Bonum Bank introduces the cloud-based SWIFT Service … · network connection needs for businesses...
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“Bonum Bank transmits payments and monitors the sufficiency of funds. In addition, we focus on Treasury op- erations. Banks can make deposits to us, and we loan money to banks,” says Chief Executive Officer Anders Dahlqvist. Payment transactions are the pillar of the central credit institution servic- es. The clearing of Finnish SEPA (Sin- gle Euro Payments Area) transactions is now the task of the EBA CLEAR- ING organisation. In addition to this, regulation, capital adequacy require- ments and risk management regula- tions are currently issues that strongly affect the banking industry. “By operating cost-effectively, we strive to ensure excellent customer satisfaction in the future too.” Not need to be on call Even at an early stage, Dahlqvist real- ised that the maintenance and moni- toring of the SWIFT connection would take up too much in the way of IT re- sources for small banks. Dahlqvist says that Bonum finally selected the Tieto solution, as it has been in pro- duction for many years now. “By outsourcing the maintenance of the SWIFT connection to Tieto we can better focus on our core business operations, which also benefits out clients,” Dahlqvist sums up. Change takes time Bonum Bank will introduce the service in summer 2014. “Becoming a central credit institu- tion in February 2015 is a big change for us. It is very good that we can take our time and change our processes accordingly before that.” According to Dahlqvist, in connec- tion with the commissioning phase, Customer case: Bonum Bank www.tieto.com The Finnish Bonum Bank Ltd will start operations in 2015 as the cen- tral credit institution for the POP Banks. For this purpose, it needs se- cure connections for transmitting payment transactions through the SWIFT network. Bonum Bank has decided to adopt the SWIFT Service Bureau by Tieto, which means that the bank need not worry about maintaining and updating the heavy IT infrastructure itself. Bonum Bank introduces the cloud-based SWIFT Service Bureau service ”By operating cost-effectively, we strive to ensure excellent customer satisfaction in the future too.” Anders Dahlqvist, Bonum Bank
Transcript of Bonum Bank introduces the cloud-based SWIFT Service … · network connection needs for businesses...
“Bonum Bank transmits payments and monitors the sufficiency of funds. In addition, we focus on Treasury op-erations. Banks can make deposits to us, and we loan money to banks,” says Chief Executive Officer Anders Dahlqvist.
Payment transactions are the pillar of the central credit institution servic-es. The clearing of Finnish SEPA (Sin-gle Euro Payments Area) transactions is now the task of the EBA CLEAR-ING organisation. In addition to this, regulation, capital adequacy require-ments and risk management regula-tions are currently issues that strongly affect the banking industry.
“By operating cost-effectively, we strive to ensure excellent customer satisfaction in the future too.”
Not need to be on callEven at an early stage, Dahlqvist real-
ised that the maintenance and moni-toring of the SWIFT connection would take up too much in the way of IT re-sources for small banks. Dahlqvist says that Bonum finally selected the Tieto solution, as it has been in pro-duction for many years now.
“By outsourcing the maintenance of the SWIFT connection to Tieto we can better focus on our core business operations, which also benefits out clients,” Dahlqvist sums up.
Change takes timeBonum Bank will introduce the service in summer 2014.
“Becoming a central credit institu-tion in February 2015 is a big change for us. It is very good that we can take our time and change our processes accordingly before that.”
According to Dahlqvist, in connec-tion with the commissioning phase,
Customer case: Bonum Bank
www.tieto.com
The Finnish Bonum Bank Ltd will start operations in 2015 as the cen-tral credit institution for the POP Banks. For this purpose, it needs se-cure connections for transmitting payment transactions through the SWIFT network. Bonum Bank has decided to adopt the SWIFT Service Bureau by Tieto, which means that the bank need not worry about maintaining and updating the heavy IT infrastructure itself.
Bonum Bank introduces the cloud-based SWIFT Service Bureau service
”By operating cost-effectively, we strive to ensure excellent customer satisfaction in the future too.” Anders Dahlqvist, Bonum Bank
the process has to be learned too. The testing to be done before the commissioning is another learning ex-perience for Bonum Bank. For exam-ple, the functionality of the connec-tions can only be tested at strictly lim-ited times. By the official testing time set by EBA CLEARING, the technical accuracy of the message content as well as the performance of the con-nections must be ensured.
The Tieto service can also be used for transmitting manual SWIFT mes-sages and for security transactions, for instance.
Reliable co-operationSWIFT requires compliance with strict quality regulations from all Service Bu-reau service providers. The Tieto ser-
vice has met these requirements since 2011.
”We at Tieto want to offer our clients the possibility to focus on what is really essential for their business, by for in-stance managing their reliable connec-tions to the central partners,” says Tap-io Särkelä, account manager at Tieto.
“For a small operator like us it is essential to be able to work with a re-liable partner with whom we can com-municate openly. With Tieto, we have already identified other services which we could utilise in the future. We may be a small bank, but we will have lots of transactions,” Dahlqvist says.
“We are very happy to be able to help Bonum Bank and to start an in-teresting co-operation with them,” Särkelä adds.
Customer case: Bonum Bank
For further information please contact:Tapio Särkelä p. +358 40 73 77585, [email protected]
Anne Kahelin p. +358 40 733 6153, [email protected]
The challenge: Maintenance of the SWIFT connection requires special expertise and round-the-clock supervision. For the small banks, it is not practical to arrange these services independently.
The solution: With the cloud-based Tieto SWIFT Service Bureau service, businesses and financial institutions can reach their partners in the financial industry through one single global channel. The service covers all SWIFT network connection needs for businesses and financial institutions, including payment transactions, Forex confirmations, trade finance and other messaging traffic. The IT services offer our clients various business advantages as they decrease the need for internal IT infrastructure, technical competence and the related capital investments.
Added value: Bonum Bank can concentrate on its key business area and serve clients better when resources are not tied down to monitoring the SWIFT system.
The Finnish Bonum Bank is to be established based on ACH Finland, starting as an independent bank in summer 2014 and as a central credit institution from the beginning of 2015. ACH Finland started its operations as a payment institution in 2010. Initially, ACH Finland was established around Aktia Banks, Savings Banks and POP Banks. The foundations of Bonum Bank were laid when Aktia decided to give up offering central credit services. All central credit services are the first to be brought under the newly established Bonum Bank.
