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China Systems Trade Finance Solutions

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Payments

 

China Systems Swift Certified Application Payments 2014 LogoOur Payments solution is an integrated part of our Java EE-based Eximbills Enterprise platform, which also covers the full range of Import, Export, and Open Account-based Trade Services. Eximbills has been awarded the SWIFTReady Trade Finance, Trade Services Utility (TSU), and Services labels.

As part of the overall Payments solution, you may opt to use the Java EE front-end component, Customer Enterprise, to exchange information with ordering and beneficiary parties in payment transactions.

Key solution capabilities and advantages are:

• Automatic creation of transactions from incoming SWIFT messages

• An embedded configurable STP engine that allows analysis and intelligent routing of incoming SWIFT FIN and XML format messages (+ support for EDI)

• Processing of SWIFT Messages - MT1xx and MT2xx series

• Auto selection of correct SWIFT messages based on payment requirements

• Auto selection of Nostro and Vostro accounts based on bank preference

• Auto selection of sender's and receiver's correspondent bank details based on predefined criteria such as customer, currency, and beneficiary

• Production of drafts and cheques to customers and banks

• Management of regular payments and standing orders

• Fully inclusive commission and charges structure

• Production of customer advices and statements

• Movement of funds between internal accounts irrespective of currency

• Movement of funds between Nostro accounts using SWIFT Messages MT200/210

• Reconciliation capabilities with Open Account Finance transactions

• Integration of Accuity Reference data into our Payments data model, in order to maximise STP capabilities (includes SSIs, Payment Channels, Routing BICs, and National Clearing codes)

• BICPlusIBAN reference data support, allowing e.g. automated identification of BICs based on IBANs, for improved STP in payments

• Full Reporting capability on all Payments data

• Seamless integration between the back-office component, Eximbills Enterprise, and the front-end component, Customer Enterprise

• Functional scalability through the Enterprise Toolkit, as business requirements change

The solution is also SEPA compliant, as it supports

• Validation of the IBAN check digits

• Check of country-specific IBAN formats including length check

• Retrieval of national codes from the IBAN and check if the National ID exists or is valid

• Performance of a domestic integrity (modulus) check

• Retrieval of Branch info from the BIC and vice versa

The entire solution runs on an SOA-compliant JavaEE platform, which is an accepted industry standard endorsed by many major enterprise computing players such as IBM and Oracle.

As the leading global Trade Services Solutions provider, China Systems has witnessed the growing involvement of banks in the activities between buyers and suppliers. The result is the need to provide a cost-effective end-to-end solution, with highly automated payment processes allowing the reconciliation of payment flows with any outstanding open account and traditional trade transactions.

For more than 20 years, China Systems has built up an expertise in providing flexible solutions for the Trade Services industry. One of our major strategic objectives is to provide an integrated processing platform for Traditional and Open Account-based Trade transactions. To achieve this goal we have invested significantly in

• The collaborative nature of our SOA-based Enterprise solution, facilitating integration with a bank's existing infrastructure

• The development of a configurable Payments STP engine, with support for Incoming and Outgoing International and Domestic Transfers

Apart from the reality of the convergence of Payments and Trade, further convergence activity is taking place within the Payments area itself, mainly as a result of SEPA. We notice that there is

• A convergence of European standards for EUR Credit Transfers, Direct Debits, and Card Payments

• A convergence of domestic and international payments along with high and low value payments

• An increasing convergence of retail and wholesale payments and the payments channels

The key enabler in any convergence process is the use of technology. Choosing the correct technology is crucial. We are convinced that our Payments solution can be a key enabler.