Technopark-based Zafin, the leading provider of SaaS product and pricing platform solutions for banks, has won the prestigious 2023 Banking Industry Architecture Network (BIAN) Best-in-Class Partner Award for accelerating modernization of core banking system and transforming client business through its innovative technology platform Integrate and Orchestrate (IO).
BIAN-based Zafin IO provides a comprehensive set of tools that streamline the seamless integration of connections and data flow between a bank’s conventional and new-age or neo core systems as well as the banking technology ecosystem.
In 2023, Canada-headquartered Zafin collaborated with 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 per cent reduction in integration efforts and a 70 per cent reduction in time allotted to introduce product and pricing changes through the adoption of the Zafin IO technology platform.
“We set out with the clarity in our modernization 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,” stated Alan Varrasso, Chief Information Officer, Wells Fargo.
Todd Schmitter, Distinguished Engineer at Wells Fargo, said, “Seamless integration and loose coupling with vendors is an important aspect of our modern architecture. Zafin’s embrace of BIAN as a standard for interoperability aligns with Wells Fargo’s interest in promoting BIAN as a standard. It has been encouraging to see Zafin’s commitment to making it happen for the Product and Pricing domain.”
Hans Tesselaar, Executive Director, BIAN said, “The Banking Industry Architecture Network is pleased to recognize 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.”
Shahir Daya, Chief Technology Officer, Zafin, said the award is a testament to the company’s 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.
“We value our collaboration with the BIAN group to accelerate change and drive innovation for banks. 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 optimization of products and propositions,” he added.