Automation and optimization of the whole financial processing chain the key to success.

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1 Tieto 2010 Automation and optimization of the whole financial processing chain the key to success.

2 Table of contents Financial Processing Chain Implementation 4 Integrating Business Messages and Connectivity 6 Automating Financial Processes 7 Making and Collecting Payments 8 Managing Personal Finances 10 Managing Corporate Cash and Liquidity 11 Financing Consumers and Corporates 12 The Future of Transaction Banking 13

3 Introduction Transaction banking is all about providing effective financial processing chains to link buyers and sellers. The automation and optimization of the financial processing chain the processes, systems and services used to carry out financial transactions is the key to success Tieto Corporation 3

4 Automating Financial Processes Making & Collecting Payments Managing Personal Finances Managing Corporate Cash & Liquidity Financing Consumers & Corporates Financial Processing Chain Buyer Supplier Integrating Business Messages & Connectivity FPC FPC Banks Figure 1. Financial Processing Chain Functions Tieto s Transaction Banking division s systems and services support hundreds of banks and hundreds of thousands of their corporate and personal customers around the world. Its Transaction Banking services are based on advanced modular processes and systems developed with the experience of more than 20 years in the payment area. Tieto s solutions improve bank customers operational efficiency at the same time as reducing banks compliance costs, enabling them to deliver attractive and competitive transaction banking systems and services. The integration of business messages and connectivity provide the operational framework to support the wide range of systems and services for automating financial transactions. Financial Processing Chain Implementation Tieto s transaction banking systems and service provision is based on the six main functions that make up the financial processing chain described in Figure 1. Integrating business messages and connectivity provides the operational framework to support a wide range of financial transaction automation systems and services. These include e-invoicing and e-ordering, making and collecting payments (including both buyer-to-supplier and interbank payments) and two functional areas for managing personal finances and corporate cash and liquidity. The final element in the financial processing chain is financing for both consumer and corporate clients Tieto Corporation

5 Business IT Thought Leaders Designers Architects Integrators Product vendors Technology experts Experts Operators Cloud providers Strategy Design Implementation Transition Realisation Business Concept Service Production Service Strategy Solution Concept Technical and UI Design System Implementation and Testing Deployment Cross industry expertise Programme Management Figure 2. Tieto Digital Service Design & Development Transaction banking is increasingly having to respond to the twin pressures of competition and cost. The sector is having to move fast to implement efficient and attractive replacements for outdated and expensive services. All too often these new services are not delivered on time and legacy systems have to operate alongside the new ones, sometimes for several years. Tieto s Digital Service Design and Development methodology (see Figure 2) explains how the company ensures that new transaction banking services are delivered to specification and on time. For example, Tieto replaced three old payment solutions with a new single payment solution for DnB NOR including decommissioning the old service and linking 120 banks to deadline in just 18 months. Tieto replaced three old payment solutions with a new single payment solution for DnB NOR, linking 120 banks on the agreed date in just 18 months Tieto Corporation 5

6 Consumers Banks Companies Tieto IT Tieto Integration Service Service Partner networks and inter-connectivity agreements Connectivity Processes Portal management File exchange management Any-2-Any transformations Any media input Any media output Core Processes Data enrichment Batch, splitting, routing & merging Activity checking Image rendering Archiving Attachment handling Tax & legal compliance Tieto IT infrastructure 13,000 Servers 20,000 Mainframe MIPS 2,000 Tieto staff Figure 3. Tieto Business Message, Connectivity and Integration Service Integrating Business Messages and Connectivity The starting point for efficient financial transactions is ensuring the full electronic End-to-End (E2E) connectivity of all processes and systems in the financial processing chain, with no transaction or process isolated from the other. This can be achieved right now: there s no need to wait for new standards to be developed and adopted. Tieto s Business Message Connectivity and Integration Service processes close to one billion transactions a year providing full integration for thousands of bank customers worldwide. Established 20 years ago and supported by Tieto s extensive infrastructure and expert staff, the service combines a global set of partner networks and agreements with advanced connectivity and core processes to deliver unmatched E2E integration, as shown in Figure 3. This E2E integration of the entire financial processing chain enables the implementation of services such as delivering orders and invoices, credit transfers and account statements, electronic customs declarations, collecting meter readings and many more. Tieto s business message connectivity and integration service processes close to 1 billion transactions a year Tieto Corporation

