"Security" is one term everybody realizes the importance of most, when it is breached. With more and more security breaches being reported in the financial markets' space, it appears that the awareness towards tighter security has become more pertinent and prominent than ever before. Well, this statement is likely to be true even in future. As the technology is improving convenience, speed and functionalities, equally and parallely new ways of breaching the security are evolving. Isn't it the fight for the one-upmanship between benign & malign elements, always on?
With the world swinging towards faster payments, it has also increased the risk of parting with the money with wrong hands, even faster. The problem assumes more serious note with huge investments seem flowing from institutions and allegedly by some state sponsors too. The conspiracy acts are of truly international in their spread – creation of fictitious accounts for nefarious credits, sustained network intrusions and eaves- dropping of the identified institutions, understanding the internal processes (possibly by way of insider or disgruntled ex-employee involvement), conversion of the booty into crypto currencies or through unorganized / unregulated markets and last but not least attempts to erase the evidences!
While security breaches are not new to the financial world, with the electronic settlements of funds becoming more so efficient, even the trusted names in that space like SWIFT had to shout their perspective of the problem and the steps that are being embarked upon to bring back the point that "S" (as in SWIFT) stands for Safety & Security. With the responsibility of securely transmitting huge treasury and other payment messages (besides other business messages) on SWIFT (Society for Worldwide Interbank Financial Telecommunications), it is imperative that SWIFT continues to carry the image that it had stood for over the years. While SWIFT has categorically issued statements that its network and Core messaging services have not been compromised, it goes without saying that security can never be seen in isolation. As announced in this year's Sibos event at Geneva, SWIFT is coming out with a 'Customer Security Program' to extend the security and compliance requirements & control points more into the customer environments. Subject to SWIFT board's approval this program is expected to be operative shortly (watch for this space for more information in the coming months).
In order to ensure that the financial ecosystem is safe, it is not sufficient to secure the respective environments but it is equally important to have reasonable security hygiene ensured at the counterparts too. It may be quite common to shoot and thwart a missile in the air but it is very difficult to stop a fully validated real-time customer payment message, once released from the sender. In the recent events where the local systems have been breached, because of the better controls and checks at the Nostro providers' end, deeper damage could be averted and in some cases even completely foiled. These kinds of filters may become as USPs and prove competitive advantages towards deciding correspondent banking relationships.
The Meticulousness of efforts to ensure customer delight by each of the team member during the course of the project is appreciable. - Data Archival Project
Overall we are happy with the services provided by Nelito. The implementation team is sensitive to our support requirements and does a good job.
We are extremely thankful to the whole team who have devotedly committed and created this excellent database. Much of our time was wasted in data retrieval from i link where we were facing lots of issues.
You have given us an awesome product which is superior to our Finacle itself in its display capabilities. The great idea of taking pdf/word/excel option is simply superb. Merging the party code and Finacle CIF and account numbers are another feather in the cap.
We have successfully made Nelito's Fincraft Software for NBFC live in early March for LOS,LMS and Sanjiv Khalkho, Arijit Chakraborty with his team have been very instrumental in making this software live . I would like to appreciate on the turnaround time during the go live phase of the team in getting some of our key requirements done and helping our users to use the software for recording and disbursing all the sales from the software.
In technology side I would like to praise Pramod Navale and Ganesh Khetmalis for in depth knowledge of the product and their technical skills is outstanding. Looking forward for the continued relationship for our next release and whole of 2018.
"We are extremely pleased with the kind of support extended by you and your team for our year end work. Although whole bunch of people worked for making the support seamless from your end, my special thanks to following resources. Anurag, Arpit, Arvind, Pranit, Suraj, Udgran, Nilesh, Leena and Udgrand. Also, thanks to all others who have supported us directly or indirectly at your end."
"For a Bank of our size, this system suffices and is very cost effective. Almost all of the bank’s activities run on the one system. Nelito constitutes a partner more than a supplier and the relationship includes provision of the bank’s underlying technology as well as its Fincraft range of applications."
"The best mix of functionality and technological support and our vision of “Cash Less and Paper Less” work environment for Sonata has come true with our technological partner Nelito. I highly recommend FinCraft Core Microfinance platform and especially integrations with a number of third party services."
"We are happy to use FinCraft Data Archival & Retrieval solution from Nelito Systems; it has given huge ROI in terms of saving revenue by retiring legacy applications. We get all desired reports in a timely manner from the solution."
"Proactive & professionally supportive, technically skilled team."
"My bank is working with Nelito from the last about 9 Years and the services provided by the company may prolong our association."
"Knowledge and service provided to the bank is beyond expectation. And we would definitely engage and recommend solution to others."
"As Vendor strict adherence to process & procedures. Risk Mitigates in Place. Flexible to customer requirements."
"Everything was successfully implemented and tested. The implementation was professionally done in a very efficient and cooperative manner. Migration was very smooth."
Support services provided for Swift is really up to the mark and meets all clients requirement. Kindly keep this ongoing.