Following this announcement, Allevo successfully completes a complex project in order to optimise the manner in which 17 banks and financial institutions connect to the new ReGIS system, which is currently operated by the National Bank of Romania. These accounts will be available for half of the system’s participant banks, as well as a sum market share of about 50%.
ReGIS represents a national funds transfer system with incorporated real-time gross settlement (RTGS) for payments in RON, which is owned and operated by NBR. This will be leveraged for the settlement of the central bank’s monetary policy operations, interbank transfers, as well as operations of other financial market infrastructures that operate at the national level. At the same time, the product will focus on payments that are initiated by participants on behalf of their customers and users, regardless of value.
The system went through a technical upgrade to the version that was launched back in 2003, which required XML messaging. At the moment of the press release, the tool lists 33 participants in the system, including the State Treasury and the National Bank of Romania.
The project was developed in order to consist of 3 components: consultancy, solution delivery, and test assistance to ensure that banks and financial institutions connect, send, and receive financial messages leveraging the new XML message format.
Allevo also delivered the software solution for system connectivity and communication by using the XML ISO 20022 message standard. At the same time, the service is expected to implement the security mechanism that will enable payment integrity between participant applications, as well as the REGIS system.
This component will prevent and remove fraud risk, which was generated by a potential alteration of data in a financial instruction, such as beneficiary, amount, beneficiary account, and others. In addition, the project was developed in order to provide banks and financial institutions with the possibility to test and migrate at the same time as the new setup to their overall production environments.
The project will focus on meeting the needs, preferences, and demands of customers and clients, while also remaining compliant with the regulations and laws of the industry. Banks will also have the possibility to expertise essential for projects where they will need to comply with strict performance and availability requirements, including the ones outlined by the National Bank of Romania, TransFonD SWIFT, or Eurosystem.
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