Kind Reminder: SWIFT 7.2 Mandatory Update

To ensure the continuity of your SWIFT services,

you have to upgrade by end November this year.

This applies to Alliance Access, Alliance Entry, Alliance Gateway, Alliance Web Platform Server-Embedded, SWIFTNet Link and SWIFT Web Access and the aim of the 7.2 release is to keep providing a highly secure SWIFT service to all customers, with equally important pluses as far as efficiency is concerned.

What Is New in the 7.2 Release

In brief, new features can be summarized as follows:

  • 64-bit architecture
  • Refreshed underlying technology
  • FileAct Enhancements
  • Strengthened password policies
  • Named Security Officers (for Access/Entry)

SWIFT 7.2 is a most welcome refresh in terms of technology and security, introducing a new operating system baseline to run this application suite on, combined with upgrades to the third-party software embedded in SWIFT products.

The new release introduces the 64-bit architecture in order to enhance performance and capacity and it can also be seen as a means of support for the security measures imposed by the Customer Security Programme.

What You Should Do About It

  • Upgrade SWIFT software components
  • Upgrade OS baseline and move to 64-bit
  • Evaluate and maybe even upgrade existing hardware

Hint: You might reuse your hardware if it is less than 2 years old and it is explicitly supported by new OS levels, but you should definitely consider replacing it if it has not been refreshed since the 7.0 Release.

Remember: You will lose the ability to transact over SWIFT if migration is not completed by end November.

*Allevo is SWIFT Business Partner and Registered Vendor. As part of this partnership Allevo promotes SWIFT product and service portfolio in Romania.

**The content of this blog post belongs to its author and does not reflect the official position of SWIFT.

***Should you wish to contact us, you may do so via e-mail / website form.

e-Finance presented nominees with 21 trophies during the 13th edition of its Awards Gala, held at Ramada North Hotel Bucharest, on January 25th.

Allevo won the e-products award, granted for our PSD2 compliance solution for banks, FinTP-Connect.

The event and all the awards are covered in the e-Finance 2018 edition (Allevo excerpt below – Romanian language PDF).

eFinance Awards Gala 2017

January 25th: Allevo received the e-products award for the FinTP-Connect prototype for bank compliance to PSD2 at the eFinance Awards Gala, marking the 10th year in a row as a winner here.

FinTP-Connect is Allevo’s solution for centralized management of requests initiated by PISP/AISP on behalf of the final customer.

Let us start with a kind reminder that in August 2017, with help from the Romanian government and the EU, we kicked off the Treasure Open Source Software project.

Within this, we develop an open source software suite for processing transactions for SMEs and corporate treasuries. The complete solution is marketed as FinOps Suite. As part of the project, we also redesign our website, as well as that of the FINkers United open source community,, and we develop tools for automated testing and benchmarking.

By the end of 2017, we managed to wrap up the analysis part for all the project components, and we announced it worldwide. Apart from press releases and articles in specialized journals, we also put together events, meant to publicize the main features of our project to anyone who might benefit from our products and services.

2018 is dedicated to software development, website redesign, and of course, we will continue to talk about our project everywhere we see fit.

Here’s a bit more context: our core product is FinTP, a complete open source application that processes financial transactions, automates business flows and offers operational risk containment and compliance to regulatory and industry standards for banks.

FinOps Suite is an extension of FinTP that addresses flows pertaining to SMEs or corporations, ensuring consolidation of treasury and financial business to optimize the resources allocation and efficiency, and providing a single view of the financial operations, cash reporting and forecasting, accounting reconciliation, transaction filtering, all customized for company usage.

Besides developing these FinOps Suite features, our team also works on an automated testing tool and a benchmarking tool.

Testing is necessary, to ensure user requirements are met, to find faults and anomalies in the software, to check that the product is fit for its purpose, and to measure the quality of the software. Last, but not least, automated testing needs to run on every update, every new feature, every little improvement that’s made to the software. So why not make the life of developers and testers easier with insights on how the existing features and functionality are affected by new developments?

This is why we’re developing an automated testing tool, as a feature of FinOps Suite, providing developers, testers and implementation teams with the possibility to quickly check the product after an initial installation or after a major release or patch for regression testing. It is an open-source collection of modules that can be used on their own to test certain business or technical features.

The benchmarking tool currently under development is another useful feature that FinOps Suite brings to the table, providing performance reports required by infrastructure architects in corporations. This tool assists technical teams in investigating performance issues and in validating a combination of deployment architectures (hardware and software) and operational architectures (different flows and configurations).

All technicalities aside, we’re redesigning our websites in a more user-friendly manner and you’ll be the first to know once everything is set. You’ll also hear about us in various journals and we’ll even meet at international events, waiting for the project’s champagne to pop, early autumn, next year.

And as new beginnings are a good opportunity to be generous, here’s a perk: want to be one of the privileged super early adopters and have a hands-on chance to take a look behind the scenes at the requirements, code, and business flows? If so, please reach out and we’ll be more than happy to run a lean proof of concept to show how our solution can help you optimize your financial operations.

In Romanian:

Pentru informatii detaliate despre celelalte programe cofinantate de Uniunea Europeana, va invitam sa vizitati Continutul acestui material nu reprezinta in mod obligatoriu pozitia oficiala a Uniunii Europene sau a Guvernului Romaniei. Proiect finantat in cadrul POC, Axa prioritara 2, Acțiunea 2.1, Prioritate de investitii 2b. Cod MySMIS: 115724, Nr. Contract Finantare: 101/16.08.2017.

We proudly announce that Allevo has been named as “One to Watch” in Europe in a list of business excellence published by the European Business Awards and sponsored by RSM.

The category we were selected for is “Award for Innovation“, which will go to the organization that can best demonstrate a recognition of the importance of innovation and a proven ability to create, nurture and develop product, service or business model innovations that substantially improve its commercial performance, operational effectiveness or prospects by bringing benefit to the organization, its customers and other stakeholders.

In our case, the innovation we’re most proud of is the open source licensing model, which clearly differentiates us from the competition. Since our core financial services software, FinTP, addresses a very traditional and heavily regulated environment (banks, public administrations, financial institutions), the open source model we adopted in 2014 was a true act of courage.

In fact, in 2011 when we started the transition from the traditional licensing model to the GPL v3 open source license, customers did not fully understand the benefits of deploying an open source environment. Fortunately, this mentality has since changed, proving we were right in taking this approach when we did and consolidating our status as pioneers in the field of driving open source adoption in banking.

As a bonus, in 2017 we rolled out a new business strategy and also managed to access European funds aimed to develop an extension to FinTP for SMEs and corporations (FinOps Suite by its stage name), a benchmarking tool, and an automated testing tool.

As part of our strategy, we want to expand the customer base and sustain new product development. We are looking into new customer segments to diversify our solution portfolio, slowly moving to a flat organizational structure, comprised only of delivery, sales and support. This strategy correlated with the open source business model make Allevo stand out in the pool of software vendors out there.

Wish us luck for the next stage of the competition! We’ll keep you up to date :).

In Romanian:

Pentru informatii detaliate despre celelalte programe cofinantate de Uniunea Europeana, va invitam sa vizitati Continutul acestui material nu reprezinta in mod obligatoriu pozitia oficiala a Uniunii Europene sau a Guvernului Romaniei. Proiect finantat in cadrul POC, Axa prioritara 2, Acțiunea 2.1, Prioritate de investitii 2b. Cod MySMIS: 115724, Nr. Contract Finantare: 101/16.08.2017.

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