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AEG NewsletterSecond Quarter - 2021 | Issue #14 |
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“On-site interventions and meeting with our customers in person have been long waited for throughout the pandemic.”
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Word from the CEO
Many countries are reporting fewer new coronavirus infections including Lebanon where our headquarters is situated, which is giving us more travel flexibility. In fact, this will allow us to participate again in roadshows, seminars, and events to interact with the global financial community. Although our business was not affected throughout the pandemic as we have taken all necessary measures to avoid any disruption for us and for our clients equally, yet, it feels good to see that life is going back to normal and that human contact is possible again. Dr. Mohamed Sadek – CEO and General Manager SWIFT Compatible Application AEG is proud to announce that its in-house developed AEG gpi-PRO application is now a SWIFT Compatible Application for the year 2021.
For more information, contact your account manager here SWIFT Directory Link: https://www.swift.com/about-us/partner-programme/swift-certified-applications/swift-certified-applications-finder AEG UPC is Live AEG Universal Payment Confirmation, already self-attested and published on swift.com, is now live. After finishing the developing and testing phases, our teams started implementing the solution, and our customers are very satisfied with the results. This application has been so far implemented at over 50 banks. This solution is intended for customers who do not need the full features of the AEG gpi-PRO, however still need to be compliant with SWIFT’s mandatory payment confirmation. The application works as a middleware between the core banking applications and SWIFT interface. It integrates with the core banking applications to convert the received information about payment settlement or rejection for the received payments into MT199 messages or API calls to update the SWIFT tracker within the allowed duration for the confirmation. It has also the capability for manual confirmation in case the core banking application does not generate confirmations. It also integrates with the functionalities of the back-office applications to help the bank to offer tracking capability and send confirmation to their clients. Due to the continuous demand on this solution, AEG will extend its promotional offer on AEG UPC till the end of August 2021. For more information, contact your account manager here SWIFT Directory Link: https://www.swift.com/our-solutions/global-financial-messaging/payments-cash-management/unlocking-payment-confirmations/universal-confirmations-application-provider-self-attestation?page=0 MT-ISO Converter AEG is providing a special promotional offer on the AEG MT-ISO Converter valid till the end of August 2021. AEG MT-ISO Converter is a middleware application that resides between core banking applications and SWIFT Alliance Access/Entry and transform the MT messages to ISO 20022 and vice versa. It plays the role of transforming standards, adapting to bank’s operational procedures, adapting to CBPR+ regulations and has the capability to enrich the messages where needed. Conformance to CBPR+ specifications will be validated by the SWIFT messaging service, so it is imperative that banks implement the specifications correctly. As per SWIFT Regulations, MT to ISO20022 migration will start on November 2021 and Banks have a 4-year migration period (till 2025). For more information, contact your account manager here SWIFT CSCF 2021 Compliance CSCF 2021 has 22 mandatory and 9 advisory controls with elaborate clarifications. SWIFT further introduced a new architecture A4 in this version. CSP Community-Standard Assessment will be mandatory as of July 2021; banks will have to attest after undergoing an assessment undertaken by an internal or external assessor. However, undertaking the assessment through the assistance of an external assessor is valid for 2 years.
Being listed on SWIFT’s directory of CSP assessment providers and having deep expertise in the field, AEG stands among the best assessors today. AEG has been working closely with its clients providing consultancy, guidance and support concerning the compliance with SWIFT’s CSCF framework since the first release of CSP in 2016. For more information, contact your account manager here SWIFT Directory link: https://www.swift.com/myswift/customer-security-programme-csp_/community-engagement/assessment-providers-directory |
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In This Issue |
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01. SWIFT Compatible Application |
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02. AEG UPC is Live |
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03. MT-ISO Converter |
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04. SWIFT CSCF 2021 Compliance |
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“AEG gpi-PRO labeled SWIFT Compatible Application for 2021”
“AEG Universal Payment Confirmation, already self-attested and published on swift.com, is now live”
Reminders and Announcements ü CSP Community-Standard Assessments is mandated starting July 2021 ü AEG gpi-PRO application is now a SWIFT Compatible Application for the year 2021 ü AEG Universal Payment Confirmation is self-attested and published on swift.com ü AEG is listed on SWIFT’s directory as CSP Assessor ü AEG is listed on SWIFT’s directory as Cyber Security Service Provider |
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With the pandemic finally narrowing down and getting in
control, and with various countries starting to open up, our business operations
are back to normal in terms of on-site interventions and meeting with our
customers in person. This has been long waited for throughout the pandemic.
AEG gpi-PRO is a gpi payment application developed by
AEG and labeled as SWIFT Compatible Application 2021. It is dedicated to
create gpi payments and allow the bank and its client to track their payments
in real time. It automates and facilitates the process of creating,
tracking, monitoring, responding and handling gpi payments. Its integration
modules with the back-office applications allows the bank clients to easily
track their payments in real time using the bank’s internet banking, mobile
banking or a specially designed web-interface.
As an expert in the field, AEG highly recommends the external
assessor, not only for eliminating the assessment headache for the following
2 years, but also to avoid the hassle of the whole process and to avoid any
conflict of interest. Moreover, having this assessment performed by a
third-party expert will definitely give your bank that extra edge and deeper
trust among your correspondents.