Cross-border payments, SWIFT gpi and TARGET2 updates

The payments ecosystem is rapidly transforming  and new challenges are arising continuously. Allevo is directly involved in assisting financial institutions  to successfully face these challenges. Through our software products and value added professional consultancy and support we are able to assist our clients on a step by step basis in any hot projects linked/relevant to the payments area.

In the context of the T2-T2S consolidation, the migration of cross-border payments and cash management messages to ISO20022, banks are expected to send universal confirmations for the payment instructions they receive through SWIFT messages, Instant Payments, compliance with PSD2. For this puropose, banks are also required to adapt the internal applications for interfacing with SWIFT gpi or Open Banking. These are the projects that Allevo is and  will continue to be directly involved in for the next years.

On our list, the most urgent projects that banks must start preparing for as we speak, in order to be ready on time, are:

  1. TARGET2-TARGET2Securities consolidation (migration of the financial messages from the MT format to ISO20022 – to be finalized in November 21, 2021, as per Eurosystem’s imposed deadline).
  2. The migration of cross-border payments from MT Category 12, and 9 messages, to their ISO 20022 equivalents – deadline: November 2021 for receiving payments in ISO20022 format and November 2025  for both incoming and outgoing cross-border payment flows in ISO20022 format – deadlines set by SWIFT.
  3. SWIFT gpi – a service offered by SWIFT to monitort he progress of cross-border payment instructions throughout their entire payment channel, offering to the participating banks visibility, transparency and processing speed for the payments sent and received. Although joining SWIFT gpi service is optional, starting with November 22, 2020, all SWIFT members will be required to confirm in the gpi Tracker that the funds have been credited in the beneficiary’s account. This is a mandatory requirement for all incoming cross-border payments, in order to create visibility and traceability on the status of a payment. SWIFT gpi seems to become the new standard for cross-border payments on SWIFT network.

Allevo is here to offer banks the support needed to ensure compliance with all these projects, by constantly providing  technical solutions along with its 20 years experience and know-how in processing financial transactions according to the financial industry standards.

Sorina Bera, CEO Allevo joined a panel at the Future&Security of Financial Services conference, organized by Oxygen Events. The event that was on October 31st brought together decision makers from banks and companies.

Our CEO, Sorina Bera, moderated the focus session: “Transforming the Payments Ecosystem”, in the first panel of the event, were she had as guests: Radu Zanfir, Head of SWIFT Department CEC Bank, Bogdan Liviu Barbu, Deputy Executive Director of Operations Division, BCR and Marius Caraiani, IT Director, Informatics Department, Smith&Smith Payment Institution.

Radu Zanfir, talked about the benefits that SWIFT gpi brings to banks and the improvements it has for the customer-bank experience. The service is operational at CEC Bank starting September 30, 2019 and the bank plans to extend it.

Another hot topic for the banks is instant payments, and Bogdan Liviu Barbu, from BCR explained that the bank he represents implements the system as we speak, while Marius Caraiani, from Smith&Smith Payment Institution continued speaking about an important project for his company and more for its clients: implementing a software solution for API exposure to third parties.

The first session was moderated by Rodica Tuchilă, Executive Director of the Romanian Banking Association (ARB) and the second one by Toma Cimpeanu, CEO ANSSI. The event was opened by Radu Gratian Ghetea, Honorary President of the Romanian Association of Banks.

Other subjects debated as part of the conference include: digital Romania, Payment Service Directive (PSD2), the potential of blockchain technology, information security management, competitive intelligence, cyber intelligence.

Ioana Guiman, Managing Partner Allevo participated at the 10th edition of SWIFT Business Forum Romania, held this year under the “Looking to the future of payments” umbrella. The event, a tradition for the local market, was organized on Bucharest on 24th of November by the Romanian Banking Association and SWIFT.

Ioana was invited to speak on the SWIFT gpi panel moderated by Marianna Janssen, SWIFT gpi expert EMEA, and shared the stage with Marc Recker from Deutsche Bank, Cristian Cengher from Erste  Group Bank, Radu Zanfir from CEC Bank and Adrian Radu from Banca Transilvania.

