6 months extension for the TOSS (Treasure Open Source Software) project!

The TOSS – Treasure Open Source Software project is co-financed by the European Regional Development Fund under the Competitiveness Operational Programme 2014-2020, Priority Axis 2 “Information and Communications Technology (ICT) for a competitive digital economy”.

Allevo, beneficiary of the Competitivity Operational Program 2014 – 2020, announces the extension of the project with 6 months (until 15 March 2020). This ensures maximum absorbtion of the approved budget for the implementation of the project and the successful achievement of objectives. The total implementation period of the project is 31 months.

The project is technologically updated by adding the FinTP-API feature, which brings new functionality:
1. Open Banking interface: API REST, authentication via OAuth2 and using the Berlin Group Next Gen standard
2. Realtime access to account information (balance and transaction details, account statement, transaction history)
3. Supplier payments via one of the centrally administrated accounts in FinTPc and transactions between own accounts. This gives access to contextual information like the status of a payment, amount of fees etc
4. Reports and statistics based on data collected via APIs and realtime updates, enabling the corporate to have an overall financial status. This allows an effective management of liquidity (cash management) on medium and long term.

FinTPc API interface
These new functionalities enable a new interfacing model between a corporation and its partner banks. This model comes with a new architecture that brings a number of benefits, like realtime and automatic processing of transactions issued by the internal systems of a corporation. This opens the door to updated and aggregated information, offering the financial department full transparency over operations in realtime.

PSD2 forces banks to expose information about the accounts of their customers and to allow the initiation of payments through API REST interfaces (Application Programming Interface REpresentational State Transfer). This regulation comes into force as of September 2019 and is a game changer in the way financial processes are designed.

APIs are set to change the way financial institutions interact from technical operations and management of back-office systems, to business strategies, to risk management and even sales or support services. API REST technologies are increasingly scouted for and used in financial services, the tendency being for these to be adopted massively in the very near future.

The benefits of using such an architecture are:
• one single format for external interfaces, by implementing a standard widely used throughout the European Union banking community, as a result of implementing Open Banking projects. This implicitly leads to cost reduction for maintenance
• enhanced security for sensitive data transfer and processing, taking into account RTS regulation (Regulatory Technical Standards)
• automated and realtime processing of banking account payments and bank accounts, which removes the effort of manual connection to each proprietary banking interface.

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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