US-based Tier 1 Investment Bank

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About the bank:

The bank is a US-based investment bank with over $1.2 trillion in assets. It did not self-clear USD wire transactions and relied upon agent banks to process firm and client payments.

The bank holds nearly 2,000 affiliate direct deposit accounts at agent banks. The bank aims to move most of these accounts into its institution and initiate self-clearing, eliminating the need for outside services and their associated costs. 

Project overview:

  • Processing up to $100 billion a day in cash volume, the bank has simplified cash management by providing a flexible account structure and configurable rules to achieve better operational efficiency and user experience.
  • Using configurable smart contracts, the bank can make product customizations such as fee management at product, relationship and account levels, and offer comprehensive sweeps functionality and configurable and flexible unsecured lending functionality.
  • Key features include: parent/child account hierarchies enabling a variety of account setup, pooling zero-balance accounts across entities, scheduling balance sweeps across a group of accounts, triggering sweeps based on conditional events, assigning a Line of Credit to account or a group of accounts, and recalculating and performing backdated sweeps.

Deployment approach:

  • Coexistence: integrated into the existing technology stack with new customer propositions for existing customers