The bank’s business analysts and legal department agreed that the EU 260/2012 regulation, with its latest updates (Romanian law 231/2015), does not only affect banks in relation to their correspondents, but corporates as well. Thus it becomes mandatory as of October 31st 2016 for corporate customers in non-Euro countries to communicate with banks using the pain 001 message type, a subset of the ISO20022 standard.
Allevo proposed a stand-alone application that the bank would be able to deploy at their corporate customers, to ensure conversion to this standard. This approach ensured minimal impact on the corporate’s existing systems and processes. On the bank’s side, this initiative achieved a unification of communication at business customer level, making one step ahead towards more interoperability, automation and standardization.
The model Allevo chose for creating this application was inspired by FinTP and its existing feature for SEPA compliance. Allevo created an open source application that processes transactions achieves conversion from proprietary or existing formats to the pain 001 format. The GPL v3 distribution model allows banks to offer this white label solution to their corporate customers, without any dependence on the vendor who initially created it, Allevo.
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