Allevo has announced the deployment of FinTP-Instant at Romania-based financial institution Banca Centrală Cooperatistă CREDITCOOP.
By implementing Allevo’s FinTP-Instant solution, the bank can connect to the Instant Payments service hosted and operated by TransFonD and process payments within scheme constraints. The Instant Payments service focuses on facilitating money transfer almost instantly, more specifically in less than 10 seconds, with the maximum amount being set at under EUR 9.823 (RON 50.000).
This type of payment can be conducted 24/7/365 between customers of Instant Payments participants.
Transactions made instant
As a solution provided by Allevo, FinTP links bank internal applications to external systems, including SWIFT, TransFonD, and Eurosystem. FinTP ensures straight through processing (STP) of transactions sent across these systems.
When it comes to FinTP-Instant, the feature ensures payment processing within the parameters set by the TransFonD scheme. Among the capabilities that it brings to the table are flexibility, the ability to connect core-banking systems to the Instant Payments services, and minimal impact on existing bank infrastructure. Similar to FinTP, FinTP-Instant is provided under the GPL v3 open source licence.
Furthermore, FinTP facilitates flow automation, processing of several message types and standards, validation, reconciliation, as well as transaction resilience and persistence. At the same time, it brings a set of technical and business features, developed specifically for operators and to meet regulatory requirements, and audit and end customers’ policies.
Providing further explanations on the decision to launch Instant Payments, PhD Adrian Morar, General Director of Banca Centrală Cooperatistă CREDITCOOP, stated that the move enables the bank to deliver modern immediate benefits to customers, allowing them to transact in RON in real time. Sorina Bera, CEO of Allevo, added that the process of implementing FinTP-Instant to enable Banca Centrală Cooperatistă CREDITCOOP to process RON instant payments has been successful and efficient due to the support and help offered by the bank’s team.
In addition to working with Banca Centrală Cooperatistă CREDITCOOP, back in February 2024, Allevo also facilitated access to the ReGIS system, operated by the National Bank of Romania, for 17 banks. The accounts were set to be available for half of the system’s participant banks and a market share of approximately 50%.
