The functionality within the iCOMPay payments hub supports the design and launch of the new products and services, with availability and accessibility throughout the bank’s delivery channels (web, branches, mobile gateways, phone banking). There is also support claimed for credit transfers, direct debits, mandates handling, CMF (Creditor Mandate Flow) and DMF (Debtor Mandate Flow) models coverage, collections processing, exceptions (rejections, refusals, returns, refunds, reversals) handling, cash management for corporate clients. Bilateral agreements (with retail/corporate clients, correspondent banks, utility companies etc) are supported. Also claimed is foreign exchange support for all products; interbank charges managing the interbank commissions that the bank requires from its correspondents and result from the service of incoming orders received from them; pricing rules, charges calculation, charges collection (via nostro/ vostro accounts), monitoring of charges collection; charges provisioning (expected charges from correspondents) for outgoing orders; and visibility of payment status for the lifecycle of the payment. The updated status can be made
Uptake and customer experiences
The first taker for iCOMPay was existing Profits user Société Générale Hellas, the Greek operation of the French bank, signing in May 2009. Greece has so far fallen outside this bank’s payments systems centralisation project, a multi-year effort which has seen national payments systems moved to Paris and gradually replaced with TCS’s Quartz/Bancs. In Greece, SocGen, through its acquisition of Geniki Bank, is a long-standing user of Profits and, in 2012, upgraded to the latest version, Release 7.5.4, which included downsizing from the IBM mainframe under MVS, CICS and DB2, to Unix and Oracle. At the time of the go-live with the upgrade, Profits supported around 120 branches and covered accounting, customer information, lending, overdrafts, collateral management, credit agreements, teller, deposits, funds transfer, budgeting and letters of guarantee. The supplier was holding discussions with other Greek banks in late 2009, according to Tsintilas, and it was also looking to push the solution beyond its home country. The company also claimed at the same time that a multi- institutional implementation had kicked off but it declined to name the taker and it added that it had carried out demos for
User list iCOMPay
Example users: APS Bank (Malta) Société Générale Hellas (Greece)
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available to clients (through the web, mobile, phone banking), tellers or client service operators. iCOMPay comes with enterprise-level administration
and auditing tools. User-activity, payment order status, and performance logs are accessible through reports. It supports role-based authorisation; full auditable information is logged about user/terminal activity, payment order status, and system overall performance. There is also central administration and control of all incoming and outgoing payment orders. As well as selling its own solutions, Intrasoft partners with other companies and, linked to the payments space, signed in July 2009 to work with Smartstream’s reconciliation and cash management products in Greece and Cyprus. Unisys also signed as a distributor for iCOMPay in early November 2009. Other partners for Intrasoft include Aspect, FIS, Redwood Corporation (for the low-end treasury system, BTS Vision), Coryx, Alaric (for the fraud detection system, Fractals), Fernbach, Oracle and Calypso. It also has its own anti-money laundering system, Eskort, which gained Kedr Bank as the first taker and has stemmed from a widely installed tax system.
a couple of non-Greek European banks and was looking for a partner in Asia Pacific.
Malta-based APS Bank, also a long-standing Profits user, having followed in the footsteps of Bank of Valletta, signed as the second iCOMPay user towards the end of 2009. Tsintilas said the impetus for APS was SEPA and the Payment Services Directive, with a desire to standardise its products and services. The new system would cover SEPA Direct Debits and non-SEPA direct debit mandate handling, replacing manual operations. There was also to be an ISO 20022 interface to corporate clients and iCOMPay would be tightly integrated with Profits. Payment orders from the branches were to be captured in the core system before being transferred to the payments system for processing, formatting and routing. While Intrasoft has been making inroads into Africa, signing four microfinance institutions in Rwanda and a retail bank in Kenya, these have not taken the payments system. For its African expansion, the vendor has recruited a number of private consultants on the ground to assist in identifying potential customers, and a regional company active across Zimbabwe, Kenya and Uganda, which helps Intrasoft with market research and implementation services of third party solutions (SAP applications).
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