1. Inflexibility
   Brought about by your old technologies and single purpose designs. This can hinder your ability to adapt quickly to evolving customer needs and market trends. And if you’re using an Enterprise Service Bus (ESB), your inherent complexities are more challenging — ESB only solves your business continuity needs.
2. Operational Inefficiencies
   Manually handling digital transactions and managing channels is time-consuming, error-prone, and often requires significant manual effort. This leads to operational inefficiencies and delays in customer service brought about by core downtimes, slowness, unresponsiveness, failures due to changes and patches, end of day processing, reporting resource hogging affecting channels, etc.
3. Increased Risk Exposure
   Your digital banking channels are susceptible to various risks, i.e., fraud and money laundering. Without a robust risk management system, your team may struggle to detect and prevent fraudulent activities in real-time. The result? Financial losses, reputational damage, and non-compliance with regulatory requirements.

• One-stop Solution
  Consolidates all your API integrations into a single, easy-to-manage platform.
• Simplified Management
  A unified interface makes it easy to monitor, maintain, and optimize your API integrations.
• Enhanced Security
  Ensures secure data exchange between your services and third-party APIs.
• Enhanced Scalability
  Reduces the processing burden on your core system to enable it accommodate increased transaction volumes without impacting system performance or experiencing service disruptions.
• Increased Transaction Processing Capacity
  Offloads channel transactions processing from your core system, significantly increasing its transaction processing capacity. This means the system can handle a larger volume of customer transactions, leading to improved efficiency and reduced processing times.

Terafin has benchmarked times of <100ms for enquiries and <200ms for transactions.

• Improved Cost-efficiency
  Cuts cost by 60%. Unify all your Bank’s Data into One Modern Database Off your Core Banking System. By reducing the strain on your core system, you can optimize your infrastructure, potentially avoiding expensive hardware upgrades and reducing maintenance costs. Increasing the efficiency and scalability of your core system can enable you to handle higher transaction volumes without incurring additional expenses.
• Enhanced Customer Satisfaction
  With Terafin, you can maintain excellent customer service even during unexpected disruptions, resulting in improved customer trust and loyalty.
• Improved System Response Times and Performance 
  Offloading financial processing capability frees up resources on your core system, enabling it to respond more quickly to other critical functions. Te result? Faster response times to customer inquiries, reduced latency in transaction processing, and improved overall system performance.
• Enhanced Flexibility and Agility
  Introduce new services, features, and updates more efficiently. This enables you to respond faster to market demands, regulatory changes, and customer expectations.
• 24/7 Availability
  Ensures 24/7 availability of your customer digital channels, independent of your core system. This eliminates potential disruptions and downtime, allowing your customers to access their accounts, perform transactions, and receive support at any time, enhancing customer loyalty and engagement.
• Risk Mitigation
  Incorporates a fraud and anti-money laundering detection module, which proactively monitors digital transactions and identifies suspicious activities in real-time. This helps you to detect and prevent fraudulent transactions, mitigate risks, protect customer assets, and comply with regulatory requirements.

The system typically functions as an intermediary between your core banking system and your various customer-facing digital channels. Here is a high-level description of the flow:

1. Customer Interaction
   Your customers interact with your bank through different digital channels, such as online banking portals, mobile apps, ATMs, or even third-party platforms.
2. Channel Manager Interface
   Channel Manager acts as a centralized hub that receives and processes your customers’ requests from these different channels. It provides a unified interface for managing the interactions across multiple channels.
3. Transaction Processing
   Terafin processes the requested service or transaction based on the instructions received from the customer. This may involve locking funds, validating transactions, charges processing or performing any other required channel transaction processing operation on Terafin without calling core banking.
4. Feedback and Notifications
   Once Terafin completes the requested service or transaction, it sends the response back to the respective customer channel, ensuring a seamless and consistent customer experience.
5. Sync and Uploads to the Core Banking System
   The feedback generated is then transmitted from Terafin to your core system in near real-time asynchronously after your customer has been served. This transmission occurs through secure communication channels, e.g., secure APIs or message queues, to maintain data integrity and confidentiality.
6. Monitoring and Analytics
   Terafin continuously monitors and captures data on customer interactions, channel performance, and transaction statistics. Your team can use this information for analytics, reporting, and optimizing your bank’s services and channels.