81 million US dollars – criminals have stolen this enormous sum from the central bank of Bangladesh, not in a movie-style heist but very quietly via hacking. The thieves made more than 30 bank transfers from the account of the Bangladesh Bank at the New York Federal Reserve Bank (Fed) to Philippine accounts. This case and others show that inter-bank payments are a lucrative target, and that the security of the SWIFT international financial network is vulnerable. Penetrating this network certainly requires a lot of effort, however the loot that can be expected is even greater. In view of such professional attacks, the security of payments is at the top of the agenda once again. Continue reading
- A payment was entered and sent twice in the order input.
- The file with the payment orders was transferred again – for the second time.
- For technical reasons, the payment file was transferred twice because the transfer status of the first transfer was not clear.
A double submission is basically a case of a customer submitting a payment or file with identical data to the bank again within a defined period of time. However, is an identical submission always a double submission that generally must be rejected? No, because some payments are deliberately prepared and transferred multiple times by the submitter. Continue reading
For the fifth time in a row, UBS was named “Best Domestic Cash Manager Switzerland” in the Cash Management Survey 2015 conducted by Euromoney. This success is a result of many years of focussing on customers’ needs and optimal product and service quality.
One component of this range of services is the infrastructure for connecting customer systems directly, for which an interface based on proprietary data exchange has proven itself over the years. This direct connection is used by customers in Switzerland. Internationally, customers mostly use a connection via SWIFT for Corporates or multi-bank services to exchange payment data and reports with their financial institution.
It is already possible now for UBS customers to execute their global financial transactions securely – in particular for international branches. A major goal of the new infrastructure is to make the connection to financial institutions more secure, convenient and standardised. Continue reading
In 2014, the majority of Portuguese banks opened an EBICS channel based on version 2.4.2 of the protocol. Only the T profile is really used at the moment, however many companies would like to use the personal signatures that foreshadow the operation of the TS profile in the short term.
At the moment, very few Spanish banks offer their business customers the option of managing their financial transactions by means of the EBICS protocol. However, demand is getting more and more significant, as demonstrated by the presence of several participants at an event organised in Madrid by the Spanish Association of Corporate Finance Officers and Treasurers (ASSET) on 20 January.
In 2010, the French CFONB and German DK banking authorities created a joint EBICS committee. One of its visions is to harmonise EBICS. The different procedures that already existed in these countries influenced the EBICS specification and are making it more difficult to implement EBICS. Germany and France use different approaches for the (short) identifiers for business transactions and for the formats to be used. This topic was given further momentum when Switzerland joined the EBICS SCRL. A harmonisation project was initiated with the goal of a standardised procedure for all of EBICS. This consolidation is known as EBICS BTF. Continue reading
After Germany and France, Switzerland is the third country to join the EBICS community, taking the internationalisation of EBICS a step further. Has EBICS got the potential to become an international standard and is this in the interest of customers and banks? Continue reading
According to the EBICS specification, data is always transferred signed and encrypted. This applies to both directions of communication: customer > bank and bank > customer. In Germany, there are theoretically no limitations on the validity of the keys used for this. In France, at least the validity of the certificates is limited. For security reasons, it is absolutely necessary to renew the keys regularly. For the customer side, EBICS already provides functions for an automated key change for an EBICS user that has been initialised. However, the automatic renewal of bank keys is more difficult in practice. A “soft key change” is one solution. Continue reading
At SIBOS in Singapore traditionally SWIFT is starring and EBICS plays a supporting role. Nevertheless, the interest in the use and the future development of EBICS was great. More than 8000 visitors came to the exhibition at the Sands Expo and Convention Centre. This made SIBOS in Singapore the biggest event in Asia and the second largest in the world. The prevailing topics show that there are going to be even more major changes in payments. Continue reading
Banks in Switzerland are working hard on projects to implement the harmonisation of Swiss payment transactions in accordance with ISO 20022. Software manufacturers and corporate customers demand opportunities to test the new payment formats. What they are looking for is an end-to-end testing scenario that optimally reflects real-life processing by the bank. Very few banks in Switzerland can offer this type of test. This is where EBICS can help.