Finance and Insurance

Bank of Estonia: Development of DNS, SAMS, RTGS and Target2

We have been participating in the development of the clearing and settlement systems at Bank of Estonia: The overall system consists of the following subsystems:

  • DNS (Domestic Net Settlement), today called  ESTAand one of the fastest domestic clearing systems in the EU. ESTA settles domestic inter-bank retail payments using a fixed time schedule. As of 1 January 2011, the ESTA only settles payments initiated in the euro. It is open every working day from 8:30 to 18:00. Payments are not settled on national holidays and at weekends.

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    ESTA is convenient and fast for bank customers - this is ensured by the long working hours of the system and a frequent transfer of payments to banks. Banks are notified of incoming payments on the hour 10 times a day from 9:00 to 18:00. Depending on the time of initializing the payment, on working days it is transferred to the beneficiary's account within 30 to 90 minutes. Our initial mission in this project was the re-implementation of two performance-critical components that would have been stumbling blocks for DNS going into production otherwise. Our team achieved the goal by improving the speed of those components and increased the performance between five and ten times. This was the basis of our long-term co-operation. Please read more >>>
  • SAMS (Settlement Account Management System). We re-implemented the SAMS system to a true three-tier solution. Payments can be received from clients of multiple types - BoE itself, commercial banks, Estonian Central Depository for Securities. The application server component of SAMS puts payment orders initially to a queue and handles (pays) them asynchronously later at the value date of a payment order. Sophisticated notification services were added to the system to inform the clients on the results of their payment orders.
  • RTGS (Real-Time Gross Settlement). The Real Time Gross Settlement System (RTGS) was meant for processing high-value and urgent payments. Payments from one bank to another took a few minutes. All payments worth 1 million euro or more were considered high-value payments and processed through the RTGS. However, smaller payments could also be settled through this system. The EP RTGS was used for performing domestic express transfers in Estonian kroons. EP RTGS settled domestic transfers, net settlements of net systems and transactions with Eesti Pank (cash and forex window transactions). EP RTGS processed all payment orders individually. Payments could be sent to the EP RTGS ten banking days in advance.In addition to real-time settlements, RTGS allows for exchanging payment instructions with TARGET2 (Trans-European Automated Real-time Gross Settlement Express Transfer System). In connection with the introduction of the euro, the Bank of Estonia uses RTGS mainly for sending and receiving payment instructions nominated in euros to and from TARGET2 and, to a lesser extent, also for settling financial receivables and payables between the settlement clients of the Bank of Estonia. Payment instructions may reach RTGS via various channels. For instance, parties to transactions may send them or they may be sent within the bank via the SWIFT interface (file interface) CORBA interface as well as the Java Swing user interface.
    Please read more >>>
  • UAP (User Access Point). This system is a gateway for commercial banks and Bank of Estonia controlling payments through DNS/ESTA and if required redirects them to RTGS.

Contact at Mindware:
Sales, e-mail: sales@mindware.ee, tel +372 6850 177

Bank of Estonia: Cash management

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It is a cash management system for internal use in the cash department at Bank of Estonia. The system keeps track of the cash notes and coins in use through Bank of Estonia and Estonian commercial banks. It is also used for ordering cash notes by commercial banks, taking them back from them, counting, sorting cash and coins, keeping track of destroyed or new cash notes, etc. In order to keep the EU central bank updated the system has a suitable reporting module.

Contact at Mindware:
Sales, e-mail: sales@mindware.ee, tel +372 6850 177

Bank of Estonia: Integration of Balance of Payment Management System

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The Balance of Payments Financial Accounts, Transactions and Stocks system is a client - server system that captures and edits survey data, and then process, analyses and translates it into Balance of Payments, external debt and International Investment Position statistics.

Contact at Mindware:
Sales, e-mail: sales@mindware.ee, tel +372 6850 177

Ministry of Finance of the Republic of Estonia: State Treasury System

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The State Treasury in Estonia manages the State Government’s financial assets and Central Government debt. The State Treasury System is based on an “In-house banking” principle for Governmental Institutions in Estonia and covers the functionality necessary for dealing with money transactions between governmental institutions within the system and between nongovernmental institutions through commercial banks. The system also manages money booking, budgeting, stock exchange transactions, short-term payments, loans, cards, etc. of Governmental Institutions in Estonia and has many interfaces with other systems (like the Financial Accounting System of the Ministry of Finance, X-Road, Structural Ponds, State Budget, etc.).

