BOX User Forum 2019

The 9th BOX User Forum was held in the beautiful surroundings of Kerpen, at Burg Hemmersbach.

Burg Hemmersbach proved to be the perfect location, providing the opportunity to exchange experiences about BOX, to discuss customer requirements for new functions and enhancements and to hear about new trends and developments in the industry, in an enchanted and relaxed atmosphere. 

We had the honour of welcoming over 100 participants, users, customers and INTERCOPE partners.

Instant Payments, ISO20022 for payments and ESMIG for T2/T2S consolidation were part of the very interesting topics the BOX User Forum 2019 had to offer. Reinhart Laumer, CEO of INTERCOPE, stated “there will be a lot of Hello’s and Goodbye’s in the industry”, sharing his insights into new trends in the payments industry.

13 very inspiring customer presentations were held, complemented by 11 INTERCOPE presentations, including the Development Roadmap, presented by the Head of Development and the Change Request Session, presented by the Head of Implementation. These presentations triggered discussions with all participants about the future requirements and directions of BOX.
The immediate feedback of the participants lead to the conclusion, that the BOX User Forum had met and even exceeded expectations.

We are very excited to announce that next year’s BOX User Forum will be the 10th anniversary and once again held at Burg Hemmersbach.

ISO20022 based T2/T2S consolidation with BOX Messaging Hub

The Eurosystem (the European Central Bank and the national Central Banks of the countries that are part of the Eurozone) is currently working on a large project to provide a new integrated platform for T2 (TARGET2) and T2S (TARGET2-Securities) in terms of both technical and functional aspects providing Central Liquidity Management (CLM), designed to ensure efficient provisioning of liquidity.

The new integrated platform will provide a “Eurosystem Single Market Infrastructure Gateway” (ESMIG) allowing access to the market infrastructure of the central banks including T2, T2S and TIPS (TARGET Instant Payment Settlement) through a unique communication interface. The currently used SWIFT FIN messages for payment related messages in T2 will no longer be supported but replaced by XML based ISO20022 messages. In addition, the new platform will support multiple network providers while T2 currently is exclusively connected via SWIFT.

The new consolidated platform will be launched in November 2021 as a “big bang” cutover, which implies a tight timeframe for the participating financial institutions to adopt their financial messaging infrastructure.

With INTERCOPE’s BOX Messaging HUB (BOX) customers are perfectly prepared to cope with those challenges in a timely manner:

  • Eurosystem Single Market Infrastructure Gateway Adapter included in BOX
  • All Instant Messaging for SCTInst features are included
  • Multiple CSM support for TIPS and RT1 (Instant Payment platform of
    EBA CLEARING)
  • Multi Network Support for SWIFT, SIA, EBICS for Instant Payments and T2S
  • All T2S features (Signature, Oversize / Timeout) are included in BOX
  • MT – MX transformation for the new T2 system is included in BOX
    • No additional message exchange with extra cost is required
    • Possibility to store non transformable excess data (MX -> MT) in BOX for exception handling
  • INTERCOPE has long-term experience in such transformation projects and has been helping its customers to efficiently manage protocol and infrastructure changes for many years

99 % reduction of customer payment failure rates

Following the successful introduction of Intercope’s BOX product for all their FileAct traffic to ensure SWIFT CSP security compliance, one of the UK’s top 4 banks saw a large reduction in the number of customer payment failures.

Inbound file failures were down to 0.02%, and to less than 0.01% for all their EBA SEPA traffic – a 99% reduction from what they were previously. 

This significantly reduces the workload for the Operations teams at the bank and provides their customers with a better payments experience. 

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