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.”
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