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Archive for tag: FinTP

Instant Payments through FinTP

 

 

FinTP-Instant is a new functionality of FinTP which connects back-office applications of a bank to an Instant Payments service offered by a third party, such as the Romanian ACH, TransFonD. This functionality retrieves payment messages in the format provided by these applications (database tables, message queues etc), converts them to the ISO 20022 standard and routes them to the Instant Payments System (IPS).


One of the requirements of the IPS is for the bank application to have STP capabilities (straight through processing). FinTP successfully meets this requirement, interfacing with the ACH through web services.


In order to fall within the appropriate processing timeframe defined for the instant payments service, the timestamp is created by FinTP.

 

 

 

 

FinTP-Instant Characteristics

  • Message formatting exceptions from originator bank: cancelling and sending reject message
  • Automatic generation and routing of related messages: SCT Inst Recall, Negative answer, SCT Inst Transaction Status Investigation
  • Reports for received or sent instructions
  • Clients and accounts list for processing incoming payments (beneficiary IBAN check and validation etc.) and for generating the confirmation message to the IPS (additional message to the classic SCT scheme)

 

 

FinTP-Instant Functionalities

 

 

FinOps Suite Building Blocks

 

 

 

Having FinTP as a starting point, FinOps Suite (our SMEs & corporate treasury open-source software solution) follows the same high-level architecture, but features a new user interface and reworked functionalities and workflows.

 

As its tagline suggests (Making financial operations easy), FinOps Suite is aimed to automate a company’s processes and flows in treasury departments.

 

It is positioned in the center of financial flows within a company, integrating core systems that process financial transactions (Human Resources Application, ERP, EDI, Accounting) and applications connecting to banks, either directly (Internet Banking / Cash Management application) or via market infrastructures such as SWIFT or local CSMs.

 

 

FinOps Suite Key Benefits


  • Consolidation of all corporation/group financial transactions
  • Streamlining operations by:
    • integrating payments from other applications
    • flow automation
    • automatic generation of consolidated reports
    • risk containment of duplicate or invalid payments
  • Reducing fraud-related risks in connection with bank interface access
  • Generating reports and company relevant statistics
  • Reconciliation between payments and bank statements and/or invoices

 

 

Product Features


All custom FinOps Suite configurations / deployments are made up of the following mandatory features:

  • Administration
    • Users and Rights
    • Application Management and configuration (including routing logic, parameters, alerts, validations)
    • Business Management configuration of various lists (partner banks, entities and accounts, partners and accounts, black lists and so on)
  • Application Interfaces – external interfaces to other applications, for importing / sending financial transactions in various structured formats
    • Payments from Back-Office
    • Bank Statements
    • Invoices from Back-Office
  • Transactions Processing
    • Create/Edit Transactions (including enriching them based on the lists defined in FinOps Suite)
    • Transaction Templates
  • Reporting – predefined or customized reports based on persistent data stored in FinOps Suite
  • Audit Trails – ensure the basis for tracking workflows and exceptions or recording user actions within the application, necessary for performing investigations for exceptions or consistency checks
  • Archiving – automates the export of processed data from FinOps Suite into backups (external files), based on criteria specific for each workflow

 

While optional, Reconciliation is a highly sought feature, providing support for automatic or manual matching between two sources of data.

 

 

 

*FinOps Suite is the business name of the software solution being developed within our Treasure Open Source Software (TOSS) project. This project is co-financed by the European Regional Development Fund under the Competitiveness Operational Programme 2014-2020, Priority Axis 2 "Information and Communications Technology (ICT) for a competitive digital economy".

 

 

 


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