BLOG

PAYaaS (Payments as a Service)

a) Transactions’ management – by highly reliable and secure connectivity channel between the bank’s back-office, its corporate customer’s ERP and its correspondent banks:
-routing from/to back-office/ERP, towards SWIFT or other dedicated external networks
-formatting the payment, trade or securities instruments (credit transfer, debit instruments, direct debit, L/Cs etc.) for interfacing with market infrastructures (i.e. for RTGS & ACH subsystems).
-converting to/from SEPA or FIN standard
-authorizing, rejecting, archiving, reporting financial transactions

The hub keeps persistent tracks of all the financial transactions (using its own database) for improved reliability and audit trial

b) Shared business modules: AML (transactions filtering), liquidity reporting, competitive reporting, NOSTRO accounts reconciliation (for banks), and invoices / payments / statements of account reconciliation (for corporate)

c) SWIFT network connectivity via a SWIFT Service Bureau hosted by the same center

d) SWIFT Business Applications (Exceptions & Investigation, Cash Reporting, Bulk Payments etc.).

 

Leave a Reply