Our task was to implement the system from scratch, analyze the business requirements, design the system, implement the software and maintain it. The system initiated the idea of creating our own core banking system MIND-xQ, that today covers client registry, deposits, loans and leasing, transactions, GL, product and prices engines, teller and Internet as well as mobile bank interfaces.

Contact at Mindware:
Sales, e-mail: sales@mindware.ee, tel +372 6850 177

Nasdaq OMX Tallinn: Fund Administration System Portfolio 3000

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Portfolio 3000 is a web-based fund administration system that offers a full range of functions from portfolio management to real-time NAV calculation and fund accounting, all in one online easy-to-use workflow.
P3000 is a flexible system that can handle a wide range of transaction types in equities, fixed income, FX, loans, deposits, etc. In addition to transactions the system also provides relevant accounting support.

The system is designed for small and medium size fund management companies in the Baltics and Scandinavia.

Nasdaq OMX Case Study.pdf (249 KiB) Case Study(pdf, 249 KiB)

Contact at Mindware:
Sales: e-mail: sales@mindware.ee, tel +372 6850 177

Sampo Bank: Direct Debit Management System

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The system is meant for managing direct debit agreements (debtors and creditors) and handling transactions between companies sending out direct debit requests and receipts who agree to debit their account directly by received orders. The core system of the Direct Debiting System for Sampo Bank (DDS) consists of an Oracle database, Oracle database procedures (Data-centric application logic) and a Java based application server.

Contact at Mindware:
Sales, e-mail: sales@mindware.ee, tel +372 6850 177

S|E|B AB Sweden: Trading Station

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The Trading Station (TS) provides access to FX, Futures and FI markets information aiding you in making decisions and doing deals, as well as facilitating research and analysis from around the world to support you to make efficient decisions when handling financial risks.

Our assignment was to change the infrastructure and the development of additional modules and functionality to improve the quality and stability of the system.

TSAX is a non-graphical open FX (Foreign Exchange) interface entry into TS. The thought behind it is to allow external systems to enter deals through TS. One prerequisite was to let these systems act as regular TS users, as far as possible. The purpose of this was to make as little changes to TS as possible.

By using TSAX, customers can connect their own existing applications to TS. TSAX also makes it possible for the customer to build new applications that handle FX dealing automatically or to build a new graphical user-interface.

The Financial Information eXchange ("FIX") Protocol used for integrating a series of FX systems is a series of messaging specifications for the electronic communication of trade-related messages. It has been developed through the collaboration of banks, broker-dealers, exchanges, industry utilities and associations, institutional investors, and information technology providers from around the world. These market participants share a vision of a common, global language for the automated trading of financial instruments.

FIX is the industry-driven messaging standard that is changing the face of the global financial services sector, as firms use the protocol to transact in an electronic, transparent, cost efficient and timely manner. FIX is open and free, but it is not software. Rather, FIX is a specification around which software developers can create commercial or open-source software, as they see fit. As the market's leading trade-communications protocol, FIX is integral to many order management and trading systems. Yet, its power is unobtrusive, as users of these systems can benefit from FIX without knowing the language itself.

Contact at Mindware:
Sales, e-mail: sales@mindware.ee, tel +372 6850 177

S|E|B AG Germany: Merchant Banking Account Plan

SEB AG Merchant Banking Account Plan software is made for gathering detailed information about the Institutional and Corporate clients of SEB AG Germany.

Having more information about the client gives the Bank a better overview of the products offered and products that can be offered to its clients.

Our assignment was to manage the software development, analyze the requirements and implement the software.

Contact at Mindware:
Sales, e-mail: sales@mindware.ee, tel +372 6850 177

S|E|B AG Germany: Panorama Replacement System (ARM) for Risk Department

ARM software allows custom data transformation and works according to a schedule in unattended mode or manually by the request of user. It takes data in the form of files and stores it in its own database. After the transformation, the data is exported into files again for the use in other systems. The formats of the input and output files are configured by the user. The transformation of the data is performed according to rules defined by the user.

