The client, a leading European bank, needed to comply with Payment Service Directives (PSD2) released by European Central Bank(ECB). The PSD2 regulatory requirement needed the bank to have transaction monitoring mechanisms and processes in place that enable them to detect and act upon fraudulent transactions.
The implementation was quite complex and time-bound. Compared to PSD1, the scope is extended to the payments in all currencies. Further, the Regulatory Technical Standards (RTS) of PSD2 apply to all electronic transactions at all times despite the instruction channel used (Online, Swift, EBICS, etc.).
Infosys embarked on this strategic initiative applying Scaled Agile Framework (SAFe) to achieve complex orchestration across multiple applications in the payments ecosystem. The various Scrum teams collaborated with client corporate banking business and technology teams to build the strategic solution. Our program successfully helped to achieve strict regulatory compliance with the aim to protect the bank from financial and reputational losses due to potentially fraudulent transactions.
Key Challenges
- PSD2 non-compliance could lead to the cancellation of the banking license
- Intervention required at the right step in the payment workflow in order to comply with regulation
- Huge multi-vendors’ dependencies involved
- Co-ordinate and onboard multiple legacy applications
- Usage of cloud infrastructure to support end-to-end delivery
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The Solution
Infosys’ Strategic Approach Leveraged
- Implemented progress visualization and KPI metrics
- Leveraged internal expert knowledge (COEs)
- Kept agile trainings at the core at various levels
- Implemented multiple planning horizons to achieve a product roadmap and make dependencies visible
- Proposed microservices-based architecture to create scalable and reliable solution
Building an Integrated Foundation Approach
- Enhanced the portfolio management by setting up Portfolio Demand Kanban
- Embraced XP (Extreme Programming) practices
- Implemented 100% functional and non-functional test automation
- Relentless improvements through regular Innovation Days, Code-it day etc.
- Kept senior leadership informed and involved using planning and demo sessions
Benefits
Saved up to €20 million in penalties for the bank
The bank was among the few in Europe to successfully implement the PSD2 compliance in time, which was of essence
Our solution now handles more than 10 million transactions per day
PSD2 compliance for Global bank achieved without any incident
Delivered more than 35 production releases in a year