More information about the event can be found on our blog.

The high-level theme of the event was “Looking to the future of payments”. A traditional event, at its 10th edition,  SWIFT Business Forum Romania was held in Bucharest on 24th of November and organized by the Romanian Banking Association and SWIFT.

More than 100 representatives from financial institutions discussed about the challenges that impact the payments industry in the context of rapid transformation of the EU payments landscape. Changes in consumer behavior, faster and real-time payments, open banking models, new regulations, technology disruption, compliance pressure are among the challenges that affect and reshape the payments space.

In the opening plenary Dr. Radu Gratian Ghetea, President of Honour of the Romanian Banking Association, and SWIFT National Member Group Chairperson and Sergiu Oprescu, Chairman of the Board of the Romanian Banking Association made a radiography of the Romanian banking system, followed by Matthieu de Heering, Head of Central & Eastern Europe, SWIFT who presented the SWIFT 2020 Strategy update.

Other topics include:

  • Tanja Van Sterthem, Financial Service Consultant, Standards Advisory Team, SWIFT presented details about the migration of cross-border payment traffic to ISO 20022 that start in November 2021;
  • In the Evolution of the European Payments Landscape, Rodica Tuchila, SWIFT User Group Chairperson, Romania, moderated a panel of SWIFT experts and representatives of the National Bank of Romania and Banca Transilvania. They discussed the EU payments landscape and the impact on the Romanian market;
  • As cyber-attacks become more frequent and sophisticated, Frank Versmessen (SWIFT) talked about securing the financial ecosystem, followed by Gizem Tansu (SWIFT) who presented the Financial Crime Compliance Portfolio of SWIFT.

Marianna Janssen SWIFT gpi expert EMEA, moderated a focus session on SWIFT gpi. Allevo was represented by Ioana Guiman, Managing Partner Allevo and shared the stage with Marc Recker from Deutsche Bank, Cristian Cengher from Erste Bank, Radu Zanfir from CEC Bank and Adrian Radu from Banca Transilvania.

 

The 10th edition of the SWIFT Business Forum Romania was instrumentally put together by the Romanian Banking Association. Special thanks to Rodica Tuchila, Executive Director at the Romanian Banking Association, and Judit Baracs, Country Manager Romania SWIFT, for the flawless organization.

Allevo was invited by the National Bank of Romania to moderate the “New technologies – trends, innovative tech solutions, new business models” panel, at the Annual Payments Forum.

The event marks an amazing step in the evolution of the financial services industry in Romania. The National Bank of Romania launched the Fintech Innovation Hub, a collaboration platform meant to bring together banks, fintechs and the regulator. This is a first on the local market and comes in to confirm that the fintech space in Romania is strong and growing and that beautiful things can happen when all players come together at the same table. And the fact that this initiative comes from the regulator is a truly wonderful thing that happened to this industry.

Video intro: https://lnkd.in/e3dA3N4

The panel was moderated by Ioana Guiman and on stage there were:

  • Sorin Cheran, Artificial Intelligence Chief Technologist HPE
  • Alberto Guidotti, Founder, Euronovate
  • Tudor Cristea, Regional Sales Manager, Palo Alto Networks
  • Cristian Pielescu, Founder, Convex Network
  • Ștefan Ionescu, Managing Partner, Lew.ro
  • Razvan Boldis, Founder & CEO, indexAR

 

At Sibos this year we announced:

  • our selection in BCR-InnovX accelerator for scaleups
  • the gpi feature of FinTP, already live with the first bank to onboard gpi in Romania

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Sibos 2019: Ioana Guiman, Allevo from Advertainment Media on Vimeo.

