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NEWS RELEASE
FOR: Simplex Consulting Ltd.
September 29, 2007
Leading Maltese Bank achieves lower cost SEPA compliance via outsourcing to the Simplex Service Bureau
LONDON, ENGLAND - September 29, 2007. APS Bank Malta , a major presence on the Mediterranean island, announced today an innovative move to achieve SEPA compliance by outsourcing to UK based Simplex to leverage their Simplex Bureau solution for SEPA compliance over SWIFTNet.
Banks operating in Euro payments have been aiming to achieve the mandated SEPA compliance this year, which includes the need to support new XML schemas and be reachable across the Euro zone. The price model for cross border Euro payments is set to change and outsourcing payment processing activities to an independent solutions provider is seen as a compelling option for achieving the required cost reductions.
The Simplex solution leverage’s their existing SWIFT Service Bureau and SWIFTNet FileAct connectivity to reach either the Pan-European clearing house EBAStep2, or a major Euro clearing bank. Payments are transformed from SWIFT and local proprietary formats to SEPA XML and bulked and sent to and from the ACH or major Euro bank.
Simon Michellef at APS Bank commented on the benefits of this outsourced approach. “We needed to be SEPA compliant as we enter the Euro and considered outsourcing to a major Euro clearing bank who could build the XML schemas for us, but this looked prohibitively expensive. The costs of buying in all the technology we needed and integrating this with our SWIFT gateway were also high. The Simplex Service Bureau solution is a very cost effective route to compliance – they build the SEPA formats and run the SWIFT gateway for us as a managed service alongside their other clients. We can make savings and be SEPA compliant at the same time!”
Dave Reeve , CEO at Simplex commented “APS have proved themselves to be a highly innovative organisation and we welcome them to our growing list of banks and NBFIs using our Service Bureau. This SEPA solution using our SWIFT Bureau is, we believe, unique in the market today and we are finding a great deal of interest from banks looking to be SEPA compliant at a lower cost.”
About Simplex:
Since 1997, Simplex has
been recognized as one of Europe's leading
STP consultancies. The company specializes
in selecting and implementing solutions
for the middle and back office for many
of the world's leading banks, asset
managers and hedge funds. In 2003, Simplex
was selected by SWIFT to become an accredited
SWIFT Service Partner. In 2004, Simplex
launched the UK's first SWIFT ASP-based
Service Bureau. At the beginning of
2005 Simplex announced unique ASP propositions:
Simplex's Payments Administration System
(PAYS) for Banking & Corporates provides
a range of payments related services
including Message Transformation, Invoice
Matching, Manual Payment Creation, Payment
Authorisation, Delivery, and Reporting.
Simplex's Securities Administration
Solution (SecAS) for the securities
market provides modules for corporate
actions, Electronic Trade Confirmation
(ETC), Electronic Trade Delivery (ETD),
Reconciliations, and SWIFT.
FOR FURTHER INFORMATION
PLEASE CONTACT:
Philip Walsh
Head of Business Development
Simplex
Consulting Ltd.
Tel: +44 (0) 20 7653 1380
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