Project Overview
A UK mid-market corporate treasury software provider serving 840 corporate clients (CFOs, treasurers, finance ...
Technology Stack
Compliance & Standards
The Challenge
A UK mid-market corporate treasury software provider serving 840 corporate clients (CFOs, treasurers, finance directors) wanted to build a cash management and payments platform — replacing spreadsheet-based cash positioning with real-time multi-bank visibility, automated cash sweeping, and payment approval workflows. FCA payment services regulations, UK GDPR for corporate financial data, ISO 20022 payment messaging standards, and multi-bank API integration (Open Banking + bank-specific APIs) were the requirements. Budget: £150,000.
Our Approach
Open Banking AISP aggregation
TrueLayer (22 UK banks), Plaid (international — US/EU banks), and bank-specific APIs (Lloyds Commercial API, Barclays Open Banking, HSBC Connected Money API).
Account types
- current accounts, deposit accounts, money market funds (pricing via Bloomberg API).
- Real-time balance: pushed via webhook where bank supports, polled hourly where not.
Cash position
aggregate GBP-equivalent balance across all accounts, with currency conversion (ECB rates).
Automated Cash Sweeping
Zero-balance sweeping: end-of-day balance in each operating account swept to designated concentration account.
Target balance sweeping
maintain operating account above minimum (e.g., £500,000) — sweep excess to concentration account.
Sweeping engine
Modulr BaaS for Faster Payments sweeps, SWIFT MT103 for international sweeps.
Sweep schedule
configurable per account — daily, twice daily, or threshold-triggered.
Audit
every sweep recorded with amount, timestamp, authorising user.
ISO 20022 Payment Processing
ISO 20022 pacs.008 credit transfers: structured payment messages with full party information (debtor, creditor, intermediary).
UK adoption
- Bank of England RTGS ISO 20022 (April 2023 mandatory).
- SWIFT ISO 20022 (November 2025).
Payment initiation
- XML generation per bank's ISO 20022 implementation (slight variations per bank).
- STP (Straight-Through Processing): automated payment creation from treasury system data — no manual re-keying.
Sanction screening
- Dow Jones Sanctions API on every payment before submission.
- Four-
FCA payment services
material payments require dual control.
Approval workflow
payment creator (initiator) + payment approver (different user, different IP address).
Payment threshold rules
configurable per client — payments above £50,000 require 2 approvers, above £500,000 require MD approval.
Delegation matrix
role-based (treasurer approves up to £500,000, CFO approves unlimited).
Audit trail
every approval action logged with user, timestamp, IP address, and device fingerprint.
The Results
Platform live at 20 weeks, £142,000 — under budget. 840 corporate clients onboarded in 9 months.
Banks connected: 28 (UK and international).
Daily cash positioning time: 3.4 hours (manual spreadsheet) → 8 minutes automated.
Payment STP rate: 84% (previously 0% — all payments manual).
Sanction screening: 2 payments blocked in first 6 months (prevented regulatory incidents).
ISO 20022 adoption: 100% compliant on Bank of England RTGS migration.
“3.4 hours daily cash positioning to 8 minutes. For a corporate treasurer, that 3.4 hours is the most intellectually numbing work in the job — the machine does it better. 2 sanctioned payments blocked before submission — that is a regulatory incident prevented. ISO 20022 compliance complete before the Bank of England deadline." — CFO, UK Corporate Treasury Software Provider (name withheld)”
Project Details
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