International Payments

The international payment system of Veracity allows for manual entry of various types of payments. The systems allow for the processing of interface files, such as MT101, BTL91, EDIFACT PAYEXT and PAYMUL, and various other proprietary file formats. Payment orders received through Swift for correspondent relationship banking are fully supported.

For outgoing payments the system caters by default for MT103 (+), MT200, MT202 and MT205. For incoming payments the MT201 and MT203 messages are also supported.

When required the system also supports the creation of cheques. The clearing of cheques can easily be integrated into the system.

The system allows for the storage of the full BIC database, the registration of Target membership and the registration of the presence of authentication keys, based on the RMA exchange file. Also the Target2 routing directory is fully supported.

Automated routing is one of the stronger points within the International payments system. Due to the automated routing capabilities the level of Straight Through Processing is very high. Charging based on missing or invalid data such as invalid IBAN or BIC codes is automated.

Received payment order processing capabilities are both for advices and payment orders.

Besides the actual generating of the required Swift messages the most important function is the creation of the accounting interface entries.

Online balance update capabilities are provided for systems that support this function. In addition Veracity can cater for an automated fiat based on the available balance data. The automated fiat system gives extensive management capabilities into the hands of account management at branch level for the handling of exceptions.

A range of charging and value dating parameters is available. The charges are applied to the account at the same time as the ordered transfer amount. The utilization of a charge account is supported, this again in any supported currency. The system allows for various methods of determining the rate to be applied to cross currency payments.

Support for the Target2 system is fully incorporated into the system, as well as the support for TNS / Urgent Payments.