Problem to solve
Since the beginning of the relationship between Proven and Impact-iTech, Proven expressed their concern about being prepared for a sustained growth of its banking clients’ portfolio and payment transactions. The incorporation of technology (software and hardware) became very important in order to avoid that the expected operational growth increased the number of employees and allowed clients’ to be integrated with the bank through the 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 were 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.
Go to WebsiteAbout the Proven Bank
PROVEN Investments Limited is an investment holding company operating in financial services and listed on the Jamaica Stock Exchange.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.
Obtained results
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), as well as the upload of clients’ documentation during daily operations and business continuity “Off-Island” operations. This ensured compliance with all internal and regulatory KYC, AML, and Due Diligence requirements. Additionally, an E-banking portal was developed, allowing customers to view their financial positions and securely instruct payments with a layered authentication approach using two-factor authentication (OTP tokens). This process also reinforced account balance management, due diligence requirements, anti-money laundering checks, and the scrutiny of existing suspects against international watchlists and PEPs.
