Type In A Topic, Service Offering or Use Case To Search...

Synergizing Standards: Azure Synapse Powers MT to MX Conversion for a Leading Bank

Synergizing Standards: Azure Synapse Powers MT to MX Conversion for a Leading Bank

Business impact
  • Reduced system downtime by 25% through the use of re-runnable scripts and stored procedures, ensuring rapid recovery from failures.
  • Swift adaptability to evolving requirements, with a 20% reduction in time taken for system adjustments.
  • Achieved 98% accuracy in table creation processes, streamlining the deployment process and reducing the risk of errors.
Project Timeline
  • Deployed the solution in 2 Azure environments within 6 weeks.
Problem Statement

The multinational banking institution, headquartered in Sydney, faced new regulatory norms from SWIFT. The traditional MT format for bank transactions was being phased out for the new MX format. With an extensive customer base of 14 million and a workforce of 40,000, the bank struggled to transition in an agile manner from the ageing MT format to the modernised MX (ISO 20022) format.

Key Challenges
  • The transition from MT to MX was imperative.
  • Implementation of XML-based data exchange, for improving straight-through processing (STP) and IT system readability.
  • The bank wanted the transaction format to support non-Latin alphabets, facilitate a larger array of data elements, and enhance reconciliation.
  • Concurrent use of MT for cross-border transactions and MX for domestic ones posed a unique challenge.
Solution Areas
  • Leveraging Microsoft Synapse for data analytics and constructing APIs.
  • The team undertook a comprehensive understanding of the MX format for SWIFT messages and provided readability into both MT&MX formats with Microsoft Synapse.
  • Making sure that transaction data adheres to the MX format's specifications, conducting thorough validations before transmission.

More Case Studies

Interested in learning more
about our Service Offerings?

Copyright © 2024 Polestar Insights Inc. All Rights Reserved.