Garanti Bank Romania Opts for Allevo's Open Source Solution for Processing Payments
- Payments , Banking
- 25.04.2017 11:30 am
Garanti Bank Romania selected FinTP, Allevo’s open source solution to connect to SWIFTNet, ensuring compliance to SEPA standards and regulations, in order to optimize its operations. The bank continues, as such, to grow rapidly on the Romanian market, offering better services to its customers.
By adopting FinTP, Garanti Bank Romania benefits from a technology that drives cost reduction and conveys full control over the source code of the application, thus eliminating the vendor lock-in dependence, while gaining access to a transparent product development process and transparent product audit.
FinTP achieves technical integration between various business applications, connecting back-office systems of banks to external market infrastructures. FinTP comes with an embedded routing mechanism that redirects messages based on rules and content. It achieves message processing by initially mapping any proprietary or SWIFT FIN or XML messages to the native ISO 20022 message type, followed by applied the agreed business rules for sending or receiving. FinTP provides reconciliation and advanced capabilities for payment search and reports. The underlying technology offers persistent end-to-end transactions and multi-threading capabilities, not to mention a reliable security component, including management of groups and users, profile, functions.
“Garanti Bank Romania is constantly concerned with keeping its IT infrastructure up to date, to ensure we maintain the quality of services our bank’s customers are used to receive. We believe IT is not a one-time investment, but a process that needs a sustained effort to ensure customers get the very best. FinTP offers the flexibility to design our business infrastructure in line with our strategy”, declared Fatih Arpas – ICT Director, Garanti Bank Romania.
FinTP is distributed under the free GPL v3 open source license. This distribution model is different from what vendors in this industry practice, its main advantage being that it removes any dependence on the vendor.
“We chose Allevo, not only based on reputation and quality, but also because of the open distribution model, which was not provided by other vendors. The GPL v3 licensing frame brought Garanti Bank Romania full control over the source code of the application.”, Mr. Arpas mentioned.
“The collaboration with Garanti Bank Romania was extraordinary. Once all details were set and requirements were made clear, both the bank’s and our team joined efforts to implement this solution in a record time of 3 months, which, given the complexity of the business flows and overall architecture, is a real achievement. We at Allevo are very proud this is another example the open source distribution model we practice is not only attractive, but also fit for this industry.”, says Sorina Bera, Allevo CEO.