7 Supplier Buyer ERP ERP Send Exchange of electronic invoices ERP Import Receive Receive e-invoicing Service Provider Send Archive Addressing and Routing Validation Conversions: - AFI AFO - Protocols Split Merge Duplicate Archiving Image Rendering Tax & Legal Data enrichment Message store Notifications Statistics Administration Support Roaming Scanning Printing Figure 4. Tieto Three Party e-invoicing Solution Automating Financial Processes To cut costs in the financial processing chain, many separate processes need to be automated. Invoicing is one of the most expensive elements, and can add up to as much as 1% of a company s sales revenue. E-invoicing can cut the typical cost of processing a 30 EUR invoice by up to 80%. But fully automating all the invoices a company receives is no easy task. It requires advanced technologies and comprehensive support services. Tieto is one of Europe s biggest e-invoicing providers, processing more than 20 million invoices a year and offering a wide range of advanced three- and four-party e-invoicing systems and support services. The three-party solution, shown in Figure 4, is widely used in markets with low e-invoicing penetration. To ensure the success of e-invoicing programmes, Tieto provides tax and legal compliance support in 40 countries plus its award-winning supplier enablement tools and processes to guarantee the maximum number of invoices can be processed. E-invoicing can reduce the cost of invoicing by up to 80 % Tieto Corporation 7

8 Making Payments Cross-Border/Currency, Urgent, To General Suppliers, For Travel Expenses, To Employees Buyer Collecting Payments Supplier Bill Payments, Cross-Border/Currency, Urgent, Over Counter, Over Internet, From Mobile Phones Figure 5. Types of Corporate Payments Making and Collecting Payments For consumers and companies payment systems are simply a method of paying for goods or services or collecting money owed to them. Individual payment systems are not interesting; the most effective way to make or collect payments is. The main types of corporate payments companies focus on are shown in Figure 5. It is no longer enough for banks cash management departments to provide payments via SWIFT, ACHs or same-day clearing systems; they need to provide an integrated range of payment services including payment cards. Tieto offers a full range of payment services, with its innovative Card Suite enabling banks to provide card issuing and acquiring services and its Payment Suite delivering a whole range of local and cross-border payment systems and services for both interbank and bank-to-customer payments. Tieto s Payment Suite supports connectivity to a variety of interbank settlement systems and methods including between correspondent banks, settlement mechanisms such as EBA EURO1/STEP1, STEP2 and TARGET2; to local/national clearing and settlement systems; and to SEPA payment service providers such as Deutsche Bank. Tieto Payment Suite supports connectivity to a variety of inter-bank settlement systems and methods to local/national clearing and settlement systems and to SEPA payment service providers such as Deutsche Bank Tieto Corporation

9 EB Channels Supplier Finance Service Liquidity Engine Data & Services Back Office Processing Supplier Finance Global Liquidity Engine Payment Instructions Data & Services Reference Data Payment Engine Payment Repair = Tieto Solutions SEPA CT SEPA DD Figure 6. Tieto Solutions for European Global Network Bank Payment Suite is mainly used by banks around the world to enable personal and corporate clients to make payments to and collect them from all the major payment clearing settlement systems. But they are increasingly combining their payments and cash management services, because stand-alone payment services are no longer cost effective. One of Europe s global network banks now uses a combination of Tieto Transaction Banking payment and cash management services to provide advanced integrated cash and liquidity management services, as shown in Figure 6. The combination of payment with cash and liquidity management services is a possible way forward for large banks. But the increasing cost of complying with new regulations and standards along with the decline in payment service charges, means that this would still not make the payment services of many smaller banks profitable, so they are increasingly white labelling other banks. White labelling is a growing practice. DnB NOR already uses Tieto s Payment Suite to provide white label services to hundreds of other banks, a clear indication of the importance of multi-bank facilities in payment systems such as Tieto s Payment Suite or the new Tieto Payment Suite express. DnB NOR already uses Tieto s Payment Suite to provide white label services to hundreds of other banks Tieto Corporation 9

10 Figure 7. Tieto Personal Financial Management Concept Example Managing Personal Finances For banks to remain attractive and competitive in today s personal finance management services market, it s essential that they implement the very latest service innovations to deliver the easy-to-use services customers are beginning to expect. To provide services that are relevant to each individual customer, banks need to know how they use their transaction banking services, their financial status, their spending habits and commitments, and their likely future cash flows. Tieto combines EB delivery services and usage monitoring technologies with systems from leading personal money management suppliers to offer banks advanced, fully-integrated personal finance management services across all the different e-channels and devices personal customers now use. This enables banks to develop more advanced personal financial management solutions, as shown in Figure 7. Within three months a new simple service for personal financial management services exceeded visits a month. The rise in the use of personal financial management services has been phenomenal. Visits to a simple new service exceeded 500,000 a month in its first three months of operation with some users making repeat visits. Even more advanced services are now being developed which are set to transform personal banking. They are fully customized to reflect individual customers financial habits and will be available across all channels including the internet, mobile phones, SMS and chat lines Tieto Corporation

