Remittance Management Platform Architecture
Explore the technical framework of iASPEC Remittance Management Platform. This architecture supports multi-channel remittance processing with ISO 20022 compliance for seamless cross-border transactions.
Business Rules Plug-in Framework: Customizable Processing for Remittance Operations
The Remittance Management Platform incorporates a plug-in architecture that enables financial institutions to define and implement business rules for payment classification, routing, validation, compliance, and financial processing. This framework utilizes standard Java interfaces with Spring Bean registration, allowing for metadata-driven configuration and sequence-based rule execution.
Rule Implementation and Extensibility
Institutions can extend rules without core system modifications, supporting adaptations to regulatory changes such as annual updates under maintenance services.
Audit trails capture parameter adjustments, ensuring traceability in compliance-sensitive environments.
Integration with Bank Core Systems
The plug-in structure facilitates connections to host systems, AML platforms, FX tools, and legacy infrastructure via REST APIs with OAuth2 authentication, SFTP, and message queues like IBM MQ.
Architecture of the Remittance Management Platform
The Remittance Management Platform employs a microservices-oriented design built on Spring Boot and Java, available for on-premises, private cloud, or hybrid deployments. Core services include the Remittance Service layer, comprising Charge Manager, Payment Manager, Settlement Manager, and Investigation & Query Manager.
This layer integrates with the Unified Remittance Messaging Service, which handles diverse formats including SWIFT MT (e.g., MT101, MT103, MT202), SWIFT MX (e.g., PACS.008, PACS.009), CHATS MT/MX, and cross-border FPS in JSON. Expansions planned for 2025 include CAMT messages such as CAMT.107 and CAMT.053.
The Integration Layer connects to core banking systems, AML screening tools, treasury platforms, and general ledger via RESTful services, Web Services, and file exchanges. Key tools encompass AML checking, account validation, posting to host, currency/FX rate management, duplicate detection, and STP white lists.
The Business Rules Plug-in Framework enables rule-based automation for pre-processing, classification, data validation, regulatory compliance (including sanction screening), and financial operations. This contributes to high straight-through processing rates of 80 to 90 percent.
Supporting services include Administration for role-based access control and multi-factor authentication, Report Service for reconciliation and regulatory reporting, and Health-check & Monitoring for real-time dashboards tracking transaction volumes and component status.
The technology stack incorporates Redis for caching, databases such as PostgreSQL, MySQL, or Oracle, and deployment on Red Hat Linux with Tomcat. Hardware requirements specify Xeon E5 quad-core processors, 32 GB RAM, and 1 TB disk space per server, with configurations for production, disaster recovery, and testing environments.
This architecture addresses key challenges: multi-format support complexity, legacy integration, performance scaling during peaks, regulatory compliance demands (e.g., AML), cost pressures, faster processing expectations, higher STP rates, and continuous regulatory changes through annual upgrades.
Collaborations with HKICL and the Monetary Authority of Singapore ensure alignment with local standards, enhancing cross-border interoperability.
Discover the Impact of Our Innovative Remittance Management Solutions
Our remittance management solutions streamline transactions, ensuring efficiency and security. With a proven track record, we empower banks to enhance their payment capabilities. Experience a transformation in how you manage cross-border payments.
Straight Through Processing
Straight through processing rate
Cost Reduction Achieved
Reduction in operational costs for banks.
System Availability
System Availability
