Marfin Popular Bank Selects Aqua Global’s Intercept e2gen Integrated Payment Processing For Fiserv’s ICBS
2nd JUNE 2008. Payments processing specialist, Aqua Global, has gained a further win for its e2gen Integrated Payments Processing System alongside the widely installed Fiserv International Comprehensive Banking System (ICBS). This is within the Marfin Popular Bank Group, which has signed a group wide contract for e2gen.
The first implementation will be within Marfin’s Laiki Bank (UK) branch, to be followed by Laiki Bank (Australia) and with the expectation that other country operations will follow.
The initial scope of the UK project is to integrate inward SWIFT payment processing with the ICBS general and retail ledger, provide manual input of client instructions at the retail branches into ICBS and creating the outward SWIFT instructions with a view to providing high STP rates for payment processing. e2gen will also integrate the bank’s electronic banking system with ICBS and automate the production of any outward payment instructions that are required. The e2gen solution incorporates automatic accounting in ICBS, integrated flexible charging, and bi-directional, real-time sanctions monitoring.
Additional elements of the e2gen processing that will be deployed include integration with the bank’s treasury system, Sungard’s Quantum, linking into the Quantum confirmation message flow for automatic treasury confirmation matching and payment message release. Additionally, e2gen will post client transactions executed in Quantum into ICBS. Initial focus will be on SWIFT payment processing with a view to be ready for SEPA processing when this becomes necessary for the bank.
Chris Burnet, UK account manager at Aqua Global, says: “The selection of Intercept e2gen for Laiki Bank (UK) was relatively fast once the bank understood the flexibility and capabilities of the system. Not only will it provide a powerful and comprehensive message management and handling control centre, Intercept e2gen also gives the bank Transaction Cycle Processing at an easily affordable cost.”
Christos Gabrielides, support services and risk management manager at Laiki Bank (UK) says: “We selected e2gen after an in-depth study of the available solutions on the market. One of the many things that impressed us about the Aqua Global solution was the flexibility of the rules-based processing software compared to other solutions we reviewed and the format-independent processing model. The solution caters to our existing SWIFT requirements and is ready for the newer payment solutions coming to market such as SEPA and Faster Payments.”
About Marfin Popular Bank:
Marfin Popular Bank, in its present form, was created by the recent
merger of three Groups: Marfin Financial Group, Laiki Group and Egnatia Bank. The subsequent consolidation has created a major financial institution with a leading competitive advantage. Marfin Popular Bank offers a wide range of financial services through its subsidiary companies and its branch network. It has 114 branches in Cyprus, 144 in Greece, 10 in Australia, 5 in the UK, 1 in Guernsey, 24 in Serbia, 8 in Romania and 3 in Estonia. It also has representative offices in the USA, Canada, South Africa and Russia.
About Aqua Global:
The company has specialised in STP and integration for payments,
cash management, treasury and securities processing since it was
set up in 1983. It has a global customer base of retail and wholesale banks, plus wealth, asset management and fund administration institutions. It is privately owned and has been profitable since the outset. It has a huge depth of expertise, with the original founders still actively involved.
Intercept e2gen brings broad modular functionality, including work-
flow capabilities, and business rules, allowing fi nancial institutions to reengineer and simplify their entire transaction cycle processing architecture. It has proven bi-directional straight-through processing [STP] capabilities, allowing exceptions-based processing from deal entry to final settlement. It is centred on a single database and user alerts, with business users able to tailor the solution to meet their specific requirements. A data definitions layer brings flexible support for automatic processing of any electronic message formats including SWIFT, SEPA (ISO20022) UK Faster Payments, Cr & Dr Card, RTGS, LCH & ACH, XML and data files (such as Spreadsheets, CSV, PDF files and structured reports).
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