Streamlining SWIFT Message Processing with Generative AI
About Client
Stanbic IBTC is one of Nigeria’s foremost financial institutions, providingcomprehensive banking services, including corporate and investment banking,wealth management, and international trade solutions. The bank is committed toinnovation, continually enhancing its operations to better serve its clientsand improve business outcomes.
Challenges
Stanbic IBTC faced significant challenges in the manual processing of SWIFT messages,which are used for international trade transactions. These messages are complex, containing critical details alongside large volumes of irrelevant data, making it difficult to extract key information quickly and accurately. Manual processing was time-consuming and error-prone, leading to delays,inefficiencies, and increased operational costs.
How Qucoon Helped
Toaddress these challenges, Qucoon implemented a Generative AI solution poweredby AWS technologies to automate the extraction of key details from SWIFTmessages. The solution involved:
- AI-Powered Message Extraction: Using AWS Bedrock and Lambda, the solution extracted and processed essential trade data from complex SWIFT messages in real-time, improving efficiency and accuracy.
- Automated Workflow: The integration of AWS Lambda enabled scalable, event-driven workflows that automated the extraction and transformation of data, eliminating manual efforts.
- Secure and Scalable Architecture: The system was designed to handle high volumes of data securely, ensuring that trade transactions were processed efficiently while maintaining high standards of data integrity and security.
Outcome
Theintegration of AWS Bedrock and Lambda led to the following outcomes:
- Faster Transaction Processing: The solution reduced the time required to extract key data from SWIFT messages by 40%, speeding up the overall trade processing workflow.
- Increased Accuracy: The Generative AI models increased the accuracy of data extraction by 75%, reducing human error and ensuring the correct processing of trade details.
- Operational Efficiency: The automation of message processing streamlined trade operations, improving workflow efficiency and reducing operational costs associated with manual processing.
Data Management and Model Evaluation
StanbicIBTC implemented a robust evaluation framework to ensure the accuracy andrelevance of the Generative AI model. This involved continuous human oversightthrough a Human-in-the-Loop (HITL) approach, ensuring that extracted data metthe bank’s operational standards and compliance requirements. Feedback loops were established to refine the AI model over time, enhancing the system’s overall effectiveness.
Secure AWS Account Governance Implementation
The security of the entire system was a key focus, and Stanbic IBTC ensured ahighly secure, compliant, and scalable environment using AWS best practices.Key security measures included:
- Audit and Monitoring: Continuous compliance checks and detailed activity logs with AWS CloudTrail and AWS Config.
- Network Security: Data was securely transmitted via AWS Direct Connect and isolated within a Virtual Private Cloud (VPC).
- Data Encryption: Sensitive financial data was encrypted in transit and at rest using AWS KMS.
- Identity and Access Management (IAM): Ensuring least privilege access with role-based access control and Multi-Factor Authentication (MFA).
These measures ensured the integrity and confidentiality of financial transactionswhile supporting scalability.
Conclusion
The successful implementation of AWS Bedrock and Lambda at Stanbic IBTC hastransformed the bank’s SWIFT message processing, setting a new standard for efficiency, accuracy, and security in international trade transactions. Byautomating critical workflows, Stanbic IBTC has reinforced its leadership inleveraging AI to optimize financial processes, ensuring smarter, faster, andmore secure trade operations.
About Client
About Client
Stanbic IBTC is one of Nigeria’s foremost financial institutions, providingcomprehensive banking services, including corporate and investment banking,wealth management, and international trade solutions. The bank is committed toinnovation, continually enhancing its operations to better serve its clientsand improve business outcomes.
Challenges
Stanbic IBTC faced significant challenges in the manual processing of SWIFT messages,which are used for international trade transactions. These messages are complex, containing critical details alongside large volumes of irrelevant data, making it difficult to extract key information quickly and accurately. Manual processing was time-consuming and error-prone, leading to delays,inefficiencies, and increased operational costs.
How Qucoon Helped
Toaddress these challenges, Qucoon implemented a Generative AI solution poweredby AWS technologies to automate the extraction of key details from SWIFTmessages. The solution involved:
- AI-Powered Message Extraction: Using AWS Bedrock and Lambda, the solution extracted and processed essential trade data from complex SWIFT messages in real-time, improving efficiency and accuracy.
- Automated Workflow: The integration of AWS Lambda enabled scalable, event-driven workflows that automated the extraction and transformation of data, eliminating manual efforts.
- Secure and Scalable Architecture: The system was designed to handle high volumes of data securely, ensuring that trade transactions were processed efficiently while maintaining high standards of data integrity and security.
Outcome
Theintegration of AWS Bedrock and Lambda led to the following outcomes:
- Faster Transaction Processing: The solution reduced the time required to extract key data from SWIFT messages by 40%, speeding up the overall trade processing workflow.
- Increased Accuracy: The Generative AI models increased the accuracy of data extraction by 75%, reducing human error and ensuring the correct processing of trade details.
