German mobile telco T-Mobile is to use technology from compatriot CoCoNet to centralise payments processing in Germany, UK, The Netherlands and Austria and to connect to the SwiftNet financial messaging network via the Member Administered Closed User Group (MA-CUG) scheme
T-Mobile is implementing the vendor's Multiversa IFP International Finance Portal to centrally process all group payment transactions, topping 100 million payments per year.
Multiversa IFP includes support for the Swift messaging formats MT101, MT102, MT103, MT104 as well as country-specific payment formats. Payment orders will be generated, as before, by T-Mobile's SAP systems before being converted to Swift formats.
CoCoNet says the portal uses digital signatures to control payments authorisation before routing the payment orders to the Swift Alliance Gateway. The data is then transferred to the banks via SwiftNet.
Commenting on the Coconet product, Andreas Elberg, treasury & relationship manager and responsible Swift Project lead of T-Mobile, says: "Multiversa IFP convinced especially by its comprehensive cash management functions, the support of country-specific formats by the integrated Generic Payment Factory, the variety of bank connections including Swift MA-CUG and the user-friendly, multi-lingual user interface."