- Support one of the largest Banks in Indonesia in transitioning to ISO 20022 messaging standards.
- Assist in processing, validating, and transforming SWIFT MT and MX financial messages.
- Ensure compliance with global payment standards while maintaining operational efficiency.
Case Studies
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Enabling Indonesian bank in ISO 20022 Transformation with FINaplo Financial Messaging Libraries
Enabling Indonesian bank in ISO 20022 Transformation with FINaplo Financial Messaging Libraries
ISO 20022 CBPR+, FINaplo Financial Messaging Libraries
- Deployment of FINaplo Libraries: We integrated FINaplo Financial Messaging Libraries into the bank’s existing systems. These libraries provided robust capabilities for parsing, building, and validating ISO 20022 messages, enabling a seamless transition from legacy SWIFT MT formats. This allowed the bank to adopt ISO 20022 while maintaining compatibility with existing message formats.
- Message Transformation and Validation: The FINaplo libraries offered automatic translation between SWIFT MT and ISO 20022 messages, ensuring that the bank could handle both formats during migration. This functionality minimized disruption and allowed the bank to continue operating smoothly while adapting to the new standards.
- Online Service for financial messages: We provided access to a unique Online portal that helps users validate and translate any SWIFT MT or MX financial message to accelerate the quality assurance process.
- Operational Efficiency and Compliance: Using the FINaplo libraries, the Indonesian bank achieved automated validation of ISO 20022 messages against the latest standards. This automation significantly reduced manual intervention, ensuring faster processing times and lower error rates.
- Annual updates: The financial messaging tools are updated annually, immediately after the new rules are publicized by governing authorities and SWIFT ensuring continuous compliance with ISO 20022 standards.
Core Banking provider Elevates Payment Solutions with aplonHUB
The partnership between Core Banking provider and PaymentComponents has been a success, with the integration of aplonHUB helping to support payment systems in the Nordic region. The technology behind aplonHUB meets the urgent need for regulatory compliance and adaptability in Account-to-Account (A2A) payment solutions. Thanks to this joint effort, a banking platform in the Nordic region is now one of the first in the cloud to offer Instant Payments to its customers.
aplonHUB
- Improve the performance, precision, and regulatory adherence of a cloud-based technology platform to answer the increasing needs of today’s financial market.
- Help a financial institution in the Nordic region deliver Instant Payments using a cloud-based banking platform.
- PaymentComponents has upgraded its payment system, aplonHUB, to work seamlessly with Core Banking provider's cloud-based digital payment solutions, boosting transaction speed and compliance with financial regulations.
- aplonHUB’s flexible design easily conforms to different financial messaging standards, which means Core Banking provider's customers can meet all the regulatory requirements without any interruptions to their business.
- PaymentComponents has included a toolkit (SDK) within aplonHUB that can be utilized to build, Parse, and validate Norway Instant Payment financial messages
- The toolkit (SDK) within aplonHUB gets updates annually, immediately after new rules are publicized by governing authorities, ensuring the digital payment solution remains up-to-date with the latest compliance requirements.
Global Technology Leader, chose Financial Messaging SDKs as an optimum way to ISO20022 compliance.
The long-term collaboration between NEC Corporation and PaymentComponents, through the integration of Financial Messaging SDKs, proved to be a successful venture. Financial Messaging technology as implemented by Payment Components, addresses the immediate need for Compliance and Flexibility both for the MEPS+ and the CBPR+ standards. It also positions global technology leaders such as NEC in a power position on the evolving payments landscape.
ISO20022 Messaging SDK
- Enhance the efficiency and accuracy of Financial Messaging of financial institutions in the MEPS+ (Monetary Authority of Singapore Electronic Payment System) protocol.
- Ensure compliance and seamless integration with the newly introduced CBPR+ (Cross-Border Payments and Reporting Plus) messaging standard.
- Payment Components provided NEC Corporation with its state-of-the-art Financial Messaging technology. This technology is tailored to seamlessly integrate with the existing Payment Gateways or Core Banking systems, enabling a smooth transition towards MEPS+, the new enhanced financial messaging protocol of Singapore.
- The robust and flexible nature of Financial Messaging SDKs allowed also for a smoothless adaptation to the CBPR+ messaging standards, ensuring NEC Corporation clients remained compliant with the new regulatory requirements without any operational hitches.
- The provided SDKs can be utilized to to build, Parse, and transform SWIFT MT Financial Messages to ISO20022.
- The tools are updated annually, immediately after the new rules are publicized by Governing Authorities and SWIFT.
