Neptune Software today announced that the Exceptions and Investigations (E&I) engine that enables the E&I capabilities of the Rubikon suite of products was provided a Conformance Statement by Swift.
Power Payments Technologies' (PPT) E&I solution, which powers the Rubikon E&I application, has successfully passed the Functional and Technical validations by SWIFT and was awarded a "Conformance Statement" acknowledging the technical capabilities of the application. This confirms that the application fully supports SWIFT's solution for Exceptions and Investigations Release 1.1. This step is a significant milestone in supporting Rubikon's approach to providing a complete suite of integrated payments services.
Rubikon provides: (1) an advanced E&I workflow and case management solution to be used for international and domestic SWIFT‐based exceptions, (2) a payments oriented general purpose SWIFT messaging and payments processing solution, (3) a gateway for Corporate customers into SWIFT, and (4) an Anti‐Money Laundering (AML) layer to secure incoming and outgoing SWIFT and domestic transactions.
In line with all Rubikon components, the PPT supplied E&I solution of Neptune's banking solution is based on Java/J2EE and built on a SOA, thus making it database independent, light‐weight, easy to integrate and flexibly deployable. As well as potentially bringing tremendous efficiencies and operational cost savings, the AML components of the Rubikon suite assist banks and financial institutions with tools to enable them to meet the Wolfsberg Principles and FATF Rules for the purpose of preventing them from becoming an instrument for money laundering, the financing of terrorist activities, fraud or other corrupt or illegal practices.
Alan Goodrich, Commercial Director, of Neptune Software, says, "We are thrilled that PPT have obtained this Conformance Statement from SWIFT for their E&I solution and congratulate the team on their outstanding achievement. A significant percentage of cross‐border payments fail the first time they are sent. The cost of manual investigation is a huge drain on resources and a significant cost to banks. Therefore, automating E&I with a SWIFT validated solution can deliver rapid returns for our customers."
"PPT is a product and technology company focusing solely on E&I. Passing the demanding Functional and Technical requirements from SWIFT and being granted the E&I Conformance Statement is a defining moment and encourages us to continue broadening the scope and reach of our E&I product offering, in particular in partnership with leading partners such as Neptune, for the benefit of their clients." indicated Alain Falys, PPT Director.