Eximbank (the Export-Import Bank of Romania) has opted for domestic software provider Allevo’s open source application, FinTP.

Traian Halalai, executive president of Eximbank

Traian Halalai, executive president of Eximbank

Allevo says FinTP allows full control over the source code of the application, thus eliminating any vendor lock-in dependence; and offers access to a ‘transparent product development process and transparent product audit’.

It originates from Allevo’s older offering, qPayintegrator. The open source project has been in the making for a few years.

‘Eximbank is constantly concerned with up grading its IT infrastructure aiming at supporting an improvement in services’ quality; the Allevo solution offers us the flexibility to design our business infrastructure accordingly to our strategy,’ says Traian Halalai, executive president of Eximbank.

FinTP is an application distributed under GPL v3 open source software licensing frame that processes transactions, automates flows and offers compliance to regulatory and industry standards.

Corina Mihalache, CEO Allevo, says: ‘The current financial market trends include mobile business, personalised customer experience and shortening of supply chains. Allevo has created a vehicle to support all these trends.

‘To have adopters like Eximbank reassures us that we made a good decision to start distributing our products under open source software licensing frame and to rethink our business model, focusing on providing services that address concrete needs of our customers.’

In terms of features, Allevo says FinTP provides support for the most used funds transfer instruments (credit transfer, direct debit, debit instruments) and includes features for operational risk containment (transaction filtering, duplicate detection, accounting reconciliation), liquidity reporting, treasury operations management, end-to-end management of remittances, competitive reporting and Single Euro Payments Area (SEPA) and Target2 compliance.

(Target2 is an interbank payment system for the real-time processing of cross-border transfers within the European Union. Target2 replaced Target, Trans-European Automated Real-time Gross Settlement Express Transfer System, in November 2007.)

Eximbank is a long-standing user of a number of Allevo’s products and services.

For its core banking system, the bank uses Asseco SEE’s Absolut offering.

Eximbank started out as an export agency but, in time, it has gradually enlarged its scope of work, at present the bank supports financing, guarantees and insurance for any company, either SMEs or corporations, involved in international transactions or present only on the local market.

By Antony Peyton.

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