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Difference between revisions of "BeeSkilled Proposal"

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Revision as of 16:47, 21 October 2014

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Home Proposal Midterm Presentation Poster Final Presentation



Project SMU tBank

SMU has embarked on a multiyear programme entitled “SMU Bank for Financial Services Education”, referred to as “SMU Teaching Bank“ (or “SMU tBank”). The current web application is deployed to Amazon Cloud and can be accessed via http://tbankonline.com.

“The mission of SMU tBank is to become a world class ‘teaching bank’, generating an on-going supply of undergrad and postgrad student projects whereby classroom learning outcomes can be put into practice, leveraging industry leading banking software and enterprise platforms.”

SMU tBank consists of 3 projects: Corporate Internet Banking, Payment Services Hub and Trade Finance. Of which, our team BeeSkilled has decided to embark on Payment Services Hub project.

About Payment Services Hub

Payment Services Hub, also known as Payment System, is a system to centralize all payment processes for all banks under SMU tBank environment. The diagram below shows the conceptual architecture of Payment Services Hub.

Payment Conceptual Architecture Diagram


A typical workflow between Payment Services Hub and Automated Clearing House is depicted as diagram below:

Workflow PSH.png

Motivation

  • To develop a virtual banking platform for the education sector
  • To simulate real-life banking scenarios to enhance learning experience


Stakeholders

  • Sponsor: Alan Megargel
  • Clients: Singapore Management University


Deliverables

  • A web application, for “bank staff” (students) to set up; payment workflows, instruction validation and business rules.
  • A web app for central bank/ clearing house staff.


Project Scope

  • Develop a Payments Services Hub (a.k.a. Payment System) and integrate it into the existing SMU tBank architecture. The Payment System will orchestrate the end-to-end payment process within the bank. It will support the full payment lifecycle including; payment instruction validation & repair, credit check, FX, liquidity management, fees & charges, advice/statement. It will support multiple payment instruments, including credit transfer and direct debit. The Payment System will integrate with an Automated Clearing House (below) using SWIFT or ISO20022 messaging protocol.
  • Develop an Automated Clearing House to orchestrate interbank payments between instances of tBank. The Clearing House will execute both real-time as well as batch instructions. It will perform sorting and routing of payment instructions, between participating banks, perform netting on a schedule, and send settlement instructions to the Central Bank (another instance of tBank). It will perform rules based settlement exception handling, in the case where the remitting bank has insufficient funds. As an X-Factor, this payments system will also handle multi-currency clearing and foreign exchange, not currently implemented within the Singapore payments system (eg; Faster Payments only clears SGD).

Functionalities

Core functions

  • Automated Clearing House
  1. Orchestrate payment instructions (automated)
  2. User Admin/ User Login
  3. Register New Banks
  4. Setup Fees & Charges
  5. Setup Netting/Settlement Schedule
  6. Setup Exception Handling Rules
  7. Setup Payment Prioritization Rules
  8. Monitor Payment Traffic
  9. Monitor Settlement Account
  10. Generate Reports for Banks
  11. Generate Clearing House Revenue Report


  • Payment Services Hub
  1. Orchestrate payment within the bank (automated)
  2. User Admin/ User Login
  3. Register New Corp
  4. Setup Fees & Charges
  5. Setup Liquidity Management Rules
  6. Setup Validation and Repair Rules
  7. Monitor / Top-up Settlement Account
  8. Monitor Payment Traffic
  9. Generate Reports for Corp Customers


Additional Functions

  1. Optical scan to do cheque clearing (submit photos of cheques to banks)
  2. Mobile notification after fund transfer (SMS or email)
  3. Auto-complete forms
  4. Mobile application for PSH or ACH, with a subset of above features
  5. Mobile notification services for exception handling



Project Management

This section presents the various milestones for IS480, and our team's proposed timeline for the project.

Milestones

Time Milestone
20 Oct 2014 Proposal Submission
3 Nov 2014 Acceptance
24 Feb 2015 Midterm
30 Mar 2015 Poster Submission
13 Apr 2015 Final Presentation
22 Apr 2015 Poster Day


Proposed Timeline

Project Timeline by Iterations


Risk Evaluation and Mitigation Plans

Risk Severity Mitigation Plan
Challenge in building platform using jQuery and Bootstrap 3 Overcome this with current knowledge and consistent learning during development phase
Finding testers from SIS Community for effective Heuristic Evaluation. It would be preferable to find users with knowledge in retail/ corporate banking. 2 Use social media platforms and student connections to find suitable target users.
Challenging to understand SWIFT plugin under TIBCO environment 4 Reading the online available documents and research. Seeking advice from our sponsor in any issues


Resource and Reference

  • jdk1.7.0
  • Twitter Bootstrap 3
  • jQuery 1.11.1
  • Servlets (no Struts)
  • Deployed as WAR file
  • Web Server
  • Apache Tomcat 7.0.55
  • Database
  • MySQL 5.6.15-ndb-7.3.4-cluster-gpl
  • TIBCO
  • BW 5.11
  • SWIFT Plugin - TIB_adswift_5.12.0
  • TRA 5.8
  • EMS 6.0
  • RV 8.4