of the back office. Four modules are available as part of this solution. These are Payment Instruction Manager, Product Manager, Customer Manager and Information Manager. The Tieto Payment Suite runs on the following hardware platforms: IBM z series (zOS), Solaris, Windows and Linux using DB2 and Oracle databases. The system is written in Java and Cobol. User interfaces are browser-based and 3270 screens. Interfaces are provided to Swift FIN, FileAct, InterAct, EBA STEP2 SCT and to various domestic clearing systems. Tieto’s payment solutions have been certified SwiftReady for more than ten years. Tieto’s Payment Suite enables the processing of a large
number of payment types including: high-value/RTGS; cross- border/cross-currency; SEPA Credit Transfers (SCT); SEPA Direct Debits (SDD); domestic credit transfers and direct debits; bulk and single payments.
It comprises the following principal elements: SwiftNet gateway for FIN as well as FileAct; payment engine; single data repository (customer related data, business/ processing rules, reference data, payments etc); payment repair module; payment embargo and sanction monitoring module; optional additional SDD services for creditors and debtors; payments matching module; liquidity management module; supplier finance module; cash management module; eBanking module. The modular structure of the Payment Suite facilitates a gradual implementation/
Partnerships and Acquisitions
There are alliances with IBM, Sun, Oracle and Microsoft. There was also the aforementioned tie-up with Sentenial in late 2006 to offer a solution to banks for SDDs. Tieto strengthened its business in Norway through the acquisition of Software Innovation in 2015, for NOK 610m (£50m). Norway’s Software Innovation specialises in enterprise content management software and consultancy, such as the ProArc document management system used by engineering and construction clients throughout the Nordic region. ProArc currently boasts more than 100,000 global users and is the software of choice in the Norwegian engineering, oil and gas industries. Around 75% of Software Innovation sales come from Norway while Tieto’s clients are more concentrated in Sweden and Finland. Touch Bank and Tieto developed a new Cards in Card service to link credit or debit cards to one single card. The digital-only bank says its customers, who are holders of up to five credit or debit cards issued by different Russian banks, can link their cards to one Touch Bank card using their online user account at Touch Bank. Bank customers can set transaction management rules – specifying the cards to which purchases
migration approach. It includes multi-entity, multi-lingual and multi-time-zone support; multi-CSM support, with routing and settlement rules; business processing rules configurable via user interface; insourcing/white labelling capabilities, SCT and SDD compliance; integration layer based on API and web services for integration with external (bank) systems. Tieto claims that it can host a complete payment processing infrastructure. In terms of helping banks to improve their messaging
infrastructure, Tieto points to the Provida-derived ProSwitch – a messaging solution, providing a single window to SwiftNet for all related services, including FIN, FileAct and InterAct. Developed initially in 1990 for Nordea, ProSwitch also provides a single connectivity point for all business applications that need to connect to one or more of these Swift services. ProSwitch can be implemented independently, to provide complete Swift messaging functionality, or with the rest of Tieto’s Payments Suite. Several banks have implemented ProSwitch as a global
Swift messaging hub serving all of their domestic and foreign branches/offices, thereby replacing a number of local Swift solutions and improving control of their global Swift traffic. Tieto claims its solutions handle 70 per cent of Nordic Swift traffic. It also has a matching system, ProMatch, which is used by 20+ banks.
in specific categories are to be charged. The Cards in Card relied on Tieto’s technology solutions, and the bank says the service is ‘secure’. Any transaction with a Touch Bank card requires confirmation by entering a PIN. Tieto and ICA Banken signed a five year outsourcing
agreement in which the former looks to support the operations and back office services of the latter’s securities business. Tieto will be taking full responsibility for the operations and administration of Swedish ICA Banken’s SaaS-based securities management and business process outsourcing (BPO). In June 2017, Tieto partenerd with Sybrin, a Nordic software
firm, to provide transaction switching and card management solutions to complement Sybrin’s cheque and EFT processing. The collaboration is expected to help Tieto support its plans to provide omni-channel payment solutions, retail payment and card solutions, and national payment systems.
Payment Systems & Suppliers Report |
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