SIBOS
Go with the flow PSD2 will be a watershed moment for banks, says Ioana Guiman, Managing Partner for open source software solutions provider Allevo. The big question is, how will they control the deluge of information requests and channel it to their advantage? There’s more than a frisson of rabbits-in-the-headlights across the financial services industry. Many firms are frozen in the pre-regulation moment, knowing they need to comply with further tweaks to the revised Payment Services Directive (PSD2) and, frankly, wondering how the heck they are going to do it. ‘Snap out of it’ is the message from transaction flow software specialist Allevo. ‘We have the answer’. The Romania-based fintech targets its products at helping organisations from SMEs to financial institutions, achieve cost-effective compliance and, in doing so, gain competitive advantage. And it will soon be turning its attention to corporate treasuries, too. Its groundbreaking new FinTP Connect, an application programming interface
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| www.fintech.finance
(API)-based system will, says managing partner Ioana Guiman, enable firms to respond to information requests and, in-so-doing, get to know and serve their customers better. Taking effect next January, PSD2 will build on the information provision rules surrounding electronic and non-cash payments contained in the first Payment Services Directive, with the addition of new digital payment services. Its core aims will be to open up the financial services market, make internet payments easier and safer, better protect consumers’ rights and improve services for them. By far the biggest of those changes is around competition, and the introduction of so-called third party providers (TPPs) of payment-related services that financial institutions will have to open their account interfaces to. Allevo’s open-source FinTP application already enables businesses – particularly
SMEs – to do this efficiently and safely, reducing the cost of operating systems that process transactions, automating flows and ensuring compliance with regulatory and industry standards by bringing them all together in one solution.
Integrated route plan FinTP provides technical integration between various business applications, connecting the back-office systems of banks to external market infrastructures. This includes an embedded routing mechanism that redirects messages based on rules and content. It does this by initially mapping any proprietary SWIFT FIN or XML messages to the native ISO 20022 message type, followed by applying the agreed business rules for sending or receiving. It also offers reconciliation and advanced capabilities for payment search and reports, all backed by reliable security, including Autumn 2017