Moldindconbank implemented FMA, Allevo’s business continuity solution
28 February 2018 – Moldindconbank selected FMA, Allevo’s solution for mirroring transactions between the production and backup platforms, ensuring business continuity, data integrity and consistency. 
After being deemed “the most innovative bank in Moldova” for two years in a row, Moldindconbank now joins the banks in Romania that have opted for FMA in the past years, thus becoming Allevo’s first client in Moldova to have successfully implemented this solution.
FMA provides real-time resilience at the transaction level, based on the message persistence in IBM WebSphere MQ, as well as a high degree of virtualization, which contributes to saving on important resources.
Besides transaction mirroring and ensuring business continuity between two geographically remote locations, other basic FMA characteristics are: error detection and notification, flexibility and scalability, an event management subsystem (for planned and unplanned events), as well as a recovery plan.
To this transaction mirroring engine, FMA adds a technical and business monitoring subsystem, an event and procedure management subsystem, e-learning support, and support for rehearsing and updating the business continuity plan. The following are provided within the management subsystem: working procedures management (creation, update and dissemination), planned events support, business continuity and disaster recovery support.
An important aspect to consider when it comes to unplanned events is that the backup platform is available 24/7 for sending and receiving financial transactions, guiding the activities of the employees in charge, otherwise prone to error in such stressful situations.
“By adopting FMA and working closely with the professional team at Allevo, we’re now ready to successfully face unplanned events and we know exactly which steps to take, as well as knowing the time it takes for resuming our normal activities, while ensuring the integrity of our data”, says Mihai Ursu, Head of Information Technology Department BC “Moldindconbank” S.A.
“Risk management and business continuity capability are vital for banks. The smooth collaboration between teams assigned by each party for implementing this project helped Moldindconbank benefit from optimal protection with respect to these matters”, adds Sorina Bera, CEO Allevo.
Moldindconbank selected FMA, Allevo’s solution for mirroring transactions between the production and backup platforms, ensuring business continuity, data integrity and consistency.
After being deemed „the most innovative bank in Moldova” for two years in a row, Moldindconbank now joins the banks in Romania that have opted for FMA in the past years, thus becoming Allevo’s first client in Moldova to have successfully implemented this solution.
FMA provides real-time resilience at the transaction level, based on the message persistence in IBM WebSphere MQ, as well as a high degree of virtualization, which contributes to saving on important resources.
Moldindconbank Allevo Success Story in Fintech Finance
We kicked off the year by announcing our nomination on the “Ones to Watch” list published by the European Business Awards together with RSM, and we promised to keep you up to date with the next stage of the competition.
Well, here it is: we put together a short presentation video on who we are and why we deserve an award for innovation, and the competition is now open for public voting.
Should you want to support us (and why wouldn’t you?), here’s what you can do:
- Access this link.
- Watch the video and cast your vote by filling in your email address.
- Check your email and click on the confirmation link.
- There, now we’re best friends forever! 🙂
Fun fact: As of now, there are 78 entries from 29 countries, and we’re the only Romanian company in the competition.
Truth is we wouldn’t be here without you, both partners and friends, so we’re obviously counting on you this time as well… Cheers!
In Romanian:
Pentru informatii detaliate despre celelalte programe cofinantate de Uniunea Europeana, va invitam sa vizitati www.fonduri-ue.ro. 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.
Cross-border payments are significantly improved
in terms of speed, transparency and end-to-end tracking.
Live since January last year, the first phase of SWIFT gpi addresses business-to-business cross-border payments; the second phase, planned for 2018, will enable the digital transformation of cross-border payments, while the third phase, focused on collaborative innovation, might even tackle the distributed ledger technology.
To date, thanks to SWIFT gpi, corporates benefit from international business growth, supplier relationships improvement, as well as more efficient treasuries, by means of faster, same-day use of funds, transparent fees, and end-to-end payments tracking.
It also enables a more accurate reconciliation of payments and invoices, reduces exposure to FX risks, and optimizes liquidity with improved cash forecasts.
The main features SWIFT gpi brings to the table are:
- The Tracker, which gives end-to-end visibility on the status of a payment transaction from the moment it is sent until it is confirmed. It can be updated by FIN messages or via API.
- The Observer, a central service which monitors adherence to the new SLA for all members. The global view it gives enables gpi banks to quickly identify potential areas for improvement and collaborative work.
- The Directory: a complete list of all gpi members, available in a wide variety of formats, which enables comprehensive end-to-end path finding for gpi payments. This list is accessible via automated delivery channels and it includes details such as: banks by BIC, currencies, channels, cut-off times, etc.
As of now, over 140 banks have joined the service, channeling payments into more than 200 countries, and success stories keep showing up all over the world, proof that SWIFT’s initiative is a win for all parties involved.
*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.
2017 in Review
European Business Awards 2017/18
FinOps Suite Plan for 2018
SWIFT Products and Services
Seven days of the week, seven colors of the rainbow… seven major events for FinOps Suite in 2018! Indeed, this year FinOps Suite will be Allevo’s Snow White, so let’s meet its 7 dwarves.
We’ll kick off the year with a spring conference by Oxygen Events, dedicated to digital banking, followed by FinMedia’s FinTech Forum.
Early summer catches us in Amsterdam at the Money20/20 Europe conference and, as soon as everybody gets back to work in September, we’re planning on holding an SME & corporate workshop in Bucharest, closely followed by attending the unmatched Sibos in Sydney.
As 2018 reaches the end, FinOps Suite will be back home at SWIFT Business Forum Romania and, being one step closer to completion, it will also benefit from a well-deserved prom, as the highlight of our annual User Group.
1 – Digital Banking – March, Bucharest
Given the increasing share of online transactions, the annual Romanian conference on digital banking will not only tackle current trends in the industry, but also cybersecurity and financial education.
2 – FinTech Forum – May, Bucharest
Digitalization, technological progress and innovative business models coming from FinTechs will definitely influence the market more and more, hence an entire day is dedicated to them in an interactive, topical forum.
3 – Money20/20 Europe – June, Amsterdam
The conference team is made up of some of the most inventive payments and events professionals globally. Bringing together the entire financial services industry for three days, ideas are created, partnerships are formed and future trends are imagined.
4 – Allevo Workshop for SMEs and Corporations – September, Bucharest
Entirely focused on FinOps Suite, the workshop will bring together specialists from Romanian companies of all types and sizes who might greatly benefit from the financial software we are developing as part of our EU-funded TOSS project.
5 – Sibos – October, Sydney
This is the very well-known global financial services networking event organized by SWIFT. The annual conference and exhibition connects more than 8,000 executives, decision makers and thought leaders from across the industry.
6 – SWIFT Business Forum Romania – November, Bucharest
The event, organized by the Romanian Banking Association and SWIFT, in partnership with Allevo, gathers executives, IT&C specialists, payments and operations officers from financial institutions, as well as representatives of their corporate clients, debating challenges and opportunities for the Romanian banking and financial industry.
7 – Allevo User Group 31 – November, Bucharest
Our end-of-year user group wraps up ongoing and future projects, pinpoints accomplishments and targets, while also highlighting and strengthening partnerships, and helping identify new opportunities.
Looking forward to an amazing fairy tale year, full of energy and rewarded effort!
In Romanian:
Pentru informatii detaliate despre celelalte programe cofinantate de Uniunea Europeana, va invitam sa vizitati www.fonduri-ue.ro. 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.
