Alfa-Bank and EVRAZ Group have arranged a direct financial message exchange based on the CyberFT platform. The technology allows you to send instructions to the bank directly from the customer’s ERP system. That said, the channel functionality is not limited by RUB and forex payments. Alfa-Bank has moved to the conventional environment of the EVRAZ Group fully-fledged online banking functionality, including forex control execution, sending to the bank statements on supporting documents, forex transaction statements, receipt of statements, among other transactions. Integration with Alfa-Bank has enabled EVRAZ to gain direct access from the ERP system to the set of typical settlement instructions, which led to the lowered transaction costs as well as increased convenience and settlement processing speed.
Today many corporations that work with a large pool of settlement banks are looking to cut staff, administration, and maintenance costs related to the myriad of online banking systems. The fundamental solution is direct integration or merger of ERP system of the customer and that of the specific bank. However, it may not always be justified due to high initial programming costs. The same becomes an obstacle for building systems with many participants.
“CyberFT connection is ensured by operation of external devices – virtual terminals – which facilitates and cuts costs for both initial channel connection and its further maintenance. Aside from that, the channel’s support of international financial messaging standard ISO 20022 makes it universal for interacting with any system. Thus, with a reasonably laid out architecture of the solution, the customer has the opportunity to use CyberFT to set up integration with all their partner banks.
Alfa-Bank has extensive experience of development and implementation of API solutions. Already we have implemented to the conventional environment of EVRAZ a wide range of settlement services analogous to the capabilities of online banking. Developing its accumulated technological advantage, Alfa-Bank will strive for development of new integration services and systems suiting needs of the customers, including services with connection of other participants,” noted Head of Transactions at Alfa Bank, Pavel Ryazanov.