Allevo’s FinTP gets SEPA compliant for EximBank
Allevo’s open source application, FinTP, is now SEPA (Single Euro Payments Area) compliant for EximBank (Export-Import Bank of Romania).
The FinTP collaboration between state-owned EximBank and Allevo started one year ago, when the bank chose to implement the solution for low-value Euro payment instructions.
EximBank now takes the partnership “one step further with the implementation of the feature dedicated to SEPA compliance”.
Traian Halalai, executive president of EximBank, adds that it opted for FinTP “after working closely with the company for automating the bank’s operations flows in relation with the external networks, but also considering the company’s expertise”.
Allevo says FinTP provides full control over the source code of the application, thus removing any vendor lock-in dependence; and offers access to a “transparent product development process and transparent product audit”.
FinTP originates from Allevo’s older solution, qPayintegrator. The open source project has been in the making for a few years.
In terms of features, Allevo says FinTP provides support for the most used funds transfer instruments (credit transfer, direct debit, debit instruments) and includes features for operational risk containment (transaction filtering, duplicate detection, accounting reconciliation), liquidity reporting, treasury operations management, end-to-end management of remittances, competitive reporting and Target2 compliance.
Eximbank is a long-standing user of a number of Allevo’s products and services. For its core banking system, the bank uses Asseco SEE’s Absolut offering.
The bank began as an export agency but it has gradually increased its scope of work. Currently, the bank supports financing, guarantees and insurance for any firm, whether SMEs or corporations.