Traditional payment methods involve multiple intermediaries with each one taking a cut and adding its layer of time and complexity. These traditional mechanisms involve an issuer, a clearing house, an acquirer organization, a wallet, a merchant website and more of such nodes through which money would pass through in a Bi-directional manner.

It can take anywhere between 24 to 72 hours to process payments and it would also involve a charge of 3% or more as transaction fees. This is on account of currency transfer procedures which can stall the transfer of funds in transit. That is where our Blockchain API expertise steps in to show financial institutions and Banks how to reinvent their settlement mechanisms by creating a network of interconnected network of Fintech companies and Banks to moves money, manages foreign exchange, and mitigate fraud.

By creating Blockchain API that connects with multiple networks, our experts are making it easy to send and receive funds in real-time. Our innovative solution is enabling our Financial Services Client to help their customers mitigate the barriers of currency, time, and geography. By building a unique Instant Settlement Network, we are delivering financial value that can move more reliably and much faster at much lower costs anywhere in the world. We are facilitating these transactions while screening all the payments as per all the regulations.

Our Blockchain API integrations also make it very easy to access data on transactions, create or share smart contracts, update account balances, transact using Crypto currency, etc. In other cases, our Blochchain APIs also allow users to interact with Decentralized Financial Networks as well as traditional Banks in new and innovative ways. Using our expertise, you too can build a network that can connect to multiple Blockchain Data from one place – NFTs, tokens, Crypto, Wallets, NFT, GameFi, DeFi, and more.

When you think of international trade, it is mostly underpinned by transactions that takes place between importers and exporters of goods. The banking system plays a key role here as an arbitration channel that helps manage both the parties to conduct business within acceptable terms. It therefore involves international trade regulations, foreign exchange rates, and more.

This requires procedures such as opening an account and securing Letters of Credit (LOC) whereby the buyer’s bank provides the seller a guarantee to make the agreed payment on behalf of the buyer. The Bank therefore needs to assess Contract Documents, KYC Documents, Mortgage Documents, etc., to evaluate the creditworthiness liquidity/guarantee seekers. Timely evaluation of the risks can help the bank’s treasury management team to perform their tasks faster.

New-age Banks therefore need Contract AI assistants and digital worker bots to help their time-deficient Treasury Management teams. It will help them capture data accurately from multiple documents and input them accurately in tranches where they need to be. 

A large financial institution from the US wanted to streamline the process of issuing Letter of Credits (LOCs) to its member banks. These banks were its partners who were depending on its support for liquidity, asset/liability management, and housing, community, and economic development activities. An L/C acts as a promise made by the Bank on behalf of the member to make payments to a third-party beneficiary in the event of a default of performance.  

The daily tasks for the Bank’s employees involved generating several reports: Daily Reports, General Ledger Reconcilement Reports, Daily Transaction Journal Repot, Amortization of Fees, Commitment listing Report, Commitment Summary Report, etc. The older legacy platform made it difficult for the Bank’s employees to perform reconciliations at the end of the day by matching the member bank’s commitment request details, tracing the changes, and finally tallying it with the commitment. The commitment amount mentioned in the LOC is issued after multiple credit check processes. 

The legacy application interface was build using PowerBuilder and migration to Java brought the flexibility required to add new automation capabilities. The migration makes it easy for the bank to make rapid changes in its framework while supporting an open, flexible platform development environment. Using Sun Technologies’ automated migration tools, our Solution Architects completed the project in rapid sprints to successfully launch the new application. It has helped convert all PowerBuilder app functionalities to a Java-supported modern web architecture and interface. 

We specialize in automating Demand Forecasting and CAPEX/ OPEX Planning for diverse industries. Our solution architects are building automation layers that pull data from e-mails, POS, CRM, CDP, ERP, warehouses, documents, files, folders, and any device – to create automated forecasting & planning workflows.

Without proper financial models and technology in place, it is hard for business leaders to keep a track of overhead and business costs. Sun Technologies’ workflow automation layering and data connectors represent the fastest way to gain valuable insight into how its business activities impact the bottom line.

A large US-based community bank wanted to reimagine user experience offered to their network member banks and community lenders. Sun Technologies helped build an online platform that enables authorized users from member banks to remotely and securely obtain account balances and perform business transactions (Advances, Wire Transfers and Book Wires).

While the bank wanted to modernize online banking experience for the end-users using the latest technologies such as Representational State Transfer (REST) Application Programming Interface, their legacy backend was built on Service Oriented Architecture Protocol (SOAP).  and the other with traditional frameworks. After examining the time taken by the techniques to render the web page to the user, and the availability and scalability of the software, we will understand the need for the new technologies in the banking and financial sectors.

The time taken by the legacy framework to render the web page to the user was a challenge that made the migration necessary. Modernizing, upgrading, and supporting the legacy applications is an extremely time-consuming, expensive, and risk-prone process. Sun Technologies helped the bank to connect the banks legacy data and framework with a modern UI/UX.

Our developers helped the client introduce new-age digital experiences that allowed the bank’s network of lender financial institutions to make advances to their local community of loan seekers. Faster transaction time required changing the operating model and migrating from an older tech stack to a new one. To fulfill this objective, Sun Technologies implemented – Angular (Frontend), Springboot (Backend/server side), Hibernate (ORM layer), Security (LDAP authentication).

A large US-based government-sponsored bank providing housing subsidies to the local community, member banks, and construction companies required a business-critical app.
The app was in production since a year and the project had suffered multiple delays caused by mistakes and coding miscalculations of their IT vendor. The client sought to replace the incumbent vendor who eventually backed out without a proper handover.

A large US government-sponsored bank was dealing with a complex migration from an older version of Java and Angular to the new update.

The coding architecture, names, styling, front-end UI, etc., are subject to change after any migration or upgrade. Hence, our team had to ensure that the business logic of the existing solution and its functionality wasn’t impacted due to this upgrade. It required knowledge of legacy coding language models to prevent any disruptions causing malfunctions in the system.

Our client is a large, fortune 500 insurance company.