- The integration of SDKs within existing payment applications, ensures a scalable solution, allowing and accelerating future expansions and adaptations to any Payment Scheme as the financial messaging standards and regulatory requirements evolve.
Open Banking solution for a leading bank in Southern Europe
A full scaled open banking project that made the bank “Winner of best Digital Initiative award at the Banking Technology Awards 2017”.
aplonAPI
- Provide the bank with a solution to comply for the PSD2 legislation
- Go beyond PSD2 and provide more and richer APIs and help build a Fintech ecosystem
- We implemented a state of the art PSD2 APIs Management Framework that worked around the existing legacy systems.
- We created a secure Sandbox for developers to test the bank’s APIs before committing further.
- We created an Admin portal for the bank’s employees to have control over the ecosystem and to monitor the APIs usage.
- We helped bank build and support an ecosystem of Fintechs using their APIs.
Financial messages automation for a regional bank
Added a system for SEPA and SWIFT management and routing functionality next to the existing core banking system.
aplonHUB
- We installed aplonHUB on premises and integrated with existing core systems
- We modified message routing and authorization handling to suit the banks processes
- We enabled SEPA Credit transfers and SWIFT MT messages
- Handled returns, replies, revoces outside the core banking
- Required negligent modifications to the existing core systems
Account aggregation and payment automation for an insurance company
Implemented a modern treasury system for the company that harvests the open banking initiative as it connects to a multitude of banks to get account movements and initiate payments.
UNUapi
- A solution to fully automate the huge amounts of daily payments to all the related banks
- A new age Treasury management system to handle limits, authorizations, reconciliation, etc
- Based on our account aggregator UNUapi we connected the company with the interfaces of their related banks
- Integrated payments with their core banking systems that supported the different insurance products
- Provided them with rich dashboards to monitor cash flows harvesting the information provided by the banks open banking portals
- Simplified, secured and automated their demanding payments flows
Trade financing technology for a world leader
Payment Components provides the underlying technology and support for a trade financing system to a financial institution giant.
ISO20022 CBPR+
- We provide SDKs to build, Parse and Validate CBPR+ and SWIFT MT trade financing messages.
- Provide unlimited same day support to any question, technical or business raised.
- Update the tools annually immediately after the new rules are publicized by SWIFT.
Electronic Payments Management Portal for a leading card processor
Cardlink is active in the field of electronic payments and in particular in the acceptance and management of card transactions, both physical and e-commerce. The company operates the largest network of POS terminals in Greece.
A custom application on top of the Payment Switches and POS Terminal Management Systems
- The client needed a way to perform several activities like monitoring, reporting, billing, etc
- They also needed a way for their Merchants to access their card-related transactions and other related business data
- We implemented a cloud-based microservices architecture application around their Payment Switches and TMS.
- We provided the client with an administrative portal to perform numerous tasks like in-depth reporting & real-time monitoring to critical processes such as billing & handling of card payments including all major card processors like Visa, Mastercard, Alipay, and cardless payments like QR codes & tokenized payments.
- We also provided to different stakeholders related to our clients’ business activities, like Acquirers, Cardholders, Resellers, & Helpdesk, through the same portal, access to their card-related transactions, and merchant’s data. Our client had full control over what information these stakeholders could access.
- Specifically, for their Merchants, we developed a dedicated portal to access their card-related transactions, business data, draw premade, or custom-made reports to cover their business needs (sales, accounting, marketing, etc), allow & manage multiple users on the same account with different access levels.
PSD2 compliance for a regional bank in Europe
RCB Bank Ltd is a European bank with over 20 year history and one of the largest financial institutions in Cyprus. The Bank operates a universal banking model and serves thousands of local and international clients.
aplonAPI
- The client needed a quick and efficient way to become PSD2 compliant
- They also needed a way to expose advanced APIs designed specifically for business clients
- Install and integrate aplonAPI, API Management Platform with web banking system to conform with the PSD2 regulation of Europe in record time
- Customize the platform and provide support to cover the needs of business clients for advanced APIs that are exposed by the bank
- Provide Consulting services on Open Banking concerns and inquiries and enhance the platform regularly to cover all the changing needs of the client and all the clarification that comes from European authorities regarding the PSD2 regulation
Payments automation for a leading cloud based core banking system
Payments automation for a leading cloud based core banking system
aplonHUB
- Integrated aplonHUB core system to the core banking platform
- Modified extensively internal handling and routing so that it integrates smoothly to the core system
- Added SEPA Credit Transfers and SEPA Direct Debits for their European clients