11 Customer Product Basic Aggregation Services on product Credit Balance Agreement Administration Services Agreement Statement Authorised Overdraft Agreement # Debit Balance Result Statement Deviating Cap. Point Unauthorised Overdraft Authorised Overdraft Cond.letter to Customer Deposit Exch. Gain Loss Result Interest Payment Closure Advice Credit Balance Deviating Cap. Point Fixed Amount Currency Top Offer Blocked Amount Cross Border Aggregation Disbursement Fixed Amount Conn. Point Overdraft Limit Blocked Entries Intraday Credit Exch. Gain Loss Balance General Service Payment Capital Debit Balance Exch. Gain Loss Entries Intercompany Lending Turn Charge Rate Lock Period Receiving Cap. Agr. Reminder Result Information Result Statement Reversal of Entries Standing Order Target Amnt. Conn. Point Target Amnt. Curr. Top Top Sweep Credit Balance Top Sweep Debit Balance Transfer Cred. Amnt. Transfer Deb. Amnt. Transfer Entries Transfer on Closure Unauthorised Overdraft Zero Balancing Valued. Same Agr. Hierarchy Withdrawals Agreement Terms & Cond. Interest Product Terms & Cond. Interest Discount Credit posting fee Service Terms & Cond. Debit posting fee Non-recurring fee Recurring fee Non-Recurring Fee Interest Interest additional Interest reducition Tax Bonus Bonus Figure 8. Deposit & Liquidity Solution Product Composer Module Managing Corporate Cash and Liquidity All cash management banks can now provide their corporate users with full cash visibility around the world. Typically, they also provide cash flow forecasts, liquidity concentration via sweeping and pooling, and a range of options for investing short-term cash surpluses or funding short-term deficits. The services they offer are all very similar and banks have found it increasingly difficult to differentiate themselves from their competitors. Tieto s Deposit & Liquidity Solution provides advanced cash management and account hierarchy functionality plus innovative development tools to enable banks to bring new products and services to market quickly. In the current cash management market, where liquidity is scarce, banks are attempting to develop products and services to attract and retain deposits and liquidity from retail, high-net-worth customers and corporate markets. Tieto s Deposit & Liquidity Solution offers customized products not only for large companies but also for wealthy individual customers and the retail market. At the core of its solution is a detailed understanding of each customer s financial circumstances and the user bank s services and facilities which are combined using the solution s innovative product composer module to develop new and attractive offerings. The product composer module, shown in Figure 8, is preconfigured with a range of services, terms and conditions. New deposit and liquidity products can then be created in just a few hours from new combinations, giving banks the opportunity to develop and launch fresh savings and liquidity products faster than ever before. Customized products that respond quickly to customer needs are the key to future success. As a major user, Barclays Bank, explains: Tieto s deposit and liquidity solution gives us a platform with which to respond quickly to market developments Tieto Corporation 11

12 File upload Authorisation Visibility Manage payables Legal acceptance Funding reports Settlements reports Print and export BANK Comprehensive Monitoring functionally Exception handling Agreements Setup and Maintenance Audit Static Data Maintenance Supplier finance engine Visibility Legal acceptance Optional select Accelerated settlement Activity reports Print and export Corporate buyer Bank functions Buyer functions Supplier functions Suppliers Figure 9. Tieto Supplier Finance Financing Consumers and Corporates The final function in automating the financial processing chain is the provision of financing services to enable buyers and suppliers to continue in business. In the consumer personal banking market, credit cards which combine payment and lending are a well-established example of an easy-to-use and effective financing service. Banks are now focusing on new ways of combining credit cards with other forms of lending. For example, Tieto s Card Suite is being used by major European banks to combine credit cards with personal loans. Liquidity in the corporate financial markets remains tight with credit expensive and at times hard to secure. It can be cheaper and quicker for a company to release liquidity from its own working capital, which they can achieve in many different ways, than to go to the markets. An increasingly important and effective method for large, creditworthy companies is to use supply chain financing to extend their payment terms. At the same time they ensure stability of supply by providing key suppliers with a cheap, guaranteed, non-recourse source of financing based on their the buyer s credit rating: a win-win solution for everyone. Tieto s Supplier Finance system can turn it into a winning opportunity for banks as well, by ensuring they provide the financing for the suppliers and offering the comprehensive, flexible functionality their large corporate clients require, as shown in Figure 9. Supply chain financing is now a well-established technique and it is proving to be extremely effective in improving working capital management and the efficiency of financial processing chains Tieto Corporation

