(openPR) - Bensheim, 13 May 2008 – Banks that decide on SEPA payment systems must adapt their existing research systems and strategies to be SEPA-compliant. With the recent release of SironEmbargo, TONBELLER AG – one of the world's leading providers of compliance solutions – offers a SEPA-compatible version of its widely used software to combat terrorism financing.
The creation of an internal European market began with the introduction of the Euro, but will only become reality with the implementation of all SEPA guidelines. The SEPA initiative has set itself the goal of creating a common financial market with standard instruments in the 31 member states. It aims to remove all legal, technical and commercial barriers, thereby enabling harmonised payment transactions. In the past these factors represented a significant obstacle to the creation of an internal European market. With the formal start of SEPA on 28 January, SEPA products are being offered in some banks in parallel to national payment products, thus enabling cross-border Euro payments to be processed just as quickly, securely and cost-effectively as national payments. Standardisation of direct debit procedures and card payment systems within the SEPA should then take place.
UNIFI (UNIversal FInancial industry message scheme), the global ISO 20022 payment standard, is used as the common standard for processing SEPA transactions. The UNIFI standard defines the specifications for the international assignment of payment transaction messages.
Essentially, this new basis for payment transaction messages will make it easier for financial businesses to identify financial crime as it provides more extensive information about sender and recipient of the transaction. Existing research systems used to uncover money laundering must however be able to cover the requirements of SEPA and UNIFI.
"In order to ensure the forward-looking development of our solutions, we continually and actively focus on the requirements of our customers," explains Frank Holzenthal, Product Manager at Financial Solutions. "Siron Financial Solutions enable a SEPA-compliant check of payment transactions and therefore offer our customers the guarantee of conformity with regulatory obligations relating to combating the financing of terrorism now and in the future."
TONBELLER AG
Werner-von-Siemens-Str.2
D-64625 Bensheim
Germany
– About TONBELLER –
For 35 years, TONBELLER has been one of the leading providers of business intelligence software. Banks, insurance providers and financial service providers use its compliance solutions to help detect and combat white-collar crime. The company's range of products covers the areas of risk analysis, combating money laundering, fraud detection, sanctions list monitoring and securities market abuse. We are committed to remaining a dependable partner in the future for all matters pertaining to compliance management and for this reason we continue to invest in targeted R&D of our software solutions. The outstanding expertise of the company is reflected in over 700 successful client installations in 40 different countries.
For further information about TONBELLER and its products, visit: www.tonbeller.com
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