communism in 1989, Romania has undergone numerous development programs to modernize its government, privatize its industries and make its financial institutions more efficient. For assistance in joining the European Union (EU), Romania has tapped EU funding for several projects, and none has had more dramatic consequences than the development of an electronic interbank payment system. TransFonD S.A. carried out the project with IBM’s assistance.

Business need: SOA in Banking - To compete in the European Union, Romania needed to upgrade its banking IT infrastructure and implement an electronic interbank payment solution

Solution: SOA in Banking - Scalable, flexible, service oriented architecture and messaging software integrates interbank electronic payment system with core back-end processing applications and data of its member banks, processing up to 300,000 transactions per day in automatic clearing house application alone

Benefits: SOA in Banking - Faster processing of up to 7 billion EUR (8.6 billion USD) per day in funds; reduction of settlement period from two days to real time; 67% reduction of fees compared with paper-based system; improved security and liquidity management in Romania’s banking system; simplified work processes