Responsibilities

  • Builds strong customers relationships
  • Helps convert leads into customers
  • Articulates technical and business value proposition of Allevo’s solutions to senior IT/Operations/Digital Strategy staff of financial institutions and corporations
  • Proposes and acts upon a strategic, effective and actionable account plan that defines a clear growth strategy across and within the assigned accounts
  • Achieves sales goals
  • Manages and negotiates contracts and T&Cs
  • Masters Allevo solution portfolio
  • Prepares custom presentations that meet the specific needs of the prospect
  • Runs product demos or proofs of concept where appropriate, to show the customer the solution proposed fits their needs
  • Contributes to building responses to customer RFPs

 

Job Requirements

Qualifications

  • University Degree in technical or business discipline
  • Minimum 3 years of proven direct sales experience in IT&C industry – in business applications/software
  • Sales lead generation and account management experience in banking accounts
  • Understanding of banking/financial processes and of systems architecture for financial institutions is considered an advantage
  • Proven track record in achieving sales quotas
  • Interpersonal communication, negotiation and presentation skills
  • Strong planning skills
  • Tenacious, committed and results-oriented
  • Demonstrated ability to develop strong and ongoing business/advisory relationships with customers and business partners.

 

Technical/functional skills:

  • Ability to propose, manage and execute a strategic, long term account plan
  • Software sales background
  • Technical understanding of software solutions and of systems architecture for financial institutions
  • Banking back-office operations understanding and/or local financial regulations understanding is considered a distinct advantage
  • Excellent verbal and written communication skills with equally good listening and qualification skills
  • Speech adaptability when discussing with prospects/customers
  • Foreign languages: advanced English
  • Custom software products selling ability
  • Availability for professional training: courses, workshops, conferences, certifications

 

Personal Attributes / Interpersonal Skills:

  • Excellent verbal and written communication skills with equally good listening and qualification skills.
  • Highly motivated with a passion for working with customers and partners on driving the sales of Allevo’s solutions to meet customers’ business challenges and opportunities
  • Ability to work independently and as part of a team
  • Negotiating, influencing and interpersonal skills
  • Ambitious, always willing to constantly improve

 

Job Benefits

  •  Base salary plus bonus scheme
  • Annual training budget to develop your skills and career
  • Participation at fintech events – learning first-hand industry trends, innovative initiatives, networking with strategic technology partners, top management prospects/targets/customers, competitors, etc.
  • Being part of a dynamic, professional and highly skilled team
  • Being part of financial and banking projects developed in Romania and abroad
  • Other benefits (private health insurance, casual dress code, flexible schedule, benefitonline.ro, food vouchers etc).

Job Description

  • Transforms business needs into solutions, based on process recommendations
  • Understands and analyzes customers needs and issues
  • Elaborates customer and internal specifications and applications user manuals
  • Provides to Development team the software requirements in order to create and maintain solutions for various projects
  • Designs and proposes appropriate solutions and implementation plan with the support of the Project Manager, Development, Verification&Validation, Implementation&Support, Sales teams
  • Understands and manipulates data and tools related to assigned projects (Financial messages, XML, SQL)
  • In charge to collaborate with the implementation team and to ensure that the initially business requirements are addressed as expected
  • Proposes process improvements
  • Ensures continuous business support for Development, Verification&Validation, Implementation&Support and Sales Teams

 

Job Requirements

  • Bachelor’s degree in Computer Science/ Mathematics/ Economics
  • Relevant job experience in corporation’s treasury or financial department or in commercial bank business department or a similar position (for at least 5 years)
  • Strong managerial skills, efficiency in coordinating meetings and solving problems;
  • Detail-oriented, analytical and inquisitive;
  • Ability to work independently and with others;
  • Extremely organized with strong time-management skills;
  • Documentation skills
  • Knowledge of UML, RDBMS
  • English advanced
  • Excellent communication and presentation skills
  • High availability and willing for both personal and professional improvement
  • Knowledge of the ISO20022 & SWIFT standards is a plus

 

Job Benefits

  • Competitive income
  • Professional training: courses, workshops, conference
  • Being part of a dynamic, professional and highly skilled team
  • Being part of financial and banking projects we develop in Romania, as well as abroad

