IMS Transaction Monitoring

A 360o visibility, filtering and control on enterprise data

IMS Transaction Monitoring

Subject all data entering the IMS platform from internal applications and external entities to various type of validation, filtering, accept/reject scrutiny. Offer dashboards to have full visibility on all data and interface to manage rejected data for timely processing and accountability.

Extend dashboards and web-based access to every stakeholders to Own, Monitor, Track and Control data exchanged through each connection channel, both internal and external. Real-time status and notifications.

The IMS service can reside between internal applications and all external entities (Central Bank, SWIFT, service providers, data vendors), receive data, do validations, categorization, approvals, processing, updates and deliver copies to interested parties in desired protocol and schedule.

Connection can be established through simple parameter settings for facilitating data exchange with high level of accountability. IMS supports all traditional and modern communication methods, protocols and exposes/consumes APIs.

Interfaces and Dashboards are extended for every connection established to offer complete data visibility and control to the appropriate owner of each connection. Filters, Validation Rules, and Compliance Rules can be turned on for each connection independently.

Data Accountability

Copies of outgoing and incoming data are stored in relational database by type, purpose, region etc. and reflected on end-of-day reports and executive dashboards. Incoming data for which there is no subscription or interested party will also be displayed on the Notifications Dashboard and email.

Departmental Reports:
End-of-day reports are prepared and delivered to each department and interested parties controlled by scheduled jobs.

Real-time Dashboards/Explore:
Watch what you transmit and be aware of what you receive! Stay in command of your data at all times with complete visibility and control. Ensure messages qualify for STP only after departmental approval.

Data Verification

Account Verification
Calls can be made to internal applications or external service providers to confirm account numbers as acceptable for the underlying request/transaction.

KYC
Calls can be made to providers of KYC services to gather all necessary details pertaining to entities or names.

Unauthorized Messages
Messages that come to IMS, but not authorized to arrive due to lack of business agreements, will be placed in the appropriate category within the Notification’s Dashboard and email send to interested parties.

Unrecognized Messages
Messages that cannot be recognized due to inability to parse are also placed on the Notifications Dashboard categorized as Unrecognized Messages and emails send to owners of the underlying communication channels. 

Data Exchange Controls

Organize, manage and control data flow between internal applications and external entities. Engage filters, qualifiers, accept/reject rules, schedules, calendar etc. and extend interface and dashboard for each connection individually.

Filters:
Department Heads/Administrators can add filters at Real-time to stop any messages expected from counterparties, service providers or internal systems. This can be a precaution against data entering systems via Straight Through Processing whereby the STP activities can continue while specific accounts get blocked from receiving copies of messages via subscriptions.

Acceptance Rules
Messages arriving from various customers or counterparties can be subject to acceptance/rejection criteria.  Messages that ‘hit’ such criteria are placed on Notifications Dashboard and email distributed to owners of such activities.

Schedules:
Every communication channel can be opened and closed based on schedules that follow calendar specific to the underlying region/country.

PDM/Duplicate Check

Identify duplicate data/messages based on entire message string or specific field value that has been processed through the system during the past minutes/hours/days. The fields to be compared can be set through configuration settings for each type of message. The duration of time to which historical messages should be compared against can also be set differently for different type/categories of messages. Messages get stopped temporarily and notfications are sent to authorized parties.

Compliance Check

Data coming in or leaving via each connection channel can be subject to specific compliance process depending on the type of risk exposure associated to each connection channel.

Sanctions Screening:
High speed processing of compliance check across multiple sanctions lists. Engage rules by message type /category /subcategory. Utilize Fuzzy logic and Phonetic Search modes to enhance efficiency. Dashboards, Notifications, Interface for decisions. Audit trail on flagged messages. Support OFAC, Dow Jones, World Check, Home grown lists, Exclusion List, Whitelist etc.

Minimize False Positives
Set matching thresholds differently for each category of transaction based on amount thresholds, region, purpose, etc. Utilize Exclusion lists and Whitelists that continue to grow based on user decisions supported by approvals.

AML
Monitor transactions over any period to identify suspicious activities, violation of usage rules, unusual movement of money, balance enquiries, deposit and withdrawals etc. Track payer and payee behaviors for profiling and monitoring.

Risk Assessment
ECS holds historical data that can become part of various type of analysis that helps bring out customer behavior and suspicious activities. Account numbers can be subject to usage rules that will control the amount of money that can be transferred over a pre-defined period of time.

Service Choice:
Third party compliance and AML services can be utilized from the IMS platform through API and other real-time or batched messaging protocols. IMS offers the ability to pick and choose between its own compliance service or engage other services while utilizing its own dashboards for monitoring and taking actions.

Internal Security

Usage rules can be defined and engaged for specific account numbers that are required to receive large amounts. Any account that is not pre-qualified for such activities will not be able to pass validation when the instructions go through the internal control stage. The engagement rules can be subject to an approval cycle along with setting of validity periods.

Handling Exceptions

Events & Alerts
All events and alerts that require human intervention can be pushed to owners of such transactions as well as to all interested parties following a distribution list. A link to the underlying message/transaction will be placed on the Notifications Dashboard.

Notifications Dashboard:
IMS displays all events that require manual intervention in a single dashboard. For example, arrival of unexpected messages, MT999, NACKS, rejections and failures in email notification are made visible along with postings for further action.

Repair Stations:
Failed messages results in notifications posted in dashboard and emails sent to interested parties. Interface for repairing source message, target message or simply reprocess after updating reference data tables with any missing information.

Action Items:
Some of the activities supported include updation of reference data followed by reprocess, repair of syntax related items followed by recreate, cancellation followed by request to recreate at sources systems. All repaired transactions can be subject to approval cycle. If there are transmission related errors, the point of failure is displayed on service logs that can be used for opening tickets with the appropriate technology team.

Query Management System (QMS)

ECS offers a comprehensive Query Management System that helps various operations teams of an enterprise to manage exceptions covering all business lines that utilize the SWIFT Messaging Standards and Protocols.