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Integrated Payments and Financial Crime Controls with 56 Account Products
BCT implemented core banking, payments and financial crime capabilities to establish a connected operating environment for a digital financial services provider.
Client
Challenge
The institution needed to establish an entirely new financial services ecosystem. Core banking, payments, compliance, customer servicing and operational processes had to be implemented alongside digital channel integration. These interconnected requirements made coordination across delivery teams essential.
The payments programme covered SWIFT MX, SEPA Credit Transfers, SEPA Instant Payments, Verification of Payee and cross-border processing. Connectivity with external payment providers and the Bank of Latvia added integration and testing complexity. The architecture also needed to accommodate future SEPA Direct Debit capability.
Financial crime controls had to be embedded within the operating model. Requirements included anti-money laundering monitoring, watchlist screening, risk scoring, customer and business verification, and auditability. The institution needed to address these requirements while maintaining efficient operations and a convenient customer experience.
The payments programme covered SWIFT MX, SEPA Credit Transfers, SEPA Instant Payments, Verification of Payee and cross-border processing. Connectivity with external payment providers and the Bank of Latvia added integration and testing complexity. The architecture also needed to accommodate future SEPA Direct Debit capability.
Financial crime controls had to be embedded within the operating model. Requirements included anti-money laundering monitoring, watchlist screening, risk scoring, customer and business verification, and auditability. The institution needed to address these requirements while maintaining efficient operations and a convenient customer experience.
Solution
Over a 16-month engagement, BCT followed the Temenos Implementation Methodology to manage governance, analysis, design, implementation, testing, deployment and stabilisation. Executive steering committees, risk management and change control supported the delivery of payments and compliance capabilities in parallel.
BCT implemented Temenos Transact R24 and Temenos Payments Hub. The core platform supported customer lifecycle management, multi-currency accounts, product configuration, the general ledger and account servicing. It was configured for 56 account products aligned with the institution’s digital services strategy.
The payments implementation enabled SWIFT MX processing, Currency Cloud integration and Alpha Bank connectivity. BCT also delivered SEPA Credit Transfers, SEPA Instant Payments and Verification of Payee. Bank of Latvia integration supported instant payment processing, with end-to-end testing and validation. SEPA Direct Debit was addressed through architecture readiness for future capability.
Financial crime functionality included customer and transaction screening, AML monitoring, watchlist screening, KC+ risk scoring and customer risk profiling. Enhanced risk matrix controls reflected the institution’s business requirements. APIs connected Temenos with digital channels for payment approvals, mandate and signatory workflows, beneficiary maintenance, standing orders, onboarding enhancements and prepaid account support.
BCT implemented Temenos Transact R24 and Temenos Payments Hub. The core platform supported customer lifecycle management, multi-currency accounts, product configuration, the general ledger and account servicing. It was configured for 56 account products aligned with the institution’s digital services strategy.
The payments implementation enabled SWIFT MX processing, Currency Cloud integration and Alpha Bank connectivity. BCT also delivered SEPA Credit Transfers, SEPA Instant Payments and Verification of Payee. Bank of Latvia integration supported instant payment processing, with end-to-end testing and validation. SEPA Direct Debit was addressed through architecture readiness for future capability.
Financial crime functionality included customer and transaction screening, AML monitoring, watchlist screening, KC+ risk scoring and customer risk profiling. Enhanced risk matrix controls reflected the institution’s business requirements. APIs connected Temenos with digital channels for payment approvals, mandate and signatory workflows, beneficiary maintenance, standing orders, onboarding enhancements and prepaid account support.
Impact
The institution gained a payments platform supporting SWIFT, SEPA Credit Transfers, instant payments, Verification of Payee and multi-currency transactions. These capabilities established the operational foundation for its digital financial services, with 56 account products configured on the core platform.
Integrated financial crime controls strengthened AML capabilities, sanctions monitoring, screening effectiveness and risk management. Embedding these controls within the platform also improved regulatory audit readiness.
API-based services connected core banking functionality with the digital channel ecosystem, supporting customer and payment workflows across systems. BCT’s coordinated delivery brought core banking, payments and financial crime capabilities into a common operating environment, while preserving architectural readiness for future Direct Debit services.
Integrated financial crime controls strengthened AML capabilities, sanctions monitoring, screening effectiveness and risk management. Embedding these controls within the platform also improved regulatory audit readiness.
API-based services connected core banking functionality with the digital channel ecosystem, supporting customer and payment workflows across systems. BCT’s coordinated delivery brought core banking, payments and financial crime capabilities into a common operating environment, while preserving architectural readiness for future Direct Debit services.
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Bahwan CyberTek is committed to providing the highest level of protection regarding the processing of their vendors’/clients’/customers’/job applicants’/website visitors’ personal data based on applicable data protection laws and regulations at respective locations. In general, you can visit the Bahwan CyberTek website without providing personal data. However, there are times when Bahwan CyberTek will request personal data.
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