Operational Efficiency – Nationwide Building Society improves payment processing from three days to real-time

One of the basic principles of good business is ‘cash-flow is king’. Nothing is more frustrating than knowing you have funds but cannot gain access to them because the funds are being processed or have not yet cleared for payment.  This is as much an issue in the public sector as the commercial sector and, in fact, many public sector organisations are striving to pay small businesses within 10-days.

Which is why I thought this customer case study from Nationwide Building Society would be of interest as an example of how technology can improve business processes, increase productivity and improve customer satisfaction. As a founding member of the UK’s Faster Payments Service, Nationwide needed a solution to reduce the time taken for settlement of payments between customers’ accounts from three days to near real time.

Nationwide is proud of its record of excellent customer service. Introducing the Faster Payments Service was a business-critical initiative. It shows that Microsoft technology (BizTalk and SQL Server) and Microsoft Services are capable of meeting core banking requirements, and the solution also integrates easily with the Nationwide SAP core banking technology.

As a result of the joint project, Nationwide is now processing around 600,000 payments per day with near real-time transfer of funds from sender to recipient accounts.  The solution, which is built on Microsoft technology such as Microsoft BizTalk Server and SQL Server as well as third-party software, was completed and operational within 12-weeks with the support of Microsoft Services. 

You can read more and view the video of the Nationwide faster payments project here. 

Posted by Ian

Comments

• Anonymous
  September 02, 2015
  is there going to be an app to use nationwide building society on my windows 10 nokia lumia phone as I am unable to do my banking at the moment