5 Things To Know About IBM Financial Transaction Manager
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IBM Financial Transaction Manager is an offering that provides integration and orchestration of financial transactions and promotes a streamlined environment. Here are 5 things to know:
IBM is the largest vendor in the payments industry. Many of the payment systems around the world use IBM computers and systems, including IBM Financial Transaction Manager. It is widely recognized that IBM helps boost banking efficiency and profitability.
2. Virtually all financial institutions have multiple systems to process payments, loaded with duplication and inconsistent processes
The reality for many financial institutions is a transaction processing environment that has evolved through a combination of organic development and a merger or acquisition. These environments have diverse transaction formats and are built on a broad range of technology stacks and platforms. With so many systems evolving at differing times, paces, and purposes, process duplication inherently exists. And duplicate processes are bad – creating workflow friction, slowing client relationships and time to market. That's where Financial Transaction Manager can help.
3. Financial Transaction Manager is built on IBM middleware components that you probably already know and use
Financial Transaction Manager delivers a framework of components that are required to set up a bank’s payments or financial messages handling platform step by step. Components include a data model deployed in DB2, message flows for deployment to WebSphere Message Broker, operational and administration user interfaces in WebSphere Application Server, state machines modeled in Rational Software Architect, and a dashboard running in WebSphere Business Monitor.
4. It will help you comply with the Single Euro Payment Area (SEPA) regulations
SEPA involves the creation of a zone in which all electronic payments across Europe are considered domestic. SEPA applies to all 27 European Union member states, with payment schemes and frameworks defined by the European Payments Council (EPC). Financial institutions must adhere to the regulatory requirements for SEPA Credit Transfer by Feb 1 2014. IBM Financial Transaction Manager for SEPA Services extends Financial Transaction Manager to add core components such as message transformation for SEPA ISO 20022 formats, a reference implementation model, and pre-built SEPA message flows.
5. It can handle large volumes of corporate payment transactions
Financial Transaction Manager for Corporate Payment Services offers capabilities to make secure payment services for clients, internal bank applications, and exchanges with other financial institutions. It offers multichannel integration across many payment origination sources and has the ability to manage real-time and batch payments in a single solution. All of which is very useful as global non-cash transaction volumes are growing, and are expected to continue to grow 6% - 13% year-on-year through 2016.
For more information about Financial Transaction Manager see the following IBM Redbooks Solution Guides:
Martin Keen is an IBM Redbooks Project Leader. He works with technical experts to create books, guides, blogs, and videos. Follow @MartinRTP on Twitter.