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Blue Shore Financial – Integrating a new core banking system into a real-time ATM and POS environment

Banking on the importance of ‘member intimacy,’ BlueShore Financial is transforming the traditional banking experience with an approach that is more closely aligned with a visit to the spa than a financial institution. Headquartered in one of British Columbia, Canada’s most affluent neighbourhoods, this customer focused approach has resulted in an enormous influx of new business and asset generation.

“We couldn’t have migrated to our new banking platform unless we could prove we were able to manage the operational and service disruption risks associated with new technology roll-outs. INETCO Insight gave us the quickest and most lightweight solution to real-time transaction monitoring. The INETCO tool has had a positive impact on our strategy. We are already expanding its capabilities into our other online channels.” FRED COOK, CIO OF BLUESHORE FINANCIAL

Challenges

Moving away from a completely outsourced model, BlueShore Financial recently implemented the TEMENOS T24 banking solution into their 24/7 ATM and POS banking environment. While BlueShore relied on vendor partnerships to manage its payment and network data center as well as switch technology maintenance, the banking institution was still accountable for the overall seamless service functionality and compatibility of all these components.

Less than a month from converting to its new banking system, the Information Technology Solutions team decided it was also time to improve their resource-intensive fraud identification process. This current process involved the leveraging of multiple in-house tools and the manual parsing of bank system logs to isolate fraudulent transactions.

Solution

BlueShore Financial chose the INETCO Insight real-time transaction monitoring and analytics software to address the challenges outlined above.

INETCO Insight’s multi-link transaction assembly gives Blue Shore Financial visibility into end-to-end payment transaction paths, making it easy to oversee the performance of all their partnerships and new technology components.

Continuous, 24/7 transaction monitoring helps the Information Technology Solutions team proactively troubleshoot issues and guarantee a smooth integration of new technology, such as the TEMENOS T24 banking platform, without incurring extra resource costs.

BlueShore Financial also uses INETCO Insight to configure real-time alerts tied to ISO transaction response codes associated with fraud, a requirement to comply with Interac fraud prevention regulations. With the software’s ability to capture, correlate and report on granular transaction details for every payment transaction, BlueShore Financial can set up advanced queries for speedy forensic investigation into transaction anomalies.

Results

INETCO Insight helped BlueShore Financial’s Information Technology Solutions team to:

  • Guarantee a risk-free migration to a new banking platform within a 24X7 real-time ATM and POS environment
  • Establish real-time alerts to quickly meet Interac regulatory compliance for POS, ATM and debit card transaction fraud prevention
  • Save $100,000+ per year in staffing support costs
  • Receive real-time alerting on slow application response times, transaction declines, and failures
  • Verify the performance of all the payment system components, without spending significant amounts of time and money on IT and third party partnership management