EFiS selectes IBM to modernise payments
The cooperation will enable European banks and industrial customers to process payments securely and with maximum efficiency in one application.
EFiS AG announced that its in-house BPO Payment Services will integrate IBM Financial Transaction Manager into its systems to improve the execution of international payments and transactions. EFiS and IBM will provide more resilient direct payment services. In addition, this move will enable European-based customers to connect to almost any bank in the world.
The IBM Financial Transaction Manager integrates, organizes and monitors transactions. It enables banks etc. to merge their payment transactions into a single application, regardless of the type of payment involved.
Several users, including German banks such as Münchener Hypothekenbank, Varengold Bank, Umweltbank and Vakif Bank, are already using the services offered jointly by EFiS and IBM. In addition, there are internationally active companies such as Asics Europe, K+S and the Friedhelm Loh Group.
Raj Venkatraman, IBM Director of Worldwide Payment Solutions, said: “We are pleased to deepen our partnership with EFiS as it brings additional benefits to our customers to meet the growing demand for digital and open banking.”
For enterprises, EFiS offers a separate format transformation service to create the appropriate format for each bank, preferably using the ISO 20022-based Common Global Implementation (CGI) standard. The service helps to avoid costly message and file errors by checking everything for correct syntax and construction. It also includes a way to efficiently and effectively create and process messages in real time to ensure Straight Through Processing (STP). Messages can also be corrected and resent if they are not supported by the source system.
BPO Payment Services are offered by EFiS in five data and support centers with locations in Germany and Switzerland. These support various standards, including SWIFT FIN, SWIFT FileAct, EBICS, Host-to-Host. In addition, all major European networks and CSM’s such as TARGET2, TARGET2Securities, Instant Payments (TIPS and RT1), SEPA, SIC, BACS, CHAPS will be available through the IBM Financial Transaction Manager.
For the future, EFiS plans to integrate additional services to combat financial crime and fraud with IBM Advanced Analytics and artificial intelligence.