Zafin, a provider of SaaS product and pricing platform solutions for banks, has won the 2023 Banking Industry Architecture Network (BIAN) Best-in-Class Partner Award.
The company was honoured for its contribution to further core modernisation and continuous client business transformation through the development of Zafin Integrate and Orchestrate (IO), a foundational technology platform and BIAN-based solution.
Zafin IO provides a set of tools that streamline the integration of connections and data flow between a bank’s conventional, bespoke, and neo core systems, as well as the broader banking technology ecosystem.
As supported by the Major Banks Analysis by PWC (2023), the South African banking industry’s digital transformation journey continues to mature and yield a range of positive benefits — both for them and their customers. This substantiates the need for driving banking modernisation and Zafin is well positioned to further support South African-based clients.
“The Banking Industry Architecture Network (BIAN) is pleased to recognise Zafin with the Best-in-Class Partner award for creating Zafin IO, a BIAN-based solution to help their client, Wells Fargo through their business transformation, yielding very strong results that positively impact their banking operations,” says Hans Tesselaar, executive director of BIAN.
In 2023, Zafin collaborated with the team at Wells Fargo, an American multinational financial services company, to accelerate and ease integration between the bank core and the Zafin SaaS platform. Initial project outcomes estimate a 50% reduction in integration efforts due to the use of the BIAN-based standards and a 70% reduction in time allotted to introduce product and pricing changes through the adoption of the Zafin platform.
“We set out with the clarity in our modernisation strategy that we are focused on transformation and enabling our teams to be more agile and responsive to our customers while simplifying the core for eventual replacement of the ledger. This supports our focus on enterprise product and pricing as one of the starting pillars to make an impact for our customers as quickly as possible,” says Alan Varrasso, CIO of Wells Fargo.
“This award is a testament to our commitment to provide innovative technology that eases integration between banks’ ecosystems and Zafin’s cloud-native SaaS product and pricing platform, freeing financial institutions from the constraints of traditional boundaries,” comments Shahir Daya, chief technology officer of Zafin.
“We value our collaboration with the BIAN group to accelerate change and drive innovation for banks across the world. Our efforts with the Wells Fargo team have demonstrated increased interoperability by providing a standards-based anti-corruption layer and resulted in lower cost, risk, and improved time to market for creation or optimisation of products and propositions.
“Looking ahead, Zafin is excited to be investing in South Africa as it works alongside local banks to retool legacy technology, be more modular, cloud-based and create efficiency and productivity gains, enhanced customer experiences and position them to be able to leverage future technology transformation,” concludes Shahir.