MOND AXA Bank Use Case

MOND for AXA Bank, Europe

Axa Bank, Europe, located in Brussels, is AXA Group's banking arm that provides retail banking solutions to individuals and small companies in Europe. It works in close cooperation with AXA's local insurance companies to complement their financial product offering with a range of retail banking products and services.

Axa Bank Belgium manages more than 20 Billion Euros of client deposits.

In addition to Belgium, Axa Bank also has a presence in Hungary, France and Germany.It offers a full range of banking products and services to retail and small business customers, serviced through more than 900 independent bank agents.

Challenges

  • AXA Bank's customers rely on it to process a huge number of payments every day in different formats to different countries.
  • To implement ISO 20022 Direct Debit (SDD), SEPA Credit Transfer (SCD) along with other formats using a single framework/product.
  • To create an efficient, timely, reliable and affordable payment processing system and implement the different SEPA directives.
  • To keep track of the annual IS 20022 changes and implement them in a time bound and cost effective manner.


The MOND Solution

  • After evaluating IBM WebSphere, TIBCO and other products, the AXA team decided on MOND (On-Premise) as its core payment engine.


  • The MOND ISO 20022 Engine interacts with MQSeries, IMB Mainframes to seamlessly integrate inbound and outbound payment instructions in several formats.
  • The rules-based MOND platform was used to take data from multiple sources and transform them into the different formats required by the recipients.

  • Out of the box SEPA Compliance, pre-built Semantic SEPA Adapters for key SEPA Messages, lower time to market and easy learning curve were some of the key deciding factors " says the Head of IT Services at Axa Bank.

  • The MOND platform enables AXA bank to provide global interoperability, with rich remittance data, while implementing a uniform and reusable message standard.
  • The semantic MOND engine enabled Citizen Integrators (Business Analysts) to implement the entire transformation, resulting in higher quality and shorter time frames.


Benefits of the MOND Solution

  • High Quality, Highly reliable Stright Through Processing (STP) for all ISO 20022 Financial Services Messages.

  • Streamlined approach to any type of inbound or outbound payment standard.

  • Ability to make changes very quickly, Ability to onboard new payment gateways rapidly.
  • Development times was reduced by 60-80%, delivering rapid returns on investment and increased operational efficiency for a significantly lower total cost of ownership.
  • The MOND platform continues to play a very crucial role in this mission critical activity handling large and constantly growing data volumes.
  • Implemented a fully functional, highly reliable Payment Factory at a fraction of the cost when compared to IBM Websphere, TIBCO etc.