- Operational Efficiency: The automation of message processing streamlined trade operations, improving workflow efficiency and reducing operational costs associated with manual processing.
Data Management and Model Evaluation
StanbicIBTC implemented a robust evaluation framework to ensure the accuracy andrelevance of the Generative AI model. This involved continuous human oversightthrough a Human-in-the-Loop (HITL) approach, ensuring that extracted data metthe bank’s operational standards and compliance requirements. Feedback loops were established to refine the AI model over time, enhancing the system’s overall effectiveness.
Secure AWS Account Governance Implementation
The security of the entire system was a key focus, and Stanbic IBTC ensured ahighly secure, compliant, and scalable environment using AWS best practices.Key security measures included:
- Audit and Monitoring: Continuous compliance checks and detailed activity logs with AWS CloudTrail and AWS Config.
- Network Security: Data was securely transmitted via AWS Direct Connect and isolated within a Virtual Private Cloud (VPC).
- Data Encryption: Sensitive financial data was encrypted in transit and at rest using AWS KMS.
- Identity and Access Management (IAM): Ensuring least privilege access with role-based access control and Multi-Factor Authentication (MFA).
These measures ensured the integrity and confidentiality of financial transactionswhile supporting scalability.
Conclusion
The successful implementation of AWS Bedrock and Lambda at Stanbic IBTC hastransformed the bank’s SWIFT message processing, setting a new standard for efficiency, accuracy, and security in international trade transactions. Byautomating critical workflows, Stanbic IBTC has reinforced its leadership inleveraging AI to optimize financial processes, ensuring smarter, faster, andmore secure trade operations.
Business Background
About Client
Stanbic IBTC is one of Nigeria’s foremost financial institutions, providingcomprehensive banking services, including corporate and investment banking,wealth management, and international trade solutions. The bank is committed toinnovation, continually enhancing its operations to better serve its clientsand improve business outcomes.
Challenges
Stanbic IBTC faced significant challenges in the manual processing of SWIFT messages,which are used for international trade transactions. These messages are complex, containing critical details alongside large volumes of irrelevant data, making it difficult to extract key information quickly and accurately. Manual processing was time-consuming and error-prone, leading to delays,inefficiencies, and increased operational costs.
How Qucoon Helped
Toaddress these challenges, Qucoon implemented a Generative AI solution poweredby AWS technologies to automate the extraction of key details from SWIFTmessages. The solution involved:
- AI-Powered Message Extraction: Using AWS Bedrock and Lambda, the solution extracted and processed essential trade data from complex SWIFT messages in real-time, improving efficiency and accuracy.
- Automated Workflow: The integration of AWS Lambda enabled scalable, event-driven workflows that automated the extraction and transformation of data, eliminating manual efforts.
- Secure and Scalable Architecture: The system was designed to handle high volumes of data securely, ensuring that trade transactions were processed efficiently while maintaining high standards of data integrity and security.
Outcome
Theintegration of AWS Bedrock and Lambda led to the following outcomes:
- Faster Transaction Processing: The solution reduced the time required to extract key data from SWIFT messages by 40%, speeding up the overall trade processing workflow.
- Increased Accuracy: The Generative AI models increased the accuracy of data extraction by 75%, reducing human error and ensuring the correct processing of trade details.
- Operational Efficiency: The automation of message processing streamlined trade operations, improving workflow efficiency and reducing operational costs associated with manual processing.
Data Management and Model Evaluation
StanbicIBTC implemented a robust evaluation framework to ensure the accuracy andrelevance of the Generative AI model. This involved continuous human oversightthrough a Human-in-the-Loop (HITL) approach, ensuring that extracted data metthe bank’s operational standards and compliance requirements. Feedback loops were established to refine the AI model over time, enhancing the system’s overall effectiveness.
Secure AWS Account Governance Implementation
The security of the entire system was a key focus, and Stanbic IBTC ensured ahighly secure, compliant, and scalable environment using AWS best practices.Key security measures included:
- Audit and Monitoring: Continuous compliance checks and detailed activity logs with AWS CloudTrail and AWS Config.
- Network Security: Data was securely transmitted via AWS Direct Connect and isolated within a Virtual Private Cloud (VPC).
- Data Encryption: Sensitive financial data was encrypted in transit and at rest using AWS KMS.
- Identity and Access Management (IAM): Ensuring least privilege access with role-based access control and Multi-Factor Authentication (MFA).
These measures ensured the integrity and confidentiality of financial transactionswhile supporting scalability.
Conclusion
The successful implementation of AWS Bedrock and Lambda at Stanbic IBTC hastransformed the bank’s SWIFT message processing, setting a new standard for efficiency, accuracy, and security in international trade transactions. Byautomating critical workflows, Stanbic IBTC has reinforced its leadership inleveraging AI to optimize financial processes, ensuring smarter, faster, andmore secure trade operations.
