Silverton Bank Transaction Processing and Notification System

Challenge

Silverton contracted with Abel Solutions to create a scalable, secure, Web-based system – TBBConnect – for electronic transaction clearing, receipt (advice) and statement presentation, Office of Foreign Asset Compliance (OFAC) tracking and other processing that could be handled most efficiently by electronic means. The implemented solution consists of an ASP.NET web application providing the user interface, plus a number of web and Windows services that allow TBBConnect to interact with other systems at Silverton Bank. The application is instrumented to measure and capture performance data, facilitating rapid identification of any performance issues.

Response

The system addresses three factors crucial to financial institutions today – security, auditing, and compliance. To guarantee security, TBBConnect requires multi-factor authentication at user log-in. The system also controls access to operating features - at the community bank and user levels - via a sophisticated, rights-based permission system. To facilitate monitoring and documentation for auditing and compliance, all user and system activities are tracked, with member banks having the ability to search, structure and extract historical transaction data.

Member banks can configure transaction authorization (e.g. setting dual control and identifying fields to re-key) and password requirements. Other beneficial features include the ability to perform bulk current or historical transaction import or export and send secure messages to other system users.

Results

The community financial institutions using TBBConnect report a wide array of benefits from the new system, including greatly enhanced system reliability, increased customer service (and a reduction in customer service calls), more timely information, reduction in rejected transactions and streamlined balancing. Silverton Bank is also able to offer community banks a totally paperless system, benefiting both its bottom line and the environment. An indirect, but potentially crucial benefit for member banks is the disaster recovery protection that comes with having transactions stored securely offsite.

TBBConnect was a finalist for the 2008 Technology Association of Georgia (TAG) Excalibur Award. Entries for this prestigious prize are judged on a variety of criteria including the scope of the problem solved, the creativity of the technology-enabled solution, return on investment and business results.