13 Consumers Corporates Unified Communications WEB Mobile IVR, SMS Chat Telephone Letters. telefax, forms Bank Back Office Integrated Front-End Platforms Digital Self Service Unified Desk Integration Services Integration Layer Process Process Process Process Business Intelligence Securities Fund Asset wealth Fund Application Service Management Infrastructure Service Figure 10. Tieto Total Transaction Banking Delivery Solution The Future of Transaction Banking The primary focus of transaction banking will inevitably remain unchanged, enabling bank customers to carry on automating and optimizing their financial processing chains at the same time as minimizing the cost of compliance with the growing number of new regulations and standards. But over the next few years three trends are likely to transform the business. 1. Transaction Banking Delivery will be transformed as customers demand and expect always-on services that fit their individual needs and are delivered via more channels than just the internet wherever they want to access them. Customized, any time, any way, any where solutions will be essential in both the personal and the corporate markets. Tieto s new Total Transaction Banking Delivery Solution with its six basic layers (see Figure 10) is leading the way. Customized, any time, any way, any where solutions will be essential in both the personal and the corporate markets Tieto Corporation 13

14 Buyer Centric Supplier Centric Corporates Complete Business Message & Connectivity Integration Suppliers Consumers Service Providers Banks Public Sector Payment Funding Demand estimate Invitation to tender Offer Order/e-signature Payment Guarantee Delivery Guarantee Shipping Information Deviation Info. Statements/VAT Invoice/e-invoice Credit/Payment Payment Advice Account statement Reconciliation Funding Funding Funding Payment Service Providers Banks Public Sector Figure 11. Fully Integrated Financial Processing Chain 2. The Development of Fully Integrated Financial Processing Chains, which may take several years to become well established, will require minimal data entry and the reuse of information whenever possible. For example, purchase order data can be used for invoices and invoice data can be put directly into the supply chain finance system, enabling the maximization of financing opportunities across the whole financial processing chain. But full integration can happen only if all the parties involved are connected electronically, so services such as Tieto s Business Message & Connectivity Service, as shown in Figure 11,will be vital. Full integration can only happen if all the concerned parties are connected electronically Tieto Corporation

15 Finance / Insurance Energy Healthcare Media / Operators Figure 12. Tieto Automation Solutions Across Multiple Industries 3. New Input Devices such as smartphones and the ipad will open up new opportunities to improve the ease of use and cut the administration costs of transaction banking. Tieto is helping organizations across multiple industries automate different processes and procedures using the latest technologies, as shown in Figure 12. These latest applications may well be the starting point for many new transaction banking applications, such as adding payment services to new energy and healthcare applications. Individually customized solutions focusing on the automation and optimization of the whole of the financial processing chain are the key to future success in the transaction banking business. Individually customized, any time, any way, any where solutions focusing on the automation and optimization of the whole of the fi nancial processing chain delivered by innovative service providers such as Tieto s Transaction Banking Division are the key to future success in the transaction banking business Tieto Corporation 15

16 Tieto Financial Services offers value-added IT services to banks, insurance companies and financial services providers. We are the leading IT services partner for the financial industry in the Nordic region and one of the foremost experts in capital markets, transaction banking and front end transformation areas. Our home markets are the Nordics but also Baltic countries and Russia. We have a 40-year track record of partnering with major Nordic financial institutions and helping them to meet the challenges of the market. We help our customers to run their business more efficiently, manage risks and boost growth opportunities. We currently serve more than 400 customers within the financial industry. Those customers have chosen us for our in-depth industry knowledge and ability to deliver innovative solutions with a solid return on investment. Tieto is the leading IT service company in Northern Europe providing IT and product engineering services. Our highly specialized IT solutions and services complemented by a strong technology platform create tangible business benefits for our local and global customers. As a trusted transformation partner, we are close to our customers and understand their unique needs. With about experts, we aim to become a leading service integrator creating the best service experience in IT. /financialservices financial.services@tieto.com

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