Leveraging Printec’s know-how, Alpha Bank has become the first bank in the Greek market to implement across all of its banking channels, and with the utmost security, the innovative service of instant payments for transactions within the Greek territory, thus reducing to zero the time required for the inter-bank transfer of funds and the liquidation of the transactions of its Customers.
The innovative service of instant payments ensures Customers instant availability and transfer of money, and improves their service experience, while facilitating payments through smart devices, such as wearables. In fact, Alpha Bank has already cleared hundreds of instant payment orders for amounts up to €12,500 in just 0.7 seconds.
The benefits of instant payments are not limited to end users, though. Businesses, financial institutions, and payment service providers benefit greatly from instant payments, as they can efficiently manage overdue payments and working capital, promote e-invoicing and handle payment of invoices, and strengthen their relationships with consumers, merchants and businesses.
Specifically, by implementing FICO’s Siron® Embargo solution, Alpha Bank is now able to monitor transactions in real time, ensure compliance with national, international and domestic sanction lists, accurately eliminate any suspicious transactions and combat money laundering. Alpha Bank is fully registered with the new infrastructure 24/7/365 of the interbank pan-European payment system SEPA, having successfully completed the necessary technical tests, in cooperation with the DIAS Interbanking Systems S.A.
“The new instant payments infrastructure, that Alpha Bank first offers through all its service channels, both digital and physical, allows to immediately clear payments up to €12,500, while ensuring maximum levels of security through real-time controls to combat money laundering (AML/CFT). Transactions are cleared not on the next working day as was normally the case until now, but within a fraction of a second. This way, our Bank continues to lead the way in technology, ensuring the best service of our Customers also in the field of Instant Payments”, says Spyros Tzamtzis, Alpha Bank’s Executive General Manager of IT – CIO.
“We are extremely proud to have worked with Alpha Bank on the implementation of such an important project that facilitates transactions, while ensuring maximum security. In fact, within just 3 months we managed to integrate the solution into the banking systems and processes, making full use of the platform's capabilities, minimizing processing times and eliminating down-time needs. All of the above has led to the alignment of the solution with the requirements of this type of payments and the directives of the European Central Bank. At Printec, we offer our customers high quality services, combining the latest technologies with our expertise in the banking industry, contributing to the fight against money laundering and financing of terrorism”, says Tessi Chrysostomou, Senior Manager, Professional Services at Printec Hellas.
The new Instant Payments framework is expected to shape banking in the near future, and increase tremendously the speed at which transactions are completed in the European Union.