Messaging, Integration & Processing
To effectively navigate the dynamic landscape of regulatory requirements and industry standards, financial institutions invest substantial resources in maintaining the effectiveness of their back-office systems. The intricate demands of control and automation, coupled with the imperative to continually innovate while ensuring compliance, present formidable challenges. Aquila stands poised to address these challenges with tailored solutions, offering a pathway to streamlined operations and sustained regulatory adherence.
Aquila is a multi-entity, multi-currency solution offering 24×7 transaction automation capabilities that reduce both network complexity and operational costs. Some of its features include integration to any electronic messaging systems such as SWIFT (FIN and ISO20022), seamless integration into existing core infrastructure, cloud-native solution, dedicated support providing updates to industry changes months before go-live, and the ability to create and automate new message formats or business logic with ease.
Message Management
Message Management (MM) integrates internal core systems with third-party applications and external messaging services. MM simplifies IT architecture and enables your enterprise to prepare, augment, and control the receipt, creation, amendment, and release of any message types with full audit. Advantages include reduced risk, reduced cost, reduced manual processes, improved compliance, improved time cycles, improved audit and control, improved accuracy, and competitive pricing.
The user desktop logically segregates messages by entity, department, and status, presenting them to the appropriate business area and users while performing automated business processing via workflows. Comprehensive search facilities enable users to effectively locate and display any related messages within the system with ease. Aquila is designed to automate the processing of ISO 20022 messages; however, if required, Aquila can translate messages between different formats using its proprietary business logic (e.g., Swift MT to MX and MX to MT) for use in other legacy systems. Automated duplicate message and restricted country and currency detection is included, as well as a configurable incident management function that alerts users to issues needing investigation, such as third-party AML system API responses.
Message Standards Updates
All message standards are maintained within MM. They have either an effective date or a version number that allows changes in message structure (imposed by service standards updates) to be catered for without the need to upgrade software. Changes to industry-standard messages are supported by Aqua Global with updates typically released at least four months prior to the go-live date. These changes can be applied in advance and adopted automatically on the effective date.
No-code Business Intelligence
This technology controls the processing and manipulation of transactions. Specific processes can be initiated automatically based on system events and are typically used to scan the content of messages, control processing, define message matching and field context rules. It also controls the translation and mapping of information between messages and interfaces so that the addition of new message formats and changes to business logic can be achieved easily without extensive re-engineering.
Workflow Engine
A powerful workflow engine is provided to control and monitor configurable workflow definitions that perform automated business logic. Workflows can be triggered automatically using message status changes, specific business events, and database activity or manually by authorised users. Workflow definitions can steer processing depending upon the outcome of events, suspend processing while waiting for an action from another process or a user-initiated repair, or halt processing due to a new exception condition.
Reconciliations include cash, cards, commodities, payment service providers, securities positions, and securities trades. Matching includes treasury confirmations and securities settlement messages. Reporting includes end-of-day transactions and balances and intra-day transactions and balances.
Incident Management
Aquila has configurable incident management that tracks events and controls analysis, corrective action, and incident closure with full audit.
Swift Case Management
Incident Management can be configured to automatically create camt.110 “Investigation Requests” to initiate an investigation or request a status update on an existing one within Swift’s Case Management solution.
Swift Essentials Interface
The “Swift Essentials” APIs are now available to all Swift users to improve business flows in the following ways:
- SwiftRef API – Enables automatic creation of new counterparty records based on undefined BICs, clearing codes, and other identifiers such as LEI contained in MT or MX messages in real-time.
- GPI Core Services API – Swift GPI enables banks to provide end-to-end payments tracking to their customers from the moment it is sent until confirmed. Integration of the GPI Tracker APIs allows calls to retrieve and update payment transactions, validating updates and providing immediate responses.
- Payment Pre-validation Consumer API – Supports banks in preparing cross-border payment requests and checking if payment information is valid and meets country-specific requirements at the destination.
