Deutsche Telekom Accounting said that it has extended its MultiCash solution with the addition of SWIFT 3SKey, the latest device for secure personal authentication and digital signature to be supported in Omikron’s MultiCash solutions.
The payments team at Deutsche Telekom Accounting’s international shared service centre (SSC) has successfully implemented the device in its MultiCash transfer payment factory and tested the solution with the corporate’s main bank in France, in conjunction with the French version of the electronic banking internet communication standard (EBICS).
The 3SKey device was launched by SWIFT as part of its SWIFT for Corporates initiative. One main advantage is that SWIFT’s special position in the international banking community allows it to act as certification authority for the underlying public key infrastructure (PKI).
Although this authentication solution is developed and marketed by SWIFT it is not linked to any one communication channel, enabling 3SKey to be used both with a SWIFT interface such as SWIFT Alliance Lite2 for submitting bulk payments via FileAct and with other channels for secure corporate-bank communication. This has proved popular with leading French banks, which promote 3SKey as part of the new French EBICS communication standard, when the ‘TS’ (digital signature) variant is used for signing transactions.
The global roll-out of 3SKey has also started, guaranteeing the support of the banking community worldwide. Alongside the French and German EBICS-variants, 3SKey can be used with modular curved frame technology (MCFT), which is supported by over 200 banks across the world. “This international approach is a major plus for the MultiCash products,” says Klaus Schuster, team head for international bank payments at Deutsche Telekom Accounting. “Because we are then able to use the keys stored on the SWIFT 3SKey token for other banks in Europe or beyond, as and when we need to.”
On day one of Sibos 2017, Stefan Dab, The Boston Consulting Group led a conversation examining the future of correspondent banking, and specifically the pain points corporate treasurers face in their cross-border payments operations and where technology can be developed to alleviate these.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.