Maltese Bank Using Simplex Service Bureau
APS Bank in Malta is outsourcing its SEPA compliance issues to UK based Simplex Consulting, to leverage its Simplex Bureau solution over SWIFTNet. Banks operating in euro payments have been aiming to achieve the mandated SEPA compliance this year, which includes the need to support new XML schemas and be reachable across the eurozone. The Simplex solution leverages its existing SWIFT Service Bureau and SWIFTNet FileAct connectivity to reach either the Pan-European clearing house, EBAStep2, or a major euro clearing bank. Payments are transformed from SWIFT and local proprietary formats to SEPA XML and bulked and sent to and from the ACH or major euro bank. The solution leverages the technology of Sterci SA from Geneva.