How do you make it available and how long does it take to get started?
Vortex is available in three flavours:
CD version, which can be offered direct to your branches or corporate users in areas where there may be issues over internet accessibility and bandwidth where you wish to restrict internet use to priority messaging only.
The CD is fully self-contained as an application and can run without loading onto a LAN, or even the hard drive of a PC or laptop, offering the ultimate in convenience. It also has an embedded help facility to minimise time and effort on the part of the bank for training of either staff or customers.
Vortex Online is a hosted web query tool that allows users to access its benefits over the Internet. It is hosted by us in a secure environment with full Disaster Recover and contingency facilities and best of all you can access it same day through a secure log on provided by us.
Users carry out searches using Vortex Online and then input the retrieved data into the current transaction ensuring an immediate uplift in STP of cross-border transactions. Users also have the ability to generate an IBAN where this is applicable, such as payments into SEPA countries, irrespective of the currency of the transaction or location of the initiator. There is also the ability to convert a BBAN to an IBAN, a particularly useful feature for corporate users who have Direct Debits or Standing Orders that they need to convert in order to continue to receive payments from their remitters.
Vortex SaaS takes this a step further and uses web services in standard xml outputs to automate the entire process whilst the transaction is being processed in the back or middle office.
Essentially, the legacy payments system makes a call to Vortex SaaS and the response automatically uploads the response, fully automating the process and removing manual intervention from the process.
Other major features of Vortex SaaS include the ability to configure and manage correspondents by currency, amount, value and percentage, giving the bank complete control over its payment network from a single point, whilst still having the benefits of the payments reference data for other transactions.
Vortex SaaS also has a batch upload facility that allows multiple payment files to be checked and validated prior to leaving the bank, with those failing to STP being held in an Exceptions queue for further validation or review.