Modernized payment platform making banking 90% error-free

Manual wire processing can be a costly and risky undertaking for any financial institution due to the high chance of errors that can lead to issues in ledger settlement. Our client, one of the largest consumer banks in the US, had entered close to 5,400 wires manually over 2 years. They were looking to automate this process by modernizing their existing payment platform so they could process wire transfers faster and more efficiently, eliminating all errors and recurring ledger reconciliation issues

The Solution

Clearing visibility along the money trail: Collabera built an integration layer for seamless and automated connectivity between the client’s wire origination system and their existing payment infrastructure engine. This was done for all payments going in and out such as checks, cash, wire transfers, and more.

Our solution involved:

• Creating an architecture blueprint using a co-engineering pod with the client team
• Building a payment layer comprised of fully automated API adapters
• Conducted multiple dry runs to improve resiliency and avoid production failures
• Phased implementation for different products, like Fedwire and cross-currency, to reduce possible issues and have minimal impact on the whole system
• Ensured uninterrupted native connectivity with the wire origination system