Boslil Bank Limited is a subsidiary of PROVEN Investments Limited an investment holding company operating in financial services and listed on the Jamaica Stock Exchange. Boslil Bank, formerly owned by East Caribbean Financial Holdings Limited (ECFH), is regulated by the Financial Services Regulatory Commission of Saint Lucia. The Bank conducts its business inside international recognized banking principles. They have correspondent banking and financial/investment relationships with some of the safest and most reputable financial institutions in the world.
Since the beginning of the relationship between Boslil Bank and Impact-iTech, Boslil expressed to be concerned about being prepared for a sustained growth of its banking client’s portfolio and payment transactions. The incorporation of technology (software and hardware) became very important in order to avoid that the expected operational growth increases the number of employees and allows clients’ to be integrated with the bank through internet. In this scenario, it was important to carry out the automation of the internal processes and customer services, maintaining consistent levels of reliability and security.
Once the problem was identified, a Gap & Fit analysis was undertaken, where the operational processes and functional requirements were analyzed. Based on this information, a document was prepared indicating which requirements where going to be solved by our software platform and in which modules extra configuration and/or additional development would be required. This process allowed us not only to identify improvements in the automation of the outgoing/incoming payments processes but also in the accounting and administrative back-office processes.
As a result of the study, the scope of the implementation of Impact-iTech’s suite of products was determined, which included CAMS-iTech, IBS-iTech and TIM-iTech systems.
Thanks to the implementation of Impact-iTech solutions, the bank achieved the goal of automating and digitalizing the entire flow of payment instructions (both outgoing and incoming), also the upload of clients’ documentation (in daily operations and during business continuity “Off-Island” operations) complying with all the internal and regulatory KYC, AML and Due Diligence requirements. In addition, an e-banking portal was developed, from which customers can view their financial positions, as well as to instruct payments securely with a layered authentication approach of authorized signatures using a two-factor authentication method (OTP tokens). During this process, the controls of enough balance, due diligence requirements, anti-money laundering profiles and control of existing suspects against international watch lists and PEPs were reinforced. At the end of the process, the generation of the SWIFT’s messages was automated, avoiding the duplication of data entry.