Rubikon Payments System
The domain of payments and SWIFT messaging are rapidly evolving in terms of both regulation and technical formats. The Single Euro Payments Area (SEPA) and Payment Services Directive (PSD) present significant challenges for banks and financial services institutions. The parallel usage of multiple standard technical formats, e.g. ISO15022 / SWIFT MT, ISO20022 / SWIFT MX, and domestic payments infrastructure formats, combined with local account numbers, IBAN numbers, and SSI / BIC codes potentially incur significant costs. In addition, compliance with anti-money laundering requirements and efficiently managing exceptions and investigations remain high on the agenda for banks and financial services institutions.
Thanks to the open J2EE SOA nature of the Rubikon family of products, Neptune is able to deliver solutions in order to rapidly and cost effectively meet these challenges for our customers through close integration with market leading specialist vendors.
Rubikon’s integration of Vortex Software as a Service from Petra Financial, which uses leading reference data from CB.Net to deliver BBAN, BIC and IBAN validation functionality, offers customers an integrated innovative solution that assists banks and financial institutions to achieve significant increases in STP rates and dramatically reduce the costs of payment handling errors. Banks and financial services institutions face great challenges in the next year converting large numbers of accounts, direct debits and payments data to the IBAN format to comply with SEPA regulation, as well as the problems associated with worldwide cross-border payments, which Vortex also alleviates.
Through Rubikon’s integration with Wire Transfer Wizard® (WTW) from Power Payments Technologies, Neptune is able to offer a complete suite of integrated payments services, including SWIFT messaging, anti-money laundering (AML), and exceptions and investigation (E&I). The comprehensive solution provides an advanced E&I workflow and case management solution to be used for international and domestic SWIFT-based exceptions, a payment oriented general purpose SWIFT messaging and payments processing solution, a gateway for corporate customers into SWIFT, and an AML layer to secure incoming and outgoing SWIFT and domestic transactions. Like all Neptune and PPT products, the WTW for E&I is J2EE based and SOA thus delivering a complete, compact, and easy to integrate and operate solution.
As well as bringing operational efficiencies, the extended Rubikon payments solution set provides banks and financial institutions with tools to enable them to meet the Wolfsberg Principles and FATF Rules for the purpose of preventing the bank or financial institution from becoming an instrument for money laundering, the financing of terrorist activities, fraud or other corrupt or illegal purposes or practices.