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JUNE 24 2015
Tags: service bureau, SWIFT connectivity, payment networks

NEW FEATURES FOR TAS SERVICE BUREAU: AML, EBICS AND ISO 20022 FUNDS MANAGEMENT

Standards for communication between entities are trending towards ISO 20022 messaging in all sectors of the Financial Industry: from the management of capital markets to payments. Efforts to harmonize ISO 20022 are becoming a prominent consideration, and all industry operatives are attempting to safeguard against adding complexity and time to process flows from different channels and counterparts.

TAS Service Bureau is a complete, straight through processing solution that provides a secure single channel inter-bank and corporate-to-bank connectivity. The solution offers an entire range of value-add services that can be activated at the customer's request.

The most recent additions to these services are full support of:

  • SWIFTNet standard for funds, based on InterAct and ISO 20022
  • Anti-Money Laundering filtering to prevent, detect, and report illegal money laundering activities
  • Electronic Banking Internet Communication Standard (EBICS), already used in Germany and France, is an option offered by EBA as an alternative to SWIFTNet and SIAnet

Regarding the Funds management, the new standard ISO 20022 will become mandatory for every new SWIFTNet member from November 2015, the date from which SWIFT will disincentive the use of messaging FIN-MT based on ISO 15022.

All TAS Service Bureau customers can activate the Funds conversion service, minimizing time and cost of analysis and implementation, as well as the impact on existing business applications.