Background
A large international banking group, which operates in some 75 countries with nearly 200,000 employees, engaged Wavestone to assist in ensuring compliance with the SRVII/R16 regulation on the transparency of information contained in payment messages. This initiative aims to deliver an overall assessment of how SRVII alerts are managed and define a standard, target operating model designed to meet European regulations. The bank had to implement the recommended changes by July 2017.
Challenges
Ten consultants working out of three global offices (Paris, New York, and Hong Kong) delivered the following:
- A complete assessment of the existing situation with respect to SRVII/R16 alert management across the group;
- Regulatory gap analysis and benchmarking against five international banks;
- The development of recommendations and the definition of a roadmap.
Responses and key success factors
Nearly 160 of the bank’s business units were involved, globally. The group now has a global vision for its alert handling process in terms of the transparency of information contained in payment messages.
