The Sibos Special Interest Session on “Public Institutions in SEPAContext”, initiated by Business InformationSystems, will emphasize the Romanian Ministry’s of Economyand Finance (MEF) experience in using its payment system aligned tobanking standards and practice.
We believe that MEF will become a reference for other EU’-StateTreasuries, after MEF successful exploitation of theinteroperability of a governmental body and the businesscommunity.
MA-CUG and SCORE are laying the ground for extending a higherquality distribution channel for enhanced financial services tocorporate customers. It is a great opportunity for other StateTreasuries to take advantage of this business model.
Join us on Tuesday, 16 September, 4 P.M., in Room Lehar4.
Sibos 2008 – Vienna, an event at which Romania came with two goals!” – follow the link to read the whole article featured in the September edition of the Romanian’s monthly financial publication Market Watch.
Business Information Systems proudly announcesthe SWIFTReady Application SEPA 2008 certificationof qPayIntegrator paymentHUB – the first solution endorsed by SWIFT for the SEPA track. BISagain showed its commitment to the continuous alignment of qPayIntegrator tomarket regulations, standards and infrastructures.
BIS will implement the updates of the commonfinancial credit transfer and direct debit instruments, as well asthe related business procedures. BIS‘ goal is tohelp banks and corporate preparing their business compliance withSEPA and Target2.
Business Information Systems, in partnershipwith Microsoft has successfully completed the migration of qPayIntegrator paymenthub on Microsoft® BizTalk® Accelerator forSWIFT.
BIS and Microsoft will jointly propose the banksand corporations attending Sibos 2008 to prepare their businesscompliance on SEPA and on Target2, by using the SWIFTReady Application SEPA 2008solution qPayIntegrator.
Join us at our stand C218 for a live demo and a debate/discussionwith our SWIFT certified consultants.
CEC Bank selects Allevo’ SWIFTReady SEPA payment hub
CEC Bank has contracted Allevo for the implementation of the Single Euro Payments Area (SEPA) provisions through qPayIntegrator suite – the first SWIFTReady SEPA application in 2008 and renewed in 2009. Allevo’s application will be fully integrated with CEC Bank’s core payments architecture to help the bank meet SEPA rule book requirements.
“We chose Allevo’s qPayIntegrator solution not only because we have are warding 10 year collaboration, but mainly due to the SWIFT credentials received for both the company’s team and solution“says Radu Gratian Ghetea, CEO, CEC Bank.
Apart from its compliance functions with EPC regulations regarding SEPA formatting and business flows for SCT and SDD, qPayIntegrator is optimized for funds transfer management, providing multiple payments, direct debit and debit instruments support,liquidity management, continuous Nostro/Vostro reconciliation,exception investigation, duplicate detection, native real-time resilience, competitive reporting and analysis.
“Allevo will ensure that CEC Bank meets all of its compliance obligations, while taking full advantage of the new commercial avenues which SEPA opens” says Sorin Guiman, CEO Allevo.
Allevo’s solutions are based on qPayIntegrator® suite (certified SWIFTReady Gold SEPA 2008 & 2009, successfully completed SWIFTReady WR certification tests) and the value-added services performed by our SWIFT certified technical business experts on Euclid, Target2, Cash Reporting, BulkPayments SEPA, Corporate, TSU and Funds, SWIFTAlliance Suite & RMA.
On Tuesday, Romania’s oldest bank, CEC, contracted with Business Information Systems (BIS), also based in Romania, for the provision of its SEPA-compliant payment hub, qPayIntegrator. The payment suite will be fully integrated with CEC Bank’s core payments architecture, and is the first SWIFTReady SEPA 2008 application to be certified by SWIFT.
The two Romanian parties have enjoyed a 10-years collaboration and Sorin Guiman, CEO of BIS, said that his company will “ensure that CEC Bank meets all of its compliance obligations, while taking full advantage of the new commercial avenues which SEPA opens”.
Romania offers an ‘ecstatic’ payments model for other European markets to follow
Five years ago, Romanian Banking Association (RBA) chairman, Radu Gratian Ghetea, presented to SWIFT the Romanian payments system under the title: ‘From agony to ecstasy.’ This week, he was back in Vienna offering lessons to other European markets.
‘Romanian payments were in bad shape – a real mess,’ he stated during a special interest session on public institutions in the context of SEPA. Now with STEPS performing daily payments and collections, MA-CUG and SCORE channel financial services are open also to corporates.
“The banks are happy because the state treasury participates in the system under the same terms as them. The treasury is happy because it’s a good management of funds,” he said.
Finance ministry representative, Stefan Nanu, said the system worked because ‘the market sees the ministry as being on their side,’ rather than an inefficient bureaucracy.
Meanwhile, Romania has initiated SEPA compliance for domestic payments ahead of euro adoption, scheduled for 2014. Sheida Hadji-Ashrafi, worldwide industry manager for payments industry solutions at Microsoft, said SEPA would “force innovation to add value.”
Business Information Systems CEO, Sorin Guiman, attributed the company’s role in payments transformation to cooperation. “To deliver knowledge, you need either to be a genius or you need powerful partners,” he said. “We had Microsoft.”
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