OPEN Banking Systems

Current Account Management in HUF and FCY,
Cash Desk system

The OPEN Banking Systems modules constitute a suite of financial settlement applications that perform payment transactions as well as current account and cash desk transactions in both Hungarian forint (HUF) and foreign currency (FCY).

The main features and benefits of the modules in the system are as follows:

• Management of payment transactions in several currencies
• Support for Hungarian and international payment transactions
• STP (straight through processing) of transactions
• RTGS operation
• Standard account management and record-keeping
• Flexible and configurable modules to meet a wide range of user requirements
• The system modules are suitable for integration with other internal and external applications
• Support for GIRO and RTGS connections, and support for connections to international payment systems

The basic modules are as follows:

• Current Account Management in HUF
• Current Account Management in FCY
• Cash Desk System

The Current Account Management systems in HUF and FCY, together with the Cash Desk system, perform the comprehensive processing of account transactions, as well as of all industry-standard cash desk operations.

The Current Account Management System in FCY performs the management of foreign currency accounts, the comprehensive processing of foreign currency account transactions, the recording of exchange rates, and the related reporting.

The OPEN Banking Systems range of applications provides a complete solution for the management of domestic and international payment transactions – enabling the net processing of orders, as well as the use of a real-time gross settlement (RTGS) mode – through the key features and functions listed below.

• Multi-currency account management and record-keeping
• Transaction-based STP processing
• Processing modes:
• Net processing of low value transactions in batch settlement mode
• RTGS processing: the gross settlement of transactions in real time, consecutively and continuously, with accounting and settlement taking place simultaneously
• Support for integration with international payment systems
• Support for connection to the National Bank of Hungary (NBH) RTGS system (SWIFT messaging capability)
• Liquidity management
• Real-time client connection
• Order processing monitoring
• Cash desk operations

Modules and business functions

The OPEN Banking Systems use the following modules for the management of payment transactions:

• Current Account Management in HUF
• Current Account Management in FCY
• Cash Desk module

The Current Account Management in HUF module processes account movements, while the Cash Desk module handles the cash transactions on clients’ accounts.

The Current Account Management in FCY module performs the management of foreign currency accounts, the comprehensive processing of foreign currency account transactions, the recording of exchange rates, and the related reporting.

Functions of the Current Account Management in HUF and FCY modules:

• Multi-currency account management, handling of mirror and suspense accounts
• Processing of orders in the form of predefined transactions, and their booking on current accounts
• Support for deposit and lending operations
• Same-day and value-date statement preparation, real-time confirmation for customers
• Coverage checking and shadow accounting
• Performing of account blocking and unblocking operations
• Release (liquidity management)
• Back valuation, forward valuation
• NBH interface (RTGS connection)
• GIRO interface
• Monitoring of transaction processing
• Daily turnover and account reconciliation
• Reporting, statistics

Services of the Cash Desk module:

• Cash handling
• Deposits, withdrawals
• Conversion
• National Bank (NBH) delivery and collection
• Cash desk receipts
• Reconciliation of opening and closing balances
• Inventory

Internal system connections

The OPEN Banking Systems application suite connects to other internal and external systems via a standardised interface.

The Current Account Management module connects in real time to the OPEN-RTGS system, which performs the itemised processing of business transactions in real time, using the queue-management system that forms the basis for the RTGS module.

The OPEN Banking Systems suite connects to the G/L Posting system.

Compatibility with Hungarian and international payment systems

The OPEN Banking Systems applications suite is compatible with the Interbank Clearing System (ICS), and, owing to its RTGS capability, connects to the RTGS interbank clearing and settlement system (CAS) operated by the National Bank of Hungary (NBH), which, since EU accession, has also performed international euro payments by interfacing to TARGET.

The system is also capable of providing messaging services over the SWIFT network (interbank communication services).

OPEN Banking Systems is a package of modular applications with a client-server architecture and a user-friendly graphical interface, and can be flexibly developed to suit a wide range of user requirements.

The protection of the systems in terms of access and authorisation is ensured on multiple levels, partly by leveraging the opportunities offered by the applied technologies and partly by utilising the supplied application-level protection devices.

KELER (Central Clearing House and Depository Budapest) Ltd.