Financial Operations
A financial operating system for products, arrangements and accounting.
Run financial products, customer arrangements and accounting on a common foundation that business applications share — alongside your existing core.
Business challenge
- Customer, product and account data duplicated across systems
- Product changes dependent on vendor releases
- Reconciliation between business applications and the ledger
- Business applications each implementing their own financial logic
Business impact: Higher operational cost, slower product launches and weaker financial control.
Business objectives
- One customer and arrangement model
- Configurable products
- Traceable accounting
- Shared financial services for every application
The WEFI solution
Shared party model
One party and customer model used by every WEFI application.
Product factory
Products, pricing and conditions configured and governed.
Arrangements and accounting
Arrangement lifecycles posting to a general ledger with balances derived from entries.
Coexistence
Run alongside the existing core, with authority agreed per data type.
Functional capabilities
- Party and customer operations
- Product configuration
- Arrangements
- Accounts and general ledger
- IFRS 9 staging
- Collateral
- Limits
- Business calendar and day processing
Business workflow
Product to posting
- Configure product
- Approve and publish
- Open arrangement
- Transact
- Post to ledger
- Reconcile with systems of record
Architecture and integrations
EDOS domain services publish events and expose APIs; WEFI Runtime executes processes such as end-of-day; WEFI Integration synchronises with core banking, ERP and finance systems.
- Core banking
- ERP and finance
- Payment systems
- Data warehouse
Expected outcomes
- Faster product launches
- Single source for customer and arrangement data
- Traceable accounting
- A sequenced modernisation path
Outcomes the solution is designed to support; actual results depend on each institution's scope and implementation.
Relevant WEFI products and capabilities
Frequently asked questions
How is a financial operating system different from core banking?
A core is designed to be the single system of record. A financial operating system provides shared financial capabilities that applications use and can coexist with the core. See the WEFI EDOS page for details.
Related resources
Discuss financial operations with WEFI
We will map the solution to your products, processes and existing systems.