For the Wholesale Banking Unit of a large Canadian Bank

The Challenge

The client is a leading Canada based global financial institution. Through their three major businesses – Retail and Business Banking, Wealth Management and Wholesale Banking the Bank provides a full range of financial products and services to 11 million individuals, small businesses, commercial, corporate and institutional clients globally.

The Bank wanted to replace its legacy systems with Wall Street System 5.1. The project is being executed in a phased approach retiring almost 13 legacy systems (various front office trading systems, core integration middleware including deal pricing, execution and settlement systems, transaction processing systems for general ledger, book of records, matching systems).

The challenge was not only migrating Static data from the banks existing legacy system into Wall Street but also migrate outstanding trades to Wall Street work queues. Client wanted to develop a real time interface to pull the SWIFT messages generated by WSS, and deliver the same to an internal system, applying the current business processing rules to the generated SWIFT messages and getting the response back from the legacy system and feeding it back to WSS as SWIFT ACK's (ICN's) ensuring no message loss and guaranteed delivery.

The Solution

Synechron acquired the project based on its deep domain expertise and past experience in implementing integrated solutions for large global banks. Synechron assembled in Canada, a Global Delivery Team comprising of dynamic onsite Techno‐Functional experts along with a Program Manager and team of Java Developers to build custom interfaces for Wall Street Systems. In parallel Synechron placed Business Analysts to understand the global execution model of the client.

Synechron performed considerable amount of data analysis, applying the necessary mapping rules to the data, taking into account the process flows for Back Office, including various types of customers (Corporate, Bank, WEB etc), netting management, rules required for various systems Back Office interfaces including Middle Office for accounting, general ledger, rules specific to SWIFT payment gateways, CLS settlement etc). Wall Street Systems offers various integration services and Synechron utilized the bulk file upload service to bulk upload these records tailored based on the mapping rules into the WSS system. Synechron used the bulk loader for faster processing times given the volume The static data migration tool was developed by Synechron utilizing industry standard frameworks including Spring, JRules engine in java;

Synechron processed all the outstanding trades prior go live, to the Wall Street Settlement Queue monitor so Back Office can attach correct settlement instructions. Synechron utilized the WSS integration services for posting amends to the settlement instructions attached to these trades to move them into the required work queues; this utilized the same static data framework for generating settlement instructions. Synechron’s seasoned team of techno‐functional developers designed the real time interface component from ground up utilizing industry standard frameworks including Spring, WIFE (OSS SWIFT library), Caching frameworks (JCache), Java multi threading, Spring JMS implementation for interfacing with WebSphere MQ Series; this it involved extensive testing effort with the external system for message format compliance, data compliance and business rules.

Synechron automated CLS IO SWAP process by downloading of the IO Swap advices from the CLS PETRA website, reading pay in schedules, and booking the IO SWAP trades utilizing the Wall Street trade API (in leg sent to CLS and out leg outside of CLS). Automation also involved maintaining counterparty credit limits, multilateral cap limit, reading and persisting initial pay in schedules and reasonability checks and is a work in progress.

The Result

• Migration of Fund Settlement Instructions (Over 200,000 settlement instructions migrated from existing legacy systems covering various client types including BANKS, CORPS, Web customers. Work in progress for Retail and Money Market)
• Setting up Customer Confirmation Preferences (Covers SWIFT, Email and Paper for various product types)
• Setting up Counterparty Data (Mapping address, additional info from external systems)
• Synechron augmented client in building standalone service interfacing with Wall Street andtransforming all the SWIFT messages based on transformation rules to the banks SWIFT payment gateway
• Synechron architected the Wall Street CLS IO SWAP Automation reducing manual efforts
• Synechron coordinated and supported Wall Street CLS Implementation
• Synechron coordinated Wall Street Software Maintenance with the product vendor

The Platform

• Wall Street Systems 5.1
• JCache
• Spring JMS
• WebSphere MQ Series
• Core Java

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