Industry (PCI) Data Security Standard (DSS)
version 3.
An Iterative approach to fight
Money Laundering
Yannick Pannacci from the company Fircosoft
presented technologies for fighting illegal
money transfers.
development of the new service at Postbank
in close cooperation with Eurogiro. Initial dis-
cussions on the necessity for re-design began
in 2013. In addition, clear time allowance,
rigorous management of all contractual issues
and excellent project management made the
timely start of the ESSP re-design implemen-
tation possible.
In preparation for the rollout, the colleagues
from the ESSP re-design project organised,
in cooperation with Eurogiro, a three week
community testing period with a final self-certi-
fication which, due to the different time zones,
became extremely challenging.
The rollout as such took place in eight
migration waves between June and August
2015, involving all colleagues from the ESSP
customer service team who were on hand
with help and advice for all participants.
It was a very tightly managed project that was
kicked-off by a letter from the Postbank Man-
agement 6th October 2014 to all ESSP users.
The project consisted of two tracks, one ad-
dressing the design and development of new
technology and procedures at ESSP, at ESSP
users and at Eurogiro, and one securing that
all contracts were renewed. First batch of
re-designed settlement data was processed
on schedule on 24th June 2015.
Looking back over the nine month project
timeline, it is clear that all parties have signifi-
cantly contributed to the successful launch of
the re-designed ESSP solution.
With the new set-up, Postbank and Eurogiro
have introduced an advanced, future-oriented
centralised settlement solution for their cus-
tomers, in line with regulatory requirements,
for the mutual benefit of all parties involved.
Postbank is fully committed to providing the
highest quality ESSP service over the coming
years.
3
By Jutta Rosar,
Frontpage
s
Page 3
s
A much appreciated tradition at the TUG
is the group photo. The Tivoli Hotel was a
very good venue for the event.
The cost of failing to detect money laundering
include reputational damage and high regula-
tory fines. The regulators expect the financial
institutions to have well developed AML
sanctions screening systems and, if not, they
will impose more frequent and higher fines.
The problems have increased significantly
with the increased use of mobile devices and
the Internet. The challenge is to balance the
investments to protect against risks with the
operational cost and the customer experience.
Technology is needed due to:
•
The growing amount of information
•
The speed of transactions
•
Different formats and languages
•
The sanctions lists are growing with more
frequent updates.
This calls for a centralised solution, where all
the transactions are monitored against timely
updated lists.
This is just a brief summary of some of the
presentations. The participants also enjoyed
the following presentations:
•
Central Authentication Service, by Neman-
ja Guzina, Seavus
•
Managed Cloud Services, by Elena Nikolo-
va, Seavus
•
Systems sustainability linked to the soft-
ware delivery cycle, by Josef Assad
3
New structure of the Eurogiro Information
Security Policy. The policy only deals with
“requirements”, there are no more state-
ments with “should”.
8 Eurogiro News
Eurogiro News is a magazine for the promotion
of information, ideas and knowledge within
Eurogiro and is published by:
Eurogiro A/S
Telegade 1, 1.
DK – 2630 Taastrup
Denmark
Editor-in-Chief: Michel Stuijt
Production & subscription manager:
Annelise Lysdal
e-mail:
Final editing: September 2015
ISSN: 1727-7442
Eurogiro is a global payments infrastructure. We
connect posts, banks and other payment handlers
and facilitate a member-driven cooperation to create
business opportunities for our members.
Our network carries payment transfers of all kinds.
Eurogiro accepts no legal responsibility for
consequences that may arise from use of this
publication.
No part of this publication may be reproduced without
the written consent of Eurogiro.
Activity Calendar 2015
Meet us at these events:
12 – 15 October 2015
SIBOS 2015 in Singapore
3-4 November 2015
Eurogiro Asia Pacific Customer Council,
Colombo, Sri Lanka
23-24 November 2015
Asia Pacific Postal Union, Bangkok, Thailand
