Mohan Murali, CEOCash management workflow and cross border trade-finance operations have become an increasing cause of concern as attackers have attempted to circumvent existing compliance measures and security best practices in order to breach financial networks that carry the transaction data. Thus the financial institutions are looking to overhaul their compliance and security approach to strengthen their financial networks such as SWIFT Connectivity. Addressing this need is Axletree Solutions that came into being in 2002 with the idea to provide SWIFT Connectivity solutions that ensure a compliant and secure means for global financial transactions. The company has a team of experts providing SWIFT Connectivity backed by fully managed data centers to deliver a range of next generation financial solutions and compliance services for banks and corporates. “Axletree’s consulting services help these businesses in the design, implementation, upgrade, and maintenance of the SWIFT infrastructure,” remarks Mohan Murali, CEO, Axletree Solutions.
Accredited with the SWIFT Premier Operating Practice award from SWIFT for meeting or exceeding security and service compliance benchmarks encompassing technology infrastructure and workforce expertise, Axletree is among the top 5 Service bureaus in the world delivering excellent service quality, comprehensive customer support and operational excellence. Clients can also leverage Axletree’s Vendor Test Bed solution to test their finance applications for SWIFT compatibility, ensuring connectivity to the SWIFT network. “Customers worldwide rely on the hosting and support services of the Axletree SWIFT Service Bureau and its automation toolset to exchange their financial messages reliably and securely,” says Murali.
Banks, for example, automate regulatory compliance management through Axletree’s intuitive tools. These tools are offered as a standalone product or a hosted solution and take several prevalent standards on board encompassing OFAC, the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCen), Anti-Money Laundering Act (AMLA), Know Your Customer (KYC), and Customer Due Diligence (CDD). The overall impact of these tools helps mitigate financial fraud by filtering and reviewing customer transactions automatically to find suspicious activities.
Axletree’s consulting services help these businesses in the design, implementation, upgrade, and maintenance of the SWIFT infrastructure
To further strengthen its impact in compliance, Axletree has forayed into delivering intuitive SaaS-based treasury management solutions. The “Treasurytree®” Treasury Management and Automation System was the result of the company’s effort to mitigate the complexities faced by corporates in filing FBAR (Foreign Bank Account Reporting) through automation. The electronic bank account management (e-BAM), a feature in Treasurytree, lets businesses keep track of signatories authorized to open, manage and close bank accounts. It also lets them manage their bank relationships with greater control while being able to view all accounts across the globe.
The company has also launched a new integration tool, “Symmetree”®, to simplify message communication between SWIFT and an organization’s internal systems by integrating proprietary back office applications with the SWIFT network by bridging the gap between different messaging formats and SWIFT messaging formats. With support for industry standards such as ISO 20022, Symmetree supports secure exchange of electronic data between financial institutions. It translates and transports files, messages and transactions across all processing nodes in a seamless and secure manner, protecting the integrity and confidentiality of customer data.
Axletree’s product portfolio has been carefully crafted based on the needs of its clients. With an enviable track record of 98.5 percent client retention achieved through its uncanny ability to deliver enhanced value to their clients, Axletree Solutions looks forward to secure more businesses through its technology-driven compliance solutions and consulting services to secure the global network of transactions.