IVOBANK AND AQUA GLOBAL WORK ON SOLUTION FOR SWIFT’S WORKERS’ REMITTANCES PILOT
LONDON 17th February: Ivobank, an online banking service specialising in online payments and money transfer services, has become a participant in SWIFT’s Workers’ Remittances pilot and is working on a solution with its messaging systems supplier, Aqua Global. As a result of the project, the supplier’s e2gen Integrated Payments Processing System is being enhanced with the XML message support for SWIFT’s initiative. The solution will be integrated with the bank’s core banking system, Fiserv CBS’s ICBS.
The current work between Ivobank and Aqua Global is the latest
in a series of innovative projects between the two companies. The
bank’s remit is to offer faster and cheaper cross-border and online
payments, initially for customers in the UK, Spain, Ireland and Canada,
with France, Italy and Germany added since then. The bank selected
Aqua Global and its e2gen solution at the outset and, over two years,
has introduced a range of payment solutions via the platform. This
includes processing for Ivobank’s virtual card product, local clearing
including receipt and payments via BACS, and all incoming and outgoing
SWIFT messages. The bank was one of the first in the UK to offer
a SEPA compliant payment solution.
Geraldine Flavin, Treasury Manager at Ivobank, says: “We practically
process all products via Aqua Global, adding them on a phased basis.
We have integrated each product into the system and then moved on
to the next one. It is a very good system, you can use it for any type of
message. And we have a very good relationship – they deliver when
they say they will deliver.” Proven integration with the Fiserv system
was one reason for the original selection, she adds.
The bank expects to begin testing of the Workers’ Remittances
service in mid-February, with completion by the end of March, which
coincides with the end of the overall pilot phase for SWIFT’s initiative. Aqua
Global has already delivered support to the bank for sending remittance
messages, using XML and SWIFT’s FileAct for batch files. The
supplier will shortly deliver enhancements for receiving status and
return messages. The bank is currently building the business case for
a commercial launch of the service.
Michael Whyte, Senior Market Manager, Banks & Payment Market
Infrastructure, SWIFT, says: “We are very excited with Ivobank’s parcontinued
over
ticipation in the pilot. Workers’ Remittances creates a commercially
neutral platform for banks to deliver cross-border, person-to-person
payments efficiently. However, it is the marketing and integration
efforts undertaken by participating banks that will make Workers’
Remittances ‘happen’ for consumers. Ivobank is innovative, agile
and aggressive in both their marketing and technical approach. We
fully expect them to be a trailblazer in this space, and really look
forward to working with them in the commercialisation of the service.”
Peter Truckle, sales manager at Aqua Global, says: “We are
delighted to be working with Ivobank on SWIFT’s Workers’ Remittances
scheme. Such remittances have traditionally been dominated by
money transfer organisations but there is a clear move by banks to
increase their participation by offering a secure, reliable service with a
wide distribution network. Where Ivobank and other banks in the pilot
have led, we feel many others will want to follow.”
He adds: “By incorporating support for SWIFT’s XML messages
for Workers’ Remittances into e2Gen, we believe this will allow Aqua
Global to offer a proven solution for other clients in this exciting area.”
For more information on Ivobank, please visit:
www.ivobank.com
or contact:
Martin Peterlechner Ivobank
Mob: +44 (0)7738 015612
email: martin.peterlechner@ivobank.com
For more information on Aqua Global, please visit:
www.aqua-global-solutions.com or contact:
Peter Truckle,
Sales Manager, Aqua Global
Tel: +44 (0)20 7335 8557
Mob: +44 (0)7775 714 774
email: peter@aqua-global-solutions.com
website: www.aqua-global-solutions.com
ABOUT IVOBANK:
Ivobank is an online bank providing secure and reliable payments
and money transfer services designed to meet the needs of online
businesses and customers. Ivobank offers competitive rates of
interest on funds held.
Ivobank is authorised and regulated by the Financial Services
Authority. Registered in England and Wales No. 5486286.
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 workflow
capabilities and business rules, allowing financial 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).
ABOUT FISERV CBS WORLDWIDE:
Fiserv CBS Worldwide is a unit of Fiserv Inc. (NASDAQ: FISV),
a Fortune 500 company that serves more than 18,000 clients in 66
countries around the world. Fiserv CBS Worldwide delivers end-to-end
business and technology solutions for retail financial organisations,
consumer finance institutions and credit unions throughout Europe,
Asia Pacific, Latin America, the Caribbean, Canada and the United
States. Through its offices in the USA, UK, Poland, Russia, Singapore,
Australia, China, Indonesia, Colombia, Costa Rica and Mexico, Fiserv
CBS Worldwide enables financial institutions globally to deliver integrated
solutions for managing the entire customer relationship from
core banking to multi-channel customer contact and business intelligence.
Fiserv CBS Worldwide can be found at www.fiservcbs.com.
Back to News |
