This year Sibos took place in the tranquillity of Geneva. The airport was right next door, with the speeding planes leaving the runway in full view. Instant payments took off in similar fashion. It was one of the predominant topics at Sibos. The preparations for its introduction are going full blast.
The European Parliament’s Payment Services Directive PSD is the legal basis for the EU-wide uniform internal market for payments. The current version, PSD2, was published on 23/12/2015 in the Official Journal of the European Union and must be implemented in national legislation by 13/01/2018. How does the PSD2 affect EBICS?
The above headline is taken from a statement by the Reporting and Analysis Centre for Information Assurance (MELANI) from July of this year. The statement describes a new type of hack on companies in Switzerland.
To process mass payments, especially in the case of multibank accounts, companies today generally use offline software for the transmission, approval and execution of electronic payment orders. Transfers are triggered automatically directly from within the ERP software and are transmitted to the bank via secure protocols. This type of payment processing accounts for the majority of the electronic payment orders executed in Switzerland today.
The EBICS protocol is designed to transfer large data volumes, call up account information and authorise orders. These are the basic requirements of a treasurer and they are fulfilled by EBICS, guaranteeing the success of EBICS.
In the age of digitalisation, more and more information is provided at increasing speeds. Even EBICS must fulfil this requirement, and its response consists of mobile EBICS apps that inform the customer fast. Continue reading
81 million US dollars – criminals have stolen this enormous sum from the central bank of Bangladesh, not in a movie-style heist but very quietly via hacking. The thieves made more than 30 bank transfers from the account of the Bangladesh Bank at the New York Federal Reserve Bank (Fed) to Philippine accounts. This case and others show that inter-bank payments are a lucrative target, and that the security of the SWIFT international financial network is vulnerable. Penetrating this network certainly requires a lot of effort, however the loot that can be expected is even greater. In view of such professional attacks, the security of payments is at the top of the agenda once again. Continue reading
- A payment was entered and sent twice in the order input.
- The file with the payment orders was transferred again – for the second time.
- For technical reasons, the payment file was transferred twice because the transfer status of the first transfer was not clear.
A double submission is basically a case of a customer submitting a payment or file with identical data to the bank again within a defined period of time. However, is an identical submission always a double submission that generally must be rejected? No, because some payments are deliberately prepared and transferred multiple times by the submitter. Continue reading
For the fifth time in a row, UBS was named “Best Domestic Cash Manager Switzerland” in the Cash Management Survey 2015 conducted by Euromoney. This success is a result of many years of focussing on customers’ needs and optimal product and service quality.
One component of this range of services is the infrastructure for connecting customer systems directly, for which an interface based on proprietary data exchange has proven itself over the years. This direct connection is used by customers in Switzerland. Internationally, customers mostly use a connection via SWIFT for Corporates or multi-bank services to exchange payment data and reports with their financial institution.
It is already possible now for UBS customers to execute their global financial transactions securely – in particular for international branches. A major goal of the new infrastructure is to make the connection to financial institutions more secure, convenient and standardised. Continue reading
In 2014, the majority of Portuguese banks opened an EBICS channel based on version 2.4.2 of the protocol. Only the T profile is really used at the moment, however many companies would like to use the personal signatures that foreshadow the operation of the TS profile in the short term.
At the moment, very few Spanish banks offer their business customers the option of managing their financial transactions by means of the EBICS protocol. However, demand is getting more and more significant, as demonstrated by the presence of several participants at an event organised in Madrid by the Spanish Association of Corporate Finance Officers and Treasurers (ASSET) on 20 January.
In 2010, the French CFONB and German DK banking authorities created a joint EBICS committee. One of its visions is to harmonise EBICS. The different procedures that already existed in these countries influenced the EBICS specification and are making it more difficult to implement EBICS. Germany and France use different approaches for the (short) identifiers for business transactions and for the formats to be used. This topic was given further momentum when Switzerland joined the EBICS SCRL. A harmonisation project was initiated with the goal of a standardised procedure for all of EBICS. This consolidation is known as EBICS BTF. Continue reading