FinologeeENPAY is a software-as-a-service (SaaS) platform designed to enable financial industry professionals, insurance companies and the asset servicing industry, as well as corporates and institutions, high-volume bill issuers and public sector entities to manage their payment and reporting processes in a more efficient and safer way.
Whatis it?
Through this single-entry product, clients can streamline their payment processes by automating payment order messaging, transaction validation and reporting. ENPAY relies on a direct connection to the SWIFT financial messaging network. Thanks to SWIFT’s global reach, most bank accounts can be connected to the platform with no additional technical impact.
User authentication, workflows and transaction signatures are fully carried out through ENPAY, either through secure and easy-to-use web interfaces (for manual entry or batch upload) or ENPAY’s API endpoints (for system interconnection), without the need for additional authentication/signatures using the banks’ mechanisms. The product encompasses adaptable role-based access and display management, an advanced workflow and notification system and compliant audit/reporting features.
What arethe features?
How does itwork?
What arethe components?
Screens &interfaces
The dashboard enables a quick data access and visualisation of the payment activity on the platform. Recent operations, top counterparties, and other relevant information are available at a glance, on the start screen. It includes shortcuts to access the main views and to perform quick actions. The information on the dashboard is adapted to each user depending on their role.
Users can initiate payments manually or import a batch of payments which will be encoded in the system. New payments are sent automatically for authorisation to the registered signatories. Once all required authorisations have been received, payment instructions are sent automatically to the bank through the SWIFT network for execution.
Users can see all the transactions that are encoded in the system on this page. A set of filters is available allowing the user to look for any transaction based on specific items such as status, counterparty or amount. A search bar is also available to quickly find transactions.
Once the user has found the transaction they are interested in, they can see its details. On top, an audit log of all the events related to this transaction is displayed (e.g., creation date, sent notifications, authorisations, execution date). The audit log can be exported for compliance purposes.
Based on the notification received, signatories can quickly access the list of pending payments assigned to them. Once they have reviewed the transaction details, they can either authorise or reject the payment. An authentication system and signature stack ensure the security of the validation process.
Our reporting tool allows any user, based on its role (accountant, auditors and compliance),to generate and export payment reports. ENPAY includes custom reports and account statements with filtering options that can be downloaded as PDF or CSV files.
Following the example of payments, counterparties are encoded in the system and subject to authorisation. ENPAY also provides a blacklisted IBAN feature to help reduce the risk of fraud.
The list of pending counterparties is available to users in charge of the review and validation process. When a counterparty is authorised, an email notification is automatically sent to the user who created it so they can initiate a new payment.
See foryourself
Valueproposition
Increased data entry accuracy
ENPAY makes it easier to set up payments through its user-friendly interface while reducing the risk of manual errors and increasing safety with its built-in validation mechanisms.
End-to-end automation
Thanks to its flexible technical design and modern architecture, FinologeeENPAY caters for end-to-end automation scenarios by connecting client systems through its secure API endpoints. This enables clients to submit transactions directly to their banks over the SWIFT network without the need for additional (human) validation at bank level or using the bank’s own security credentials.
Reach
FinologeeENPAY’s bank network connectivity is provided using Finologee’s own SWIFT connection stack. Finologee routes messaging using its own BIC but can also the client’s BIC. National and international coverage is virtually universal, with most banks being connected through the SWIFT network and thus being able to receive payment instruction messages and providing reports. Connection of bank accounts is a straightforward and standard process with banks and does not have a technical impact on the client’s side.
Flexibility
When defining the scope and the setup of an ENPAY implementation project, Finologee works closely with its client to define user roles and permissions that accurately reflect the client’s organisation and configure authorisation workflows according to internal procedures. Custom reports can also be implemented to meet specific business requirements.
Performance
ENPAY instances and implementations can be deployed and scaled very flexibly on Finologee’s Trusted Platform and web interfaces are optimised for the most relevant desktop and mobile devices, so end-users can enjoy the best experience when using the product.
Luxembourg regulation compliance
Finologee operates the ENPAY platform as a Luxembourg Support PFS, holding a financial industry IT provider licence by the Ministry of Finance. This status requires Finologee to abide by the same regulation that applies to banks and other financial industry professionals, making outsourcing to Finologee by regulated professionals more straightforward. For non-regulated players, the Support PFS licence provides additional guarantees with regards to risk management, professional secrecy, IT security requirements, audit, and compliance requirements, among others. Finologee also is ISO 27001:2013 certified.
Security
The ENPAY system is hosted on Finologee’s Trusted Platform environment, providing state-of-the-art security and resilience guarantees fully meeting the financial industry’s requirements. The security architecture of the product has been developed according to highest market standards, with third-party transaction signature relying on industry-leading partners and thoroughly segmented production environment.
Hosting
The platform and the products hosted on it are subject to both financial industry and ISO 27001-compliant audit processes, and full-scale penetration tests are carried out on a regular basis. Hosting is done at EBRC’s facilities, with Luxembourg’s leading data centre provider, in a redundant setup at EBRC’s Tier IV-level premises.
Partners &Connectivity
Banks connectivity provider
Authentication & Transaction e-Signature
Banks we cover
(June 2021)
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Resources
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