Wednesday, June 19, 2024

“FinTP the first open source application for processing financial transactions expends its footprint

Software applications developed by Allevo for the financial – banking operations are getting more and more appreciated by banks, the most recent client being EximBank, a niche bank, solely dedicated to corporate financing.

By adopting FinTP, EximBank benefits from a technology that drives cost reduction and conveys full control over the source code of the application, thus eliminating the common vendor lock-in dependence, while gaining access to a transparent product development process and transparent product audit.

“EximBank is constantly concerned with up grading its IT infrastructure aiming at supporting an improvement in services’ quality; the Allevo solution offers us the flexibility to design our business infrastructure accordingly to our strategy”, declared Traian Halalai, Executive President of EximBank.

FinTP is an application distributed under GPL v3 open source software licensing frame that processes transactions, automates flows and offers compliance to regulatory and industry standards. FinTP is directly aimed to grow competitiveness, making financial processing systems affordable to both financial institutions and SMEs.

“The current financial market trends include mobile business, personalized customer experience and shortening of supply chains. Allevo has created a vehicle to support all these trends. To have adopters like EximBank reassures us that we made a good decision to start distributing our products under open source software licensing frame and to rethink our business model, focusing on providing services that address concrete needs of our customers”, says Corina Mihalache, CEO Allevo.

Feature-wise, FinTP provides support for the most used funds transfer instruments (credit transfer, direct debit, debit instruments) and includes features for operational risk containment (transaction filtering, duplicate detection, accounting reconciliation), liquidity reporting, treasury operations management, end-to-end management of remittances, competitive reporting and SEPA & TARGET2 compliance.

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