Fully integrated with IBM BPM, FOREX offers a set of integrated processes for the management of three types of operations: National, Foreign Exchange and Western Union. Through FOREX you can eliminate operational risk and increase customer service level, providing full support for auditing and compliance on all processes.
Business Challenge and Motivation
Transactions with foreign countries and/or nationwide represent, on average, more than 50% of banks’ operating results. FOREX integrates three distinct and independent modules for operations management, including:
FOREX allows greater operational efficiency, full traceability of transactions (who originated, modified or authorized), document management (annexation/attachment of the whole documentation inherent to operations), automatic documentation of processes, and easy processes/rules editing to accommodate changes from the Regulator.
FOREX has a Business Process Management Suite (BPMS) at its core, allowing to quickly and flexibly change business processes at low cost and low risk. Rules can be designed on IBM BPM or IBM ODM (Operational Decision Management). FOREX has a high degree of flexibility to accommodate new integrations/changes. These may be due to modifications on the organization’s business processes or due to new regulations.
- Compliance with Regulator’s standards/rules
- Compliance with future changes to legislation and to new processes with reduced time to market and cost
- Process standardization and end-to-end control, with SLAs monitoring
- Improvement of customer satisfaction by reducing operational complexity and accelerating decision-making/approvals
- Reduction of costs with process dematerialization
- Single platform - IBM BPM which easily and quickly integrates with IBM ODM (rules definition, automation and management platform) and with market’s leading document management modules on the market (FileNet, Alfresco, SharePoint, ...)
- Increased efficiency:
- Better definition of processes and responsibilities
- SLA evaluation for continuous improvement
- Process visibility and auditability