05 December, 2016 (Germany): Dion Global Solutions (Dion | BSE: 526927) announced that its client, four subsidiaries of the Erste Group Bank AG banking group, are now live on Dion’s SEPA module for payment processing and clearing – Real Time Payment Engine (RTPE). Following European regulations, all countries within the European Union must be able to process the new ISO20022-based pan-European standard SEPA (“Single Euro Payment Area”). SEPA instruments support credit transfers, direct debits and cards clearing across Europe and are considered as a major milestone in the harmonisation of Europe´s banking landscape.
Four subsidiaries of Erste Group, a leading financial services provider in the Eastern part of the EU, are now live on Dion Global’s world class solution RTPE and are ‘SEPA ready’: Česká sporiteľňa (Czech Republic), Slovenská sporiteľňa (Slovakia), Banca Comercială Română (Romania), and Erste Bank Hungary. These Erste Group businesses can now initiate SEPA payments and direct debits using Dion’s payment solutions.
Katarina Kellenbergerová, Head of Payments and Settlement Division at Slovenská sporiteľňa said, “At Slovenská sporiteľňa, a member of Erste Group, we are committed to providing our customers with high-quality services and to ensuring full compliance with regulatory requirements. The European payments landscape is undergoing a significant revolution. We were therefore looking for a system that would help our bank to face all challenges and to remain a stable financial partner for our clients. With Dion’s RTPE, we now have cost-efficient solution that fully meets our requirements.”
Denisa Wimmerová Šnebergrová, Head of non-Cash Transaction Department at Česká spořitelna added, “Ceska sporitelna selected Dion Global’s RTPE as its payment hub solution because of the complexity of our internal application landscape. We were looking for a solution that embeds into our existing payment processes and is flexible enough to incorporate new requirements we will face in the near future."
Petia Niederländer, Head of Retail & Corporate Operations Erste Group, says: “Dion’s Real Time Payment Engine increases the level of standardization among Erste Group banks and improves our process efficiency substantially. Thanks to RTPE’s modular design, we have found a solution which not only meets Erste Group´s standards, but could also be customized to the member banks' local requirements.”
Besides domestic and cross-border clearing of SEPA transactions, the RTPE implementation project at the Erste Group member banks also helped to facilitate more efficient intra-group clearing between Slovenská sporiteľňa and Česká sporiteľňa, shortening settlement times dramatically. Dion’s RTPE solution links bank’s front office channels for initiation, bank’s core banking system for accounting and booking and the clearing houses in a highly-automated clearing and settlement workflow. This allows banks to reduce the time taken from initiation to settlement in an efficient and effective manner.
Juergen Dahmen, Global Business Head – Financial Messaging & Workflow at Dion Global said, “We are proud to have Erste Group member banks as our customers. The cooperation between the project teams at Erste Group and Dion was very constructive and that led to a successful completion of the project within stipulated timeline. In this project, we could exhibit the flexibility of our Real Time Payment Engine to embed into the existing payment application landscape and the possibility to make amends or develop further in the future as the industry grows.”
Dion Global Solutions
Dion Global Solutions is a trusted global financial technology company with expertise in building solutions for wealth management & asset administration; retail & institutional trading and settlements; FATCA, CRS & other tax compliances; real time payments; bank connectivity & case management; data lifecycle management platform; and GRC audit. With presence in over 17 cities across 12 countries for over two decades, company has built in-depth global fintech expertise to serve the specific and localised needs of financial services firms across the globe. Dion has over 500 clients in more than 85 countries supported by a worldwide staff of nearly 500, including more than 250 in product development. For more information, visit dionglobal.com
Dion Global Solutions
+91 120 4894 866