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 an application 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 technology 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 application at the outset and, over two years, has introduced a range of payment applications 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.
“We practically process all products via Aqua Global, adding them on a phased basis,” says Geraldine Flavin, treasury manager at Ivobank. “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.
“We are very excited with Ivobank’s participation in the pilot. Workers’ Remittances creates a commercially neutral platform for banks to deliver cross-border, person-to-person payments efficiently,” says Michael Whyte, senior market manager, Banks & payment market infrastructure, SWIFT. “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.”
D.C.