Slovenská sporiteľňa upgrades its core banking systems to ISO 20022 using valantic`s RTPE Real Time Payments Engine.
FRANKFURT AM MAIN, Germany — January 27, 2022
Slovenská sporiteľňa, member of Erste Group, is the largest commercial bank and a digital leader in Slovakia.
After a thorough analysis, Slovenská sporiteľňa has selected its long-term technology partner, valantic FSA, for adoption and migration to the rich data ISO 20022 standard. By enabling richer, highly structured data in payment messages, ISO 20022 has a huge impact on operational efficiency as well as customer transparency and is a critical factor for broad interoperability with other payment systems.
As a pioneer in the low code automation industry, and having deployed its low code platform to over 100 clients already, valantic FSA proved to be the best choice for Slovenská sporiteľňa to transition their various payment systems to ISO 20022 in a way that allows the bank to seamlessly continue to provide its high-quality service to its customer base, while running a project of such a magnitude.
Juraj Matejovic, Head of Backend Systems at Slovenská sporiteľňa says: “Having zero disturbance to customers was top of our list but we also wanted to execute the project in a sensible time frame and in a highly cost-efficient manner.”
For the implementation of ISO 20022, valantic FSA’s Real Time Payments Engine (RTPE) is the go-to platform, as it has proven to be the most robust platform in the market when it comes to scalability and performance. Thanks the underlying X-Gen low code framework, it is highly configurable, enabling a very efficient and flexible transition.
The “out of the box” functionality of the RTPE ensures the translation of ISO 20022 messages into the existing MX or MT format (and vice versa) for banks that are not currently ready to process ISO 20022 messages. This allows that the SWIFT CBPR+ translation rules can work in parallel with existing legacy systems and that all financial institutions on the SWIFT network can continue to transact as usual during the industry’s migration.
valantic FSA’s low code framework, X-Gen, additionally provides the bank with the ability to augment the existing systems to the next generation platform in the way it suits them and their customers, while adhering to the latest compliance requirements.
Sertac Cetiner, Head of Transaction Automation at valantic FSA comments: “ISO 20022 is more than just a set of message formats. It provides a common language and model for payments data, thereby improving data quality across the payments landscape. This rich, structured model brings efficiency benefits, ensures compliance and regulatory adherence, and enables new kinds of business such as instant and micro payments.
Looking forward, Slovenská sporiteľňa will be able to constantly enhance its technology based on ISO 20022 and so deliver faster and better service to its clients.”
“This ISO 20022 implementation project is one of a number that we have successfully launched with our high throughput RTPE and low code transaction automation X-Gen platform over the past nine months, and we are looking forward to helping other banks future proof their payments architecture with our state-of-the-art solutions”, concludes Cetiner.
The project with Slovenská sporiteľňa, which started in August 2021 is expected to be fully completed by November 2022.
About Slovenská sporiteľňa
Slovenská sporiteľňa is the largest commercial bank and a digital leader in Slovakia servicing 2.2 million clients. For a long time it keeps its leadership in the area of total assets, credits, clients’ deposits, number of branches and nearly 750 ATMs. It offers its complex services in more than 200 branches and 17 commercial centres in Slovakia. In 2001, Slovenská sporiteľňa became a member of Erste Group, one of the largest financial services providers in the eastern part of EU, with approx. 47,500 employees serving around 16,1 million clients in more than 2,300 branches in 7 countries (Austria, Czech Republic, Slovakia, Romania, Hungary, Croatia, Serbia).
About valantic FSA
valantic Financial Services Automation has successfully digitized the workflow for over 100 firms in the financial industry. It builds robust and highly innovative systems for trading, workflow management and downstream transaction automation. Its mission is to digitize, augment and evolve the value streams within its clients. The resulting workflows bring superior levels of efficiency, insight and business agility that enable these firms to position themselves for the future. valantic FSA assembles complete systems from a broad range of battle tested components and next generation technologies, proving solutions for payments, fund processing, post trade automation as well as enterprise data management.
Digitize. Augment. Evolve.