The solution: Metasite SEPA payments plug-in application
Verse chose to integrate its core banking system with the Central Bank of Lithuania CENTROlink payment system because that enables Verse to incorporate SEPA instant payments and credit transfers into the Verse app experience.
Yet integrating SEPA payments into the Verse core banking infrastructure posed some challenges – from ensuring a smooth roll-out through to meeting technical and compliance requirements. Verse needed a partner that could deliver a steady, re-assuring route to achieve its objectives. At the same time, Verse wanted to retain maximum decision-making power and flexibility to meet demanding user expectations.
In Metasite, Verse found a technology partner with a unique mix of a tailored approach as well as expertise and speed.
The application is a customisable middleware hosted on Verse infrastructure, which cuts out the need for payments intermediaries. The plugin is designed for quick deployment with the goal to help fintech companies such as Verse to quickly access SEPA instant payments and credit transfers.
The plug-in links a client’s core banking system with the Central Bank of Lithuania’s CENTROlink payment system that provides access to payment service providers, enabling them to use SEPA services. The middleware does so by translating JSON messages into ISO 20020-compliant XML files, signing the files with a hardware security module, and submitting them across a secure connection.
The result: smooth, confident go-live for Verse
To implement SEPA capabilities, Metasite helped Verse with the integration of both SEPA schemes – credit transfers and instant payments. From a technical perspective, the integration of each scheme requires going through the following key steps – setup and integration with a client’s internal systems, integration with a hardware security module (HSM) for the signing process, and passing the required tests.
Verse instant go-live was aided by the fact that Metasite is an established integrator with knowledge of the Central Bank of Lithuania processes, including existing experience in helping clients pass CENTROlink acceptance testing.
“Financial institutions must provide a test log of completed transactions scenarios that demonstrate the ability of the institution’s integration to handle different transactions competently. The current testing regime requires proof of successful execution for dozens of test cases. We assisted Verse in demonstrating that their SEPA integration functions according to regulatory requirements and that the payment processing is ready to go live.
In general, SEPA payments integration for Verse worked really smoothly, which in large part was the result of the client’s hands-on approach,” shares Mantas Kentra, Metasite Senior Solution Architect.
Metasite SEPA payments plug-in application rapidly and securely connects core banking systems to the Central Bank of Lithuania CENTROlink payment system