Simplified Financial Service Model – an IFW Framework

IFW Simplified Model

Nexright Simplified Financial Service Model are a set of ready to go IFW business services templates created by our IFW and Banking experts leveraging best practises and many years of rich banking domain knowledge.

— Optimized business services supporting SOA framework.
— Business and model driven solution development and delivery.
— Well tested and proven solutions.
— Accelerate core banking transformation and enables Digital Banking & Banking 3.0.

Typical IFW Challenges

— Time and cost to deliver IFW services are very high. Many IFW project fails because the lack of right skills.

— Little out of the box solution from IBM IFW, huge amount of efforts involved in customisation i.e. to fulfil individual bank’s needs.

— Many areas like Security management, Channel management, Campaign management etc. are not covered in detail in IFW Interface Design Model (IDM)

— Default out of box implementation leads to complex service interfaces which are not easily adopted by various stakeholders.

— IBM IFW doesn’t provide service interface documents or best practises on how to design business services in detail.

— IFW involves a constant change of interfaces to achieve an optimized model , which ultimately impacts cost and timeline.

— Poor support for other industry standards like ISO20022 ,IFX ,LIXI.

Key Features of Simplified Business Model

— IFW Based Models and Services

— Covers 30% more Business areas and Data compared to IFW IDM.

— Out of Box Detailed Business Data glossary.

— 200+ Data concept Diagrams (Boundary of Types) detailing various business concepts

— 200+ detailed Out of Box interfaces covering Involved Party Management, Payment Processing,
Customer Relationship Management, Arrangement Management, Foreign Exchange ,Products Management,
Credential management, Security management and many other business domains.

— Advanced modelling approach for creating simplified service models which are lightweight,
easy to understand and consistent across domains.

— Detailed Service catalogue describing the services and operations.

— Detailed Service interface definitions including sequence diagrams and use cases in pdf and word format

— Well defined XSD WSDL and sample messages.

— Out of Box foundation framework support for Error handling, Security ,Header , Pagination.

— Detailed Guidelines for Error Handling including 1000 + Error codes.

— Support for multi brand, multi channel and multi protocols (SOAP,MQ,JSON).

— Many out of the box tools to auto generate optimised WSDL,XSD from model.

— Many out of the box tools to Auto generate interface documents from model, XSD, WSDL.

— Customized tools to Auto generate provider mappings documents from model, XSD, WSDL and data mapping configurations.

— Product documents on Governance and Maintenance of models. Detailed step by step process with Screen shots and Diagrams.

— Models are portable across multiple tools including Enterprise Architect and RSA.

Benefits of leveraging Simplified Financial Service Model compared to starting with vanilla IFW IDM

— Rich set of Service Data models available out of box. Covers 30% more Business areas and Data compared to IFW IDM .Typically 25-75% cost saving is expected in data modelling compared to IFW IDM .

— 200+ simplified business service interfaces are available with Documentation , which are easy to understand and implement with little customization. IFW IDM does not provide interface details at this level. A typical reduction in service interface design cost is approximately 50-90% which are based on our template services.

— Well documented Process and Methodology to create new simplified service models which are lightweight, easy to understand and consistent across domains. This approach delivers services which are independent of model changes thus allowing continuous evolution of model without impact on existing services. This leads to high adoption and less resistance in implementing IFW.

— Our tool generates high quality interface specifications, Technical artefacts (WSDL, XSDs) ,Provider Mappings from models, thus reducing time to create documentation by 70%. This also avoids human error which in turn reduces testing defects.

— Detailed Service catalogue is provided in various formats, which can be stored in data base, exported in pdf, excel, .This helps track services lifecycles for project managers/Architects/Business. It also provides a single repository where program architect/business can look into and use for their analysis in a project.

by

A Business and Technology executive with a proven track record of delivering innovative and successful business outcomes in challenging circumstances.

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