“SaFIR is the system for the depositary and settlement of financial instruments such as government securities issued on the interbank market, deposit certificates issued by NBR, and other fixed-income financial instruments established by the central bank’s management.” – NBR source.
The SaFIR system has undergone a major technical upgrade compared to the version launched more than 20 years ago, representing an important step for Romania’s financial market infrastructure in aligning with international trends. The new SaFIR system uses the international ISO 20022 messaging standard and the SWIFT platform for transmitting settlement messages. NBR lists a total of 30 participants in the system, including NBR, the State Treasury, and 3 depositary/settlement systems.
Allevo’s project, offered to banks for their migration to NBR’s new SaFIR system, consists of three components: consultancy, delivery of a solution ensuring perfect integration with NBR’s technical and operational specifications for SaFIR-MX, and assistance during testing.
The solution provided is based on the robust architecture of the FinTP product suite and ensures connection to the new SaFIR system, communication using XML ISO 20022-compliant messages, and implementation of the security mechanism that guarantees the integrity of financial instructions exchanged between participant applications and the SaFIR system.
“We are grateful to banks who chose Allevo team for the implementation of SaFIR-MX, a project with a critical role for the financial market infrastructure. Our experience in such projects allows us to deliver solutions that meet the strict performance and availability requirements set by the National Bank of Romania and SWIFT.” – said Sorina Bera, Allevo CEO.