MuleSoft Accelerator for Financial Services

Leverage the power of a modern core banking platform to easily and quickly deliver on digital transformation efforts and simplify the delivery of Customer 360 initiatives.

Unlocking the core banking platform enables banks to do more than just access customer data - it empowers them to deliver meaningful customer interactions and engagement through their customers’ communication channel of choice. Thought Machine's Vault Core is built with flexibility and ease of use in mind, ensuring that banks can securely access and share their data both internal and externally - an essential capability for the future of banking.

Overview

• Description
• Glossary
• Solution overview
• Assumptions and constraints
• High-level architecture
• Processing views
• Systems involved

Core banking foundation views

• Customer view
• Customer service representative (CSR) view

See also

• Downloadable assets

Description

This use case includes pre-built APIs and templates to unlock data from Thought Machine’s Vault Core (leveraging Thought Machine’s Vault Core API) and connect that data to Salesforce Financial Services Cloud as the system of engagement. By leveraging these pre-built assets, customers can accelerate the process of getting critical customer data into Salesforce Financial Services Cloud so they can access financial account data and the corresponding transactions. The APIs and templates accelerate time to value. Use the assets as they are, or extend them to suit the needs of your own organization. For example, you can reuse the APIs provided to expose data to additional channels, such as mobile applications.

While the provided assets are architected based off of Salesforce Financial Services Cloud, customers can make use of the solution to integrate with other similar systems in their environments. There are two views supported in this solution:

1. Customer view
2. Customer Service Representative (CSR) view

Glossary

Solution overview

Banks need the ability to unlock their core in order to support digital transformation efforts, as well as support partnerships with external third parties to provide new and innovative offerings. This solution delivers an expanded view into a customer's financial account information, by leveraging the Vault Core platform as the source system for the financial data leveraged as part of this use case. The solution will leverage the Vault Core platform as the source system for the financial data leveraged as part of this use case. The Vault Core data objects will be mapped to CIM data objects.

Before you begin

The Getting Started with MuleSoft Accelerators guide provides general information on getting started with the accelerator components. This includes instructions on setting up your local workstation for configuring and deploying the applications.

Goals

• Provide a core banking solution that connects FSC and Thought Machine’s Vault Core, targeted to credit unions and small to enterprise-sized banks.
• Sync customer, financial account and transaction data objects between FSC and Thought Machine’s Vault Core.
• Provide support for opening Demand Deposit accounts, such as a checking account, associated with a customer.
• Provide support for financial account and transaction data to be provided to FSC, from Thought Machine’s Vault Core, in near real-time.
• Provide support for closing an account.

Use case considerations

• Must support syncing data between FSC and Thought Machine's Vault Core.
• Must support customer onboarding and account opening.
• Thought Machine’s Vault Core will represent the system of record for financial data.

Technical considerations

• The following applications will be leveraged for this solution: FSC, Core Banking System (Thought Machine’s Vault Core), and Global Data (generic).

Assumptions and constraints

1. A generic MariaDB database will be used as the back end for the generic systems.

High-level architecture

The following diagram represents the portion of the overall solution that pertains to the Unlock Thought Machine Vault Core use case.

Processing views

The following diagrams illustrate the processing sequences for the integrations and data synchronization activities included in this release.

• Please note that a Party can be either an Individual or an Organization.

Customer update sync from FSC

This activity diagram describes the process of synchronizing updates made to customers in FSC to Vault Core and other downstream systems. This solution can be extended to include other downstream systems.

Financial data management in Global Data

The management of financial accounts, transactions, and cards in Global Data follows a similar process as for customer profiles but is implemented in a separate API.

Financial accounts

The following diagram shows the activity flow for upserting financial accounts, which requires a lookup of the associated owners (customers):

Financial transactions

The process for upserting transactions is similar, except that the debit and credit accounts need to be looked up instead of customers (either or both, depending on the type of transaction).

Financial data sync from Vault Core

The following activity diagram describes the process of synchronizing updates made to financial accounts in Vault Core to FSC and other downstream systems.

Financial account sync from FSC

This activity diagram describes the process of synchronizing updates made to financial accounts in Salesforce Financial Services Cloud to Vault Core and other downstream systems.

On demand transaction sync from Vault Core to FSC

This activity diagram describes the process of synchronizing a customer and associated financial data (accounts and transactions) from Vault Core to FSC when a CSR clicks on the Sync button in FSC.

Systems involved

• Thought Machine Vault Core
• Global Data (generic)
• Salesforce Financial Services Cloud (FSC)

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Core banking foundation views

Customer view

End-to-end scenario

1. An existing Vault Core customer goes into a branch to open a new checking account.
2. Since the customer has an existing account, the CSR enters the relevant customer data and retrieves the customer’s profile.
3. The CSR then creates a new checking account for the customer.
4. One year later, the customer decides they no longer want to keep the checking account and has the CSR close this account.
5. The CSR retrieves the customer profile and selects the checking account to be closed.
6. The checking account will then be closed in Vault Core.

Workflow

This view allows customers to:

• Open an account.
• Close an account.

Successful outcome

1. Customer visits a bank branch to open an account.
2. Customer requests to close their account.

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Customer service representative view

End-to-end scenario

1. An existing customer visits the bank branch to open a new checking account.
2. The CSR begins the process of retrieving the existing customer profile from FSC.
3. Once the customer profile is retrieved and displayed within FSC, the CSR navigates to the FSC account opening page, where the CSR opens the new checking account.
4. Once the checking account is created in FSC, it is synced to Vault Core.
5. A year later, the customer calls the bank and requests to have the account closed.
6. The CSR opens FSC, retrieves the customer profile and initiates the process to have the account closed..
7. The closure request is sent to Vault Core, which will move the account status to closed.

Workflow

This view allows CSRs to:

• Open an account.
• Close an account.

Successful outcome

1. CSR logs into FSC to open an account for an existing customer, which is synced to Vault Core.
2. CSR closes an account, and the change is synced to Vault Core.

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Downloadable assets

FINS System APIs

• Salesforce Financial System API | API Specification | Implementation Template
• Thought Machine Accounts System API | API Specification | Implementation Template
• Thought Machine Customers System API | API Specification | Implementation Template

FINS Process APIs

• Bank Accounts Process API | API Specification | Implementation Template
• Core Banking Poller Process API | API Specification | Implementation Template

FINS Experience APIs

• Salesforce Financial Experience API | API Specification | Implementation Template

FINS Listeners

• Thought Machine Event Listener | Implementation Template

Custom components

• Cloud Information Model for MuleSoft Accelerators
• Accelerator Common Core | Source
• Accelerator POM Parent | Source
• FINS Common Resources | Source
• ID Graph Lightning Web Component | Source
• FINS Financial Account Sync Lightning Web Component | Source

Shared APIs (can be used across any use case)

• Accelerator MariaDB Global Financial Account System API | API Specification | Implementation Template
• Accelerator MariaDB Global Party System API | API Specification | Implementation Template
• Accelerator Customers Process API | API Specification | Implementation Template
• Accelerator Salesforce Customers System API | API Specification | Implementation Template
• Accelerator Salesforce Party Event Listener | Implementation Template
• Accelerator Salesforce Financial Account Event Listener | Implementation Template

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