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Digitalisation of Business Processes with open APIs

X-Gen is particularly designed for financial institutions in order to assist them with the digitalisation of business processes and efficiently implement APIs. Standard applications often represent an isolated part within business process chains and are mostly difficult to integrate in company processes. X-Gen fills this gap by enabling the cross-application configuration of gateways and process logic considering the existing technical and professional environment. From the connection of a securities transaction system to SWIFT through to the implementation of complex and mostly specialised workflows within the bank – X-Gen provides numerous simplifications regarding the development, representation and execution of business processes.

valantic graphics about X-Gen, digitalization of business processes with open APIs

Short Time to Market

In order to quickly realise projects, an efficient kit with pre-built modules is necessary; this may include e.g. a user or client management, a parametrisable rule or query engine which can easily be configured and reutilised. The use of these different X-Gen modules accelerates the development times and allows analysts to concentrate on the essential functional logic. Beyond that, the modern web interface enables user interactions in all parts of the processes than can or should not be executed in a fully automated way. 

Moreover, X-Gen has received the “SWIFT Ready Funds” application label for the 17th time. This label shows the solution’s strong capabilities in the adaptation of complex SWIFT standards in the investment funds sector. The SWIFT certification offers fund managers, transfer agents and distribution platforms the possibility to optimise the workflows in the funds processing and to comply with SWIFT FIN and ISO 20022 standards. Having received this label proves X-Gen’s high degree of compatibility with SWIFT processes as well as SWIFT MT and ISO 20022 standards. 

Picture of the Swift Compatible Application Funds logo

Benefits

  • Central control and monitoring of processes and gateways
  • Saving of existing investments
  • Future-proof due to a modern and extensible technology stack
  • Less process gaps – higher STP degree
  • Graphical interface for designing processes and rules
  • Improvement of data quality
  • Short implementation times due to a high degree of pre-designed components, such as the SWIFT message library
  • Complete support of distributed transactions thanks to an integrated transaction monitor
  • Open Banking – Provision of open gateways

Benefits of Using X-Gen

Central control and monitoring of processes and gateways

The process control implies a workflow engine directly integrated into the process rules. In addition to powerful gateway functions, X-Gen comprises such a workflow engine which controls the configuration of process steps as well as their monitoring. A configurable web interface enables the integration of user interactions such as visualising, searching, recording and correcting information.

Saving of existing investments

There is nothing more expensive and time-consuming than the exchange of bank applications in order to implement new requirements. Another aspect of today’s reality is that due to fusions and takeovers, a broad heterogeneous and redundant application landscape exists in many banks. Integrating instead of replacing: With X-Gen, existing investments can be saved by continuing to use the inventory system functions and additionally, new requirements can easily be implemented by means of X-Gen workflows.

Less process gaps – higher STP degree

Digitalisation initiatives often affect manual or semi-automated processes which require high user effort. With X-Gen, an increased automation degree can be reached and processes can significantly be accelerated without manual interaction. The system provides configurable process rules and pre-cast processing units in order to prevent media discontinuities. Ready to use parsers analyse complex message structures such as XML, ISO20022, SWIFT and FIX and can be used to enrich these data for further processing. In addition, pre-cast adapters enable the access to different systems such as data bases, web services, MQ, JMS and many others. All components for message processing can be extended anytime.

Graphical interface for designing processes and rules

With the X-Gen rule designer, projects for arranging message structures, workflows and dataflows can be defined. Profiles containing different rules (processes, database connections etc.) can be linked to those projects. The rules can be parametrised and thus reduced to the desired scope for the project. The graphical rule designer enables the simplification of complex situations so that even business analysts without programming knowledge can develop and describe concrete process regulations.

Improvement of data quality

The availability and correctness of information is important to the decisions which are made based on them. The variety of information which is exchanged in the digital world must be prepared and checked. By means of the “graphical tracer”, processing errors can early be identified and rectified.

Short implementation times

X-Gen’s modular structure allows the reusability of features on different levels: For example, the entire ISO20022, SWIFT and FIX message library is always available in the latest version. The variety of pre-cast adapters and message parsers reduce the development effort in projects and allow the parallelisation of functional and technical tasks.

Complete support of distributed transactions

Distributed transactions according to the 2-phase commit protocol make the secure processing of “mission critical” information in complex process logics possible. This is an indispensable prerequisite in order to avoid data loss and inconsistencies.

Open Banking – Provision of open gateways

Open Banking means providing open gateways in order to offer financial services to third parties. X-Gen provides a comprehensive framework for accessing third-party APIs as well as for providing APIs for third-party usage. These gateways are based on open standards, e.g. http/REST, and allow the integration of APIs in the business processes of the bank. In X-Gen, authentications, an access auditing and logging as well as a fraud detection protect the data against unauthorised access.

Future-proofness

Technologies are changing constantly: What is now regarded as modern, can already be outdated tomorrow. Solutions for gateway and process automation must withstand such revolutions and steadily adjust to the current trends. X-Gen supports common market standards as well as commercial de facto standards and allows the simultaneous use of both within one process.

  • XML
  • C++/Java
  • SSL
  • JMS
  • JSON
  • http/REST Web-Services
  • SOAP-based Web-Services
  • Websphere MQ

References

Your Contact

Picture of Dirk Vesper, Product Manager at valantic Financial Services Automation

Dirk Vesper

Vice President, Product Manager
valantic FSA