 

Responsibilities

  • Initiates, develops and maintains strong customers relationships
  • Generates leads and constantly works to convert leads into customers
  • Develops and manages a healthy and predictable pipeline in accordance with the company’s sales strategy and targets
  • Articulates technical and business value proposition of Allevo’s solutions to senior IT/Operations/Digital Strategy staff within financial institutions and corporations
  • Proposes and acts upon a strategic, effective and actionable account plan that defines a clear growth strategy across and within the assigned accounts
  • Achieves sales goals
  • Creates commercial proposals and negotiates commercial terms and conditions with customers/prospects
  • Manages and negotiates contracts
  • Participates and sustains presentations at industry focused events, generating collaboration/partnerships and sales opportunities
  • Monitors and understands competitors’ solutions and acts to increase Allevo’s products and services penetration.

 

Job Requirements

Qualifications

  • University Degree in technical or business discipline
  • Minimum 3 years of proven direct sales experience in ITC industry – in business applications/software or services sales in the banking sector
  • Sales lead generation and account management experience in banking accounts
  • Understanding of banking/financial processes and of systems architecture for financial institutions are considered an advantage
  • Proven track record in achieving sales quotas
  • Excellent interpersonal communication, negotiation and presentation skills
  • Strong planning skills
  • Tenacious, committed and results-oriented
  • Demonstrated ability to develop strong and ongoing business/advisory relationships with customers and business partners.

 

Technical/functional skills:

  • Ability to propose, manage and execute a strategic, long term account plan
  • Software sales background
  • Technical understanding of software solutions and of systems architecture for financial institutions
  • Banking back-office operations understanding and/or local financial regulations understanding is considered a distinct advantage
  • Excellent verbal and written communication skills with equally good listening and qualification skills
  • Speech adaptability when discussing with prospects/customers
  • Foreign languages: advanced English
  • Custom software products selling ability
  • Availability for professional training: courses, workshops, conferences, certifications
  • Availability for public speaking

 

Personal Attributes / Interpersonal Skills:

  • Excellent verbal and written communication skills with equally good listening and qualification skills.
  • Highly motivated with a passion for working with customers and partners on driving the sales of Allevo’s solutions to meet customers’ business challenges and opportunities
  • Must be a self-starter, able to work independently and as part of a team.
  • Strong negotiating, influencing and interpersonal skills.
  • Ambitious, always willing to constantly improve.

 

Job Benefits

  • Base salary plus bonus scheme
  • Annual training budget to develop your skills and career
  • Actively participating at fintech national and international events – learning first-hand industry trends, innovative initiatives, networking with strategic technology partners, top management prospects/targets/customers, competitors, etc.
  • Being part of a dynamic, professional and highly skilled team
  • Being part of financial and banking projects developed in Romania and abroad
  • Other benefits

Job Description

  • Improves and develops a payments application using Java, Oracle, PostgreSQL
  • Collaboration with the team’s members for the design and development of web applications
  • Working in team for new projects’ planning and estimate
  • Is responsible of the developed components’ stability and functioning

 

Job Requirements

  • University Degree in Computer Science or related field of study
  • Advanced knowledge (at least 2 years experience) of Java, JSP, Spring framework, Maven
  • English advanced
  • Excellent communication and team working skills
  • High availability and willing for both personal and professional improvement

 

Job Requirements (advantages)

  • Knowledge or experience with LDAP
  • Knowledge or experience with REST APIs
  • Knowledge with enterprise application security and mitigation frameworks
  • Experience on Oracle and/or PostgreSQL
  • SQL, PLSQL  knowledge
  • XML processing
  • Experience on Linux/Unix (AIX) and Windows Application Servers

 

Job Benefits

  • Competitive income
  • Professional training: courses, workshops, conference
  • Being part of a dynamic, professional and highly skilled team
  • Being part of financial and banking projects we develop in Romania, as well as abroad

 

 

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