CoCoNet offers software solutions for communication via EBICS with German Central Bank
February 20, 2008 - With the introduction of EBICS (Electronic Banking Internet Communication Standard) the existing German BCS standard designed for the communication with corporate customers has been extended to exchange data through the Internet. The new German multi-bank standard which applies since January 1st, 2008 is binding for all German banks and will completely replace the present BCS-FTAM standard after a transition period of 3 years. The established properties in place like master data, keys or order types will be maintained in the future.
In addition, the German Central Bank has also decided to use EBICS as communication standard for the data exchange with its partners - public administration, commercial banks, financial service providers and other customers - in future and to discontinue the currently used proprietary FTAM method, where files are sent actively in both directions. This demands a new approach of the EBICS method, as EBICS was originally created for the communication between banks and customers, where only the customers, but not the bank were supposed to take over an active part. This means that the customer always takes over the active role: the client system sends payment files to the bank and collects e.g. log files, SWIFT daily statements or data medium information files. The German Central Bank's decision to use EBICS for the interbank communication requires interactive activity in future: beside the passive part while receiving EBICS traffic from their customers, banks will now have to take over the active part. In its accompanying documentation the German Central Bank defines the new roles as follows: > "Speaking in the terminology of the remote data transmission agreement, the German Central Bank acts like a bank system while receiving data from credit institutions. When dispatching data, the German Central Bank basically acts like a customer system. Consequently the role changes depending on the sending direction."
With the MULTIVERSA product suite CoCoNet provides solutions, which support both the active and the passive part. CoCoNet's MULTIVERSA IBS International Banking Server covers the passive part and also guarantees the acceptance of the sent data including control of authorisation and digital signature. On the other hand the active EBICS transmission is processed via the multi-bank portal solution MULTIVERSA IFP International Finance Portal. As MULTIVERSA IFP and MULTIVERSA IBS are also SEPA-ready, they qualify for a standardised interbank communication via EBICS perfectly.
Through a combination of both MULTIVERSA product components MULTIVERSA IFP and MULTIVERSA IBS, fully automated, fast and secure processing of data exchanges in both directions is guaranteed. Banks, as well as other customers of the German Central Bank, e.g. public administration or financial service providers, are now able to replace complex heterogeneous processes and reduce costs for interbank clearing. With the MULTIVERSA product suite CoCoNet therefore meets all current and future requirements for an interbank communication, including the German Central Bank.