Month: October 2010

For the past 5 years Allevo has successfully developed, implemented and improved in BCR, an important member of ERSTE Bank Group,ReconS, a qPayIntegrator feature designed for matching and providing automated NOSTRO and VOSTRO accounts reconciliation.

ReconS embeds a rich set of reporting templates (including intraday liquidity reports) for a thorough operations control and provides exceptions management support. ReconS reconciles NOSTRO SWIFT statements with the general ledger (GL) items and provides matching functionality depending on the percentage of the satisfied criteria.

High-quality matches can be confirmed automatically by ReconS, while for the others, the account reconciliation officer is provided with a resolution path to find the underlying reason,enabling them to take accurate decisions.

Allevo solution helps BCR reduce exposure to risks and gain visibility of their operations through reconciliation, while increasing productivity and taking full control over the core of their financial processes.

The solution also contributes to the achievement of an effective risk management and compliance controls through automation of accounts’ reconciliation processes.

“Using Allevo ReconS extension and teaming with Allevo professionals enabled us to provide our customers the confidence that we effectively control our operations. The reconciliation feature assisted our teams to build stronger operational control in a cost effective manner and fulfilled our business needs”,states Mariana Popovici, BCR Shared Service Division Executive Director.

“We know from experience that efficient reconciliation processes are critical to delivering effective and truly client-centric operations, leading to a wider coverage of the bank’s targeted market” says Sorin Guiman, CEO Allevo.

By: Alina Enache

Mr Sorin Guiman, Business Information Systems’ CEO, has accepted the invitation of joining the panel of a brought to you by SWIFT session, “Workers’ remittances: Your global platform for person-to-person payments”, taking place Thursday 28 October, 11:00 – 12:30,Community 1.

SWIFT’s Workers’ Remittances service provides banks with the business and technical platform to support cross-border person-to-person payments. The service allows banks to scale up their bilateral network quickly and easily and offer best-in-class levels of service to consumers. It allows any retail product or channel to be enabled for person-to-person payments, while remaining commercially and brand neutral.

In this session, participants in the service will share their experiences in deploying the platform, and examine its potential for both traditional and emerging person-to-person products, such as mobile remittances.

Speakers

Michael Whyte (Moderator), Senior Market Manager, Banking Market, SWIFT
Duarte Pitta Ferraz, Managing Director, International Division, Millennium BCP
Ramiro Munoz, Director of Product Management, Citi
Sorin Guiman, CEO Business Information Systems

• Sorin Guiman’s speech

SWIFT’s Workers’ Remittances service provides banks with the business and technical platform to support cross-border person-to-person payments. The service allows banks to scale up their bilateral network quickly and easily and offer best-in-class levels of service to consumers. It allows any retail product or channel to be enabled for person-to-person payments, while remaining commercially and brand neutral.

Using Allevo transactions filtering solution, Raiffeisen Bank Romania reduces exposure to terrorism financing activities for domestic payments

Allevo and Raiffeisen Bank Romania have successfully developed and implemented the first Romanian software solution for real-time, online transactions filtering on the local market dedicated to banks with large transaction volumes.

The solution screens the local payments instruments that present a certain degree of risk, offering the possibility to analyze them and to take the required decision of authorizing or rejecting the payment before the actual funds’ transfer.

Allevo solution helps Raiffeisen Bank Romania eliminate the risk of financing terrorist activities and, at the same time, meet the regulatory requirements of both local and international legislation related to this sensitive compliance aspect.

The solution ensures transactions filtering for low value domestic transactions on qPayIntegrator, using various lists (official sanctions lists and bank’s internal lists) that can be easily customized and managed by the bank and provides the compliance teams with an efficient way to analyze suspicious messages and take faster decisions. The screening feature is fully integrated in the payments’ business flows, providing a rich set of specific statistics and reports.

“Using the transaction filtering extension of qPayIntegrator and teaming with Allevo professionals enabled us to ensure an efficient filtering technology to eliminate the risk of terrorism financing for domestic low value payments, and consequently to provide increased protection of the funds transfer” states Mr. Ionel Fierascu, Compliance Director in Raiffeisen Bank Romania.

“The powerful anti-terrorism financing features have facilitated the timely alignment of the bank’s operations to the market regulations and fulfilled the bank’s business needs, leading further on to its clients’ business protection” says Sorin Guiman, CEO Allevo.

We have successfully passed the Technical and Functional Validation for the qPayIntegrator suite, within the SWIFT certification programme SWIFTReady Workers’ Remittances.

We are sharing our experience in implementing and marketing our SWIFT based Workers’ Remittances solution by having our CEO, Mr Sorin Guiman, join the panel in the “Workers’ remittances: Your global platform for person-to-person payments” brought to you by the community Sibos session, taking place Thursday 28 October, 11:00 – 12:30, Community 1, RAI, Amsterdam.

By: Alina Enache