Case Objectives
Webster Bank (formerly Sterling National Bank) has been part of the Axletree family since 2019. Axletree Solutions was first brought on board Webster Bank’s Commercial Product Management team as an interim Swift Service Bureau to:
- Integrate Webster Bank’s legacy system with Swift
- Build all-encompassing Swift financial messaging capacity
- Activate full Swift reporting functionality
- Unlock Swift as a primary banking channel
- Process high-value payments for clients that use Swift for treasury operations
The Challenge
Webster Bank’s internal legacy system was not integrated with the Swift network, and therefore lacked the capacity to send and receive financial messages using Swift messaging standards. Instead of upgrading their system, Webster Bank opted to circumvent the issue of using a third-party solution with limited Swift functionality. However, Webster Bank’s commercial banking team continued to struggle with onboarding corporate customers who operated on the Swift network with treasury systems communicating via Swift. This target client segment demanded that Webster Bank either develop full internal Swift functionality or risk losing their business.
Due to the inability to onboard a prime commercial banking segment, Webster Bank sought a financial technology solutions provider that specialized in Swift services and had the skills, expertise, and technology to equip the bank’s internal tech infrastructure with full Swift payment and reporting functionality. The turnaround for the entire system upgrade was set at 90 days. The Webster Bank team initially sought to address the challenges of high value payments by implementing a Swift solution using Swift FIN. However, the team soon recognized that the bank could unlock significantly more value from the services provided by Axletree. This included the ability to seamlessly integrate Webster back-office systems with the Swift network as well as transform, validate and enrich all inbound and outbound messages.
Axletree’s Solution
Axletree’s team of Swift Certified experts, technical engineers, and finance consultants were confident that Axletree’s connectivity and enterprise integration solutions could be integrated with Webster Bank’s internal system within the set deadline. Led by Axletree’s Senior Vice President of Strategic Solutions, Andrew O’Garro, the Axletree team worked with Webster Bank’s leadership and technology team to better understand their challenges as well as the bank’s unique system infrastructure. Together, both teams were able to determine which were the most appropriate solutions from Axletree that would best help solve all challenges while also creating additional value for the bank.
“One of the keys to providing the best solution is to understand the bank’s history, the current challenges being faced, and the banks future plans,” said O’Garro. “This helped us architect a solution that allows Webster Bank to fully service their growing client base today and into the future.”
Axletree decided to deploy:
- AxleConnect: Axletree’s zero-footprint bank connectivity solution, AxleConnect, was used to connect Webster Bank’s system to the Swift network to enable the system to communicate with client treasury systems using Swift messaging standards.
- Symmetree: Axletree’s financial message transformation platform, Symmetree, was integrated in a SaaS model within Webster Bank’s tech infrastructure, converting all incoming and outgoing financial messages into the required and desired Swift and internal messaging formats. Webster Bank’s clients could now easily send payment messages in Swift native formats and the bank could receive them in their required formats while ensuring compliance with international standards of financial communications.
While working on the project, Axletree identified an opportunity to boost Webster Bank’s Swift reporting functionality beyond simple FIN reporting and worked with the bank’s team to unlock a full channel of Swift reporting. The entire project was completed successfully within 90 days to Webster Bank’s complete satisfaction.
The Impact
During the project, the Webster team was able to unlock the full capabilities of the Swift services to include statement reporting. With the combination of Axletree’s multiple end-to-end solutions, Webster Bank benefited by:
- Completing the banks Swift operational and commercial readiness certification
- Offering a full range of Swift services to their corporate customers (Swift for Corporates)
- Creating a framework by which any industry standard payment and statement report formats are seamlessly integrated into the banks back-office system
- Gaining self-sufficient Swift reporting and transaction processing
- Significantly reducing the client onboarding timeframe
- Successfully onboarding the target client segment
- Opening a new banking channel to fuel product/service development
- Reducing dependence on third-party systems
- Improving customer experience and value generated for corporate clients
- Having an increased knowledge on Swift technicalities and network operations
The Outlook
After completion of the project, Axletree was onboarded as Webster Bank’s permanent Swift Service Bureau, and remain on call to address the bank’s Swift needs as and when they arise.
“Working with Axletree was a pleasure. We always felt like we were their first priority. They are proactive in solving challenges and always maintain an open and seamless communication channel with us.” — Dominick Della Penna, Sr. Managing Director, Enterprise Product Management, Digital Products & Information Reporting Services, Webster Bank
“It was very much a true partnership with them then, and they are always an email or phone call away now.” — Greg Williams, Managing Director, Enterprise Product Management, Payments, Trade & Card Products, Webster Bank