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Allevo at Digital Banking Conference - 23 March 2017

 

Last week, together with Raiffeisen Bank Romania, Allevo contributed with a case study about corporate SEPA compliance to the Digital Banking conference held by Oxygen Events at Crowne Plaza Bucharest.

 

Besides being a great networking opportunity with our partners and clients, the event also featured captivating debates and surfaced useful insights that would help trace a path for the coming years in terms of digital banking expectations and demands.

 

 

Event Agenda Overview

 

Theme The New Banking Era Impact & Trends
Moderated by: Rodica Tuchila (ARB – Romanian Banking Association)
Eduard Bisceanu (Unicredit Romania)

 

Panel 1 focused on Instant Payments and PSD2, with handy information from TransFonD, BNR – National Bank of Romania and Libra Internet Bank;

 

Panel 2 was mainly dedicated to Cybersecurity, Counter intelligence and Blockchain, with main contributions from the CISO of CEC Bank, ANSSI – National Association for Information Systems Security, CERT-RO, IceU Training Group and Nova IT Solutions.

 

In between, there was a special insert with Allevo’s presentation on SEPA compliance for corporates, introduced by a Roland Berger study on European FinTechs.

 

Case Study speakers: Laura Cristea (Business Analyst @ Raiffeisen Bank Romania)
Sorina Bera (CEO @ Allevo)

 

The discussion was focused on the recent announcement of Raiffeisen Bank Romania adopting Allevo’s open source solution for SEPA compliance for their corporate customers.

 

 

Instant Payments & PSD2

 

Here are a few highlights on these topics, fresh from the Digital Banking event:

 

  • There is a great interest in Europe for Instant Payments and the financial market infrastructures are focusing on implementing such processing systems.
  • PSD2 will most likely be transposed in the Romanian Law, unfortunately, quite close to the deadline, which is 13 January 2018.
  • There is a need for unifying APIs, as TPPs (Third Party Providers) will have a hard time implementing a multitude of formats.
  • If banks have to open up to TPPs, they also have to open up to other banks.

 

 

SEPA Compliance for Corporates - Key Highlights

 

The latest revisions of EU Regulation 260/2012 have a direct impact on a bank’s corporate clients, and this was clearly a challenge for Allevo, in the sense of designing an application that would easily accommodate this requirement and a certain number of customers.

 

Besides being the first time that a European Regulation affected customers of banks, it also changed Allevo’s business model, who had to distribute a software solution without having a direct relationship with the end user.

 

One of the particularities of Allevo’s solution is that it is not installed in the IT architecture of the bank, but in that of the corporation.

 

Allevo created an easy-to-use application that would help corporate customers comply, converting existing formats to the required ISO 20022 pain 001 format. The fact that it is distributed under an open source license allows distribution to several business customers of a bank.

 

 

Final considerations

 

After a fruitful debate on compliance, there was a part dedicated to virtual currency, with a particular focus on blockchain, followed by a quick session on counter intelligence. This was backed up by a behaviour analyst and an IT security expert from IceU Training Group, who managed to send a few shivers down our spines.

 

The conference came to an end with a fun raffle, where Allevo offered the two big prizes, and participants were validated by Fujitsu’s PalmSecure, previously used in order to register at the event.

 

 

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