Change of file formats or transformation rules does not require changes to the application code or database structure and hence the acceptance testing procedure. One of the ARM parts is Data Management Tool (DMT) which is the user interface to the system. DMT allows definition of input and output file formats and transformation rules, editing of imported data and manual starting of import, transformation and export processes. DMT also displays information on performed automatic and manual processes and their results. The original application of ARM is to supply data for Algorithmica Risk Management System (ARMS) used by a Risk Department, but it also can be used for most data transformation tasks.

Contact at Mindware:
Sales, e-mail: sales@mindware.ee, tel +372 6850 177

S|E|B Pank AS Estonia: RWA & Disclosure Delivery System

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The purpose of this project is to cover the information needs (current & future) within Group Credits, Group Treasury and Group Finance that should be fulfilled in order to be able to produce/conduct Basel-compliant Disclosure and external reporting, RWA calculation and credit portfolio analysis. Before delivery of the reconciled data it has to be transformed and checked according to the pre-defined mapping and presentation rules.

The system is also a tool for allocating collaterals, summarizing and comparing the bookkeeping reports with calculated results, plus many other features.

Contact at Mindware:
Sales, e-mail: sales@mindware.ee, tel +372 6850 177

Eurex Capital - Core Banking System

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Mindware closed the year of 2011 by signing a contract with AS Eurex Capital to implement the new core banking solution. The solution is a product centric general ledger and accounting based banking system featuring simultaneous handling of more than one bank application and database within one instance. It offers a multi-language environment for user interfaces in order to facilitate a number of banking products and functionalities such as current accounts, overdrafts, lending, time deposits, domestic and international payments, cash remittance, foreign exchange, accounting, reporting etc.

 The implementation project of the multi-country core banking system covers modules for:

  • domestic, SEPA and international payments;
  • cash remittance service for domestic, SEPA and international accounts;
  • foreign exchange cash, spot, forward and swap deals;
  • sales of pre-configurable services (exchange of banknotes, coins, damaged banknotes, etc.);
  • extendable customer registry;
  • product and pricelist configuration;
  • general ledger and straight through processing, automated end of day processing;
  • authority reporting.

 The project is managed and realised solely by Mindware. As a result, AS Eurex Capital will gain a fully automated contemporary IT system for their core business in several countries.

Contact at Mindware:
Sales, e-mail: sales@mindware.ee, tel +372 6850 177

SpotEx: E-currency Exchange System

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Online automatic exchange system of e-currency between the most widespread online payment systems – WebMoney, Yandex.Money, E-gold. Buying and selling e-currency with the payment by a bank transfer in any bank of Estonia.

Contact at Mindware:
Sales, e-mail: sales@mindware.ee, tel +372 6850 177

TRUEB: CardMax2 - Workflow Management Software for Secure Card Personalisation

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CardMax2 is a software that manages the production workflow in personalisation bureaus that operate in a high security environment. It is designed for personalisation bureaus with a strong commitment to client satisfaction and is based on efficient and straightforward solution approaches. It assumes a sequential workflow where the pure card personalisation is followed by the optional card enveloping and mailing. CardMax2 works together with existing multiple machine parks and customer interfaces.
CardMax2 comes in two versions representing two basic workflows that typically run in a separate environment and on its own server.

CardMax2 – Banking, Access, Loyalty serves the sector that is characterised by many different card types, standardised encoding technologies (i.e. M/Chip, VSDC, Mifare™, etc.) and frequent product changes that are often with very short notice periods (marketing campaigns for card issuance). CardMax2 supports the personalisation bureau to work efficiently in compliance with MasterCard and Visa (EMV) security regulations.

CardMax2 – Public Sector handles products such as identity cards, eID, residence permits, driving licenses and also corporate PKI cards: Complex data and card logistics (i.e. multiple CA’s, track & trace on single card level), complementary PIN issuance, technology with customised applications (i.e. governmental PKI schemes). 100% control is given to the personalisation bureau to account for the highest demands for privacy and data protection, card specific keys and certificates by checking every card for the applied personalisation and the physical and logical integrity.

Mindware is responsible for the development and implementation of the software, process testing and maintaining.

Contact at Mindware:
Sales, e-mail: sales@mindware.ee, tel +372 6850 177