B2 Group’s “Multi-Bank Integrator” financial messaging platform, a solution “Powered by EBRC

START-UP & INNOVATION/CLIENT CASE B2 Group’s “Multi-Bank Integrator” financial messaging platform, a solution “Powered by EBRC”

The B2 Multi-Bank Integrator has been developed to smooth exchanges between international business players and their banks. Since 2009, B2 Group’s founders, Phil Boland, CEO and Marc Bink, CTO, have brought their expertise to bear on the traditionally heavy and expensive connectivity solutions that are at the heart of banking integration systems. Thus the Multi-Bank platform facilitates payments, securities, and FX transaction and reporting automation for banks, insurers, third-party fund administrators, and corporates.

The cash and securities management “Holy Grail”

Accurate, real-time data about cash and securities positions, as payments and trades are made is the “Holy Grail” for corporate treasurers, asset managers and insurers managing their own or their clients’ cash and securities. This is a rather complex task when managing hundreds of accounts with dozens of transaction and depository banks around the world. Moreover, these payments and reporting processes must be fully secure and reliable.

B2’s Multi-Bank Integrator delivers the solution, via a secure, robust, easy to install, easy-to-use, one-stop-shop platform for automated payments, securities trades and statement processing. This STP automated payment processing system gives real-time on-screen visibility of payments and bank statements across all subsidiaries. Users can view positions in a variety of ways (e.g. by bank, account, subsidiary, or territory), including tools to keep manage complex operations such as cash pooling. Multi-Bank Integrator plugs into existing systems, such as ERP, Life or TMS platforms, to provide a secure interface with clients’ and partners’ networks. There is a complete audit trail, and regulatory reporting is streamlined. Valuable realtime alerts may also be generated, to remind users of issues such as failed payments or statements not arriving on time. Multi-Bank is an adaptation of B2’s proven GTS banking integration platform.

Clients can either host the Multi-Bank software on their own servers or choose a SaaS cloud solution. In either case, substantial processing is provided by B2 using EBRC’s services, particularly the standardisation and consolidation of data coming from the various correspondent banks.

B2 Group chose EBRC as their trusted IT partner to host their solution and software-as-a-service (SaaS) applications. They know they can rely on EBRC expertise and services to focus on their core business. “We work in genuine partnership with EBRC’s expert teams, sharing and exploring together the business requirements of our clients, says Phil Boland. This symbiotic relationship is central to the early success of our solution.”

Designed for international business

There has been significant interest from across the Luxembourg financial sector, and players in the cross-border

Phil Boland, CEO, B2 Group

Marc Binck, CTO, B2 Group

“We work in genuine partnership with EBRC’s expert teams, sharing and exploring together the business requirements of our clients.”

life insurance industry have been early adopters. Wealins (former Foyer International, the wealth management arm Luxembourg’s Foyer Group) started to use Multi-Bank Integrator shortly after B2 began working with EBRC, about a year ago.

“Wealins has an open architecture policy, and this means new relationships may need to be established with several banks each time a client is on-boarded”, explains Marc Binck. Secure, quick flexibility is required given that these demanding clients generally have complex financial affairs, often using several different banks for cash management and asset safekeeping. “We integrate with each of Wealins’ banks in a different manner, but link up to Wealins’ internal systems via a single pipe”, adds Phil Boland.

Information from different depository banks in Luxembourg and elsewhere is normalised and consolidated into a single console giving up-to-the-minute information. This portal provides a seamless overview of cash and securities positions, facilitating efficient portfolio management, regulatory reporting, client communication, and more. “Clients are more demanding than ever in today’s low interest environment. Regulators also want more and are less forgiving of errors. Being in control of the data helps financial companies manage these complex market and compliance requirements”, says Marc Binck.

“Following from this success with Wealins we have started working with many other insurers to provide their banking connectivity”, comments Phil Boland. Indeed the CEO predicts that at least 80% of Luxembourg’s international wealth management life insurance businesses may be using Multi-Bank Integrator in the coming years. And whilst Multi-Bank originally catered for large corporates, banks and fund administration firms are now also coming on board. “Right now, hundreds of banks are part of our community. We want it to be thousands! From Luxembourg we can compete with the biggest kids on the block and EBRC gives us the hosting platform to make this happen”, says Phil Boland.

World-class performance

EBRC’s commitment to resilience and security represents major added value. For the former, it is the Data Centre redundancy and resilience that impresses B2 and their final clients. “The traditional arrangement of a primary Data Centre with a back-up can make it complicated to provide a seamless service if there is an outage”, comments Marc Binck. However, with the dual-active model used by EBRC all processes are mirrored permanently and run in a fully redundant environment. “EBRC’s uptime is fantastic”, adds Phil Boland, meaning no disruption to timesensitive trades, payments and reporting of positions. EBRC’s Data Centre Tier IV standards guarantee this uptime, providing B2 Group with the highest levels of availability.

Cyber security has risen up the business agenda, and here too EBRC has it covered. “Whether security threats are perceived or real is not the question. We have to work to the highest levels and EBRC provides this for us, backed up by PwC which provides B2 with cyber security advice and audits”, explains Phil Boland.

This goes to the heart of the relationship between the two firms. “EBRC is a real partner to us, not just a supplier which answers a call for tender”, says Phil Boland. The result is a powerful, reliable and secure system that is putting clients in control.