Facebook Twitter Linkedin


FinOps Suite Building Blocks




Having FinTP as a starting point, FinOps Suite (our SMEs & corporate treasury open-source software solution) follows the same high-level architecture, but features a new user interface and reworked functionalities and workflows.


As its tagline suggests (Making financial operations easy), FinOps Suite is aimed to automate a company’s processes and flows in treasury departments.


It is positioned in the center of financial flows within a company, integrating core systems that process financial transactions (Human Resources Application, ERP, EDI, Accounting) and applications connecting to banks, either directly (Internet Banking / Cash Management application) or via market infrastructures such as SWIFT or local CSMs.



FinOps Suite Key Benefits

  • Consolidation of all corporation/group financial transactions
  • Streamlining operations by:
    • integrating payments from other applications
    • flow automation
    • automatic generation of consolidated reports
    • risk containment of duplicate or invalid payments
  • Reducing fraud-related risks in connection with bank interface access
  • Generating reports and company relevant statistics
  • Reconciliation between payments and bank statements and/or invoices



Product Features

All custom FinOps Suite configurations / deployments are made up of the following mandatory features:

  • Administration
    • Users and Rights
    • Application Management and configuration (including routing logic, parameters, alerts, validations)
    • Business Management configuration of various lists (partner banks, entities and accounts, partners and accounts, black lists and so on)
  • Application Interfaces – external interfaces to other applications, for importing / sending financial transactions in various structured formats
    • Payments from Back-Office
    • Bank Statements
    • Invoices from Back-Office
  • Transactions Processing
    • Create/Edit Transactions (including enriching them based on the lists defined in FinOps Suite)
    • Transaction Templates
  • Reporting – predefined or customized reports based on persistent data stored in FinOps Suite
  • Audit Trails – ensure the basis for tracking workflows and exceptions or recording user actions within the application, necessary for performing investigations for exceptions or consistency checks
  • Archiving – automates the export of processed data from FinOps Suite into backups (external files), based on criteria specific for each workflow


While optional, Reconciliation is a highly sought feature, providing support for automatic or manual matching between two sources of data.




*FinOps Suite is the business name of the software solution being developed within our Treasure Open Source Software (TOSS) project. This project is co-financed by the European Regional Development Fund under the Competitiveness Operational Programme 2014-2020, Priority Axis 2 "Information and Communications Technology (ICT) for a competitive digital economy".




Are You Ready For The New BIC?




The revised BIC standard (ISO 9362) approved in January 2014 is due for implementation by November this year and the changes it brings revolve around dropping info on connectivity and time zone.


This revision took into account market evolution, ensuring the standard is neutral and agnostic from any network, while also making the BIC more resilient going forward. This means that, except for the country code, the characters in a new BIC will have no meaning, while the specificities of the organization will be included in accompanying data attributes instead of being embedded in the BIC.



BIC Standard Changes

Elements within the code are redefined, references to the SWIFT network are removed (BICs will no longer be issued with “1” in position 8) and a new identification concept is introduced, namely Business Party (branch identifier, suffix, country code and prefix).


The most significant change is that the connection or disconnection of an organization to a SWIFT network service will no longer require the change of its BIC. The only exception: an organization with an existing non-connected BIC1 created before Nov 2018 that needs to be connected to SWIFT.


Also, please keep in mind that BIC owners will be responsible for the maintenance of the data related to their BICs and must keep it up-to-date and confirm the accuracy at least once a year.



Related SWIFT Services

With respect to ISO 9362, SWIFT has two roles: network provider (using BICs in the SWIFTNet and SWIFTNet FIN services) and ISO Registration Authority (responsible for the implementation of this standard). All the more reasons for SWIFT to introduce enhanced directory services in order to help the community support and adopt the revised standard: BIC Plus and BIC directory 2018.


BIC Plus (SWIFTRef’s new offering) is an event-based directory, with a completely different structure and several new attributes, such as: legal name and address, BIC publication, last update and expiration date, a BICs reachability over FIN, FileAct and InterAct, SWIFTNet connectivity status of a BIC, etc. Given the fact that the directory is commonly used in relation with internal applications to ensure a completely automated and accurate payments flow, we strongly recommend users to analyze the impact of the BIC Plus new structure at all levels of interaction with such applications that consume data from BIC Plus.


To ensure a smooth transition to the new structure of the directory, SWIFT supports the user community by providing a temporary solution - BIC Directory 2018, which ensures the same layout as the legacy one (to be fully decommissioned by November 2018), with the addition of basic connectivity and location code information. BIC Directory 2018 involves a minimal migration effort and it is available only for customers who have a BIC directory or BIC Plus subscription.


In order to benefit from the enriched data available in BIC Plus, we strongly encourage you to take all the necessary actions in your internal systems to accommodate the new structure and available file formats!



*Allevo is SWIFT Business Partner and Registered Vendor. As part of this partnership Allevo promotes SWIFT product and service portfolio in Romania.

**The content of this blog post belongs to its author and does not reflect the official position of SWIFT.

***Should you wish to contact us, you may do so via e-mail / website form.





Intertek ISO 9001:2008CMMI Level 2ISO  9001/2008 Dun & Bradstreet