The next generation (version 4.0) of the Euro-
giro applications has been very well received
by our members. The software was released
last spring and was further updated with
a release in November. The major changes in
version 4 were the merging of the code for the
ELS and ESM applications and the new GUI
(Graphical User Interface), as described in the
February 2014 Newsletter.
2014, there were 30 competing LOUs,
which had issued more than 310.000
LEIs. SWIFT is licensed to issue LEIs and
SWIFT released its ’BIC to LEI Directory’
in September 2013. There are no changes
to the use of BIC for routing in the financial
networks.
LEI and Eurogiro members
Most Eurogiro members are already obliged
to have an LEI, due to their supervised
status and their reporting obligations. As the
LEI is required by any party to a financial
transaction, payment providers would be
expected to actively support the roll-out of
LEI to clients as well.
Yet today there are still many open ques-
tions regarding the practical use of LEI and
its future development should be followed
closely.
3
(With gratitude to Gerard Hartsink,
Chairman of Global LEI Foundation)
Eurogiro releasing version 4.2
of our software
The Eurogiro ELS and ESM applications are constantly updated to
implement solutions and services required by our members.
In the development of version 4.2 the focus
has been on:
•
Enhanced settlement support
•
Single transaction Envelopes
•
Enhanced management interface
The objective for Eurogiro is to implement
solutions that require less development at the
member site and at the same time maintain
a high level of cost efficiency in the processing
set-up, whilst complying fully with legislative
requirements within the scope of our mem-
bers’ business.
Enhanced settlement support
In Eurogiro transactions are sent in bulks of
up to 500 transactions – the MT envelope file
– to reduce processing costs of transactions
and increase efficiency of administration.
This is a unique set-up from which Eurogiro
members have benefited for more than 20
years.
The ELS and ESM have for many years sup-
ported automatic procedures to generate the
settlement statements and for reconciliation
of the Debit / Credit advices. In v4.2 additional
services will be implemented to enhance the
support of settlement of bulked Envelopes.
These services will include automatic copy of
the underlying instructions and an interface to
edit and re-transmit a bulked Envelope.
Single Transaction Envelope
To lower the entry level for new banking
members of Eurogiro it has been decided to
support single transaction MT103 (SWIFT
FIN). The MT103 will hold a single transaction
and the headers and trailer will be without the
Eurogiro extensions.
A conversion utility will be implemented on the
ELS /ESM to convert the single transaction
MT103 into a standard Eurogiro Envelope
to make the support transparent for existing
members.
Enhanced management interface
By version 4.0 it became possible to edit the
configuration files from the GUI. In v4.2 this is
further enhanced by adding more validations
to the changes made by the operator.
To ease the reading of the log-file we will im-
plement a utility to highlight the specific events
by colour codes.
3
ELS is the application used by
members connected directly to the
Eurogiro network.
ESM is the software used by members
connected via SWIFTNet.
We combat illegal transactions – on
transaction level, with community
procedures and by technical solutions on
the Eurogiro network
Eurogiro News 3
