Subsequent to the implementation of Phase 1 of the new Core Banking System, Aristal was engaged by the large Malaysian banking group to manage the regulatory and compliance projects namely:
- Payment Reference Standards (PRS): The scope involved the capturing of various PRS information in the core banking system to meet MyClear’s requirements. The project was divided into 3 releases for the capturing of PRS information for (i) IBG Inward transactions into recipient accounts, (ii) Third party transactions into recipient accounts, (iii) Sender’s account for availability in the sender’s statement. The project was successfully implemented in December 2014.
- Effective Interest Rate (EIR): The scope involved enhancements in the core banking system, such as a new EIR module for the computation of IFRS specific fields, internal reports & BNM reporting, batch processing jobs and the migration of existing EIR data into the core banking system for the housing loan portfolio. The project was successfully implemented in January 2015.
- Goods & Services Tax (GST): The scope involved enhancements to the branch teller channel, printed vouchers, statements, tax invoices, interface changes, and integration with the bank’s new central GST system. The project was successfully implemented in April 2015.
- Bill Payment Settlement (BPS) Replacement: The project aimed to migrate billers and the settlement process from the bank’s legacy payment switch to the core banking system. The scope included the migration of ~140 billers into the core banking system and enhancing the system to generate new payee files, settlement reports and user reports. Impacted billers were activated for integration to the system’s settlement process over 3 releases within 8 months. The project was successfully implemented in April 2015.