eCheque, even the shops issue their checks

eCheque, checks valid throughout Europe. Without using paper
eCheque, even the shops issue their checks

It can speed up and simplify the work of a company administration: the reimbursements to light or gas users, periodic payments to suppliers of any factory and also reimbursements to customers who have returned a purchase made online. The eCheque electronic check is delivered via e-mail or text message and can also be cashed instantly by choosing from at least seven different methods.

The technical characteristics are those of the allowance that Em @ ney had created and launched in February 2017 but with the advantage that the platform for the issue is made available to the business partner, for example a chain of stores or a utility company . In this way, the company manages the issue directly from its own computers, and can also integrate the Em @ ney platform into its own management system in order to use the already familiar interfaces.

“Not having to send a paper check” explains the CEO and founder of Em @ ney, Germano Arnò “but a file or message that arrives to the beneficiary via email or on the smartphone, will reduce the risk of loss. Unlike a common bank transfer, moreover, with the electronic check you do not need to know the iban but, in addition to the name, it is sufficient an e-mail and a mobile phone number. Moreover, the file that is sent reproduces on the screen the graphics of a traditional check; which, however, can be personalized with the brand of the issuer, placed in the position traditionally destined to the bank’s logo “. The possibility to directly manage the issue with access to the Em @ ney platform, customized for each partner, offers various advantages. For large companies, those that manage the supply of water, electricity and gas, it is important to be able to issue a large number of checks on the same day.

The eCheque mass issuing function allows you to compile and send even one million electronic checks at the same time: simply insert an xml file in the system with the data of the checks and click on the send button. After a few moments, all checks have been completed and sent to the recipients. “Who receives the check” Arnò says again “can collect it in different ways that go from the payment to your account, even via home banking because it is enough to indicate the code of the eCheque, or presenting it to any bank to collect cash. In addition, those who issue the check can add their own collection methods, such as cash collection at one of their stores “. ECheque electronic checks comply with the 4th directive (anti-money laundering), the Psd2 (payment systems) and the Gdpr (confidentiality on personal data)

You can decide your personlized iban

A personalized Iban, with the initials of your name or the letters that identify your company. A bit like a social security number or an email address. This is the innovation introduced in our country by Emoney, the Maltese electronic money financial institution, specialized in the issue of online current accounts and rechargeable credit cards. Customers can now ask for a tailor-made code, choosing a part of the characters that compose it, in order to make it immediately recognizable and memorable. “Users can decide what the last 18 characters of the whole code should be, choosing letters and numbers to their liking” – confirms the founder of the institute, Germano Arnò. “You can for example introduce your name and surname, or name of your company. That’s what we are already used to doing when we open a mailbox. The first part of the address, the one before the @, we choose it. The second part is the one that identifies the provider, and does not change “.

In the case of the Iban to remain unchanged is the first section of the code – the one that identifies the financial institution – the one that varies is the next. Proceeding is very simple: “Upon receipt of the request, we verify that there is not already another user with the same code and that there are no conflicts with some simple rules of company policy”, continues Arnò. active and recognized throughout the banking system “. For the moment, this possibility is reserved for all customers with an account or an Emoney card. Once the code is obtained, they can be immediately recognized when they make or receive a payment.

To proceed, you must send a request to the institute through the site, using your own home banking. “At that point, all you have to do is indicate the letters or figures that you want to insert in Iban”, the CEO goes on. The code thus obtained is completely equal to the conventional Iban, those in which all the figures are decided by the institute that grants it. And it can be used for money transfers with all the banks in the world. Payments are accepted by any institution, as the custom Iban complies with the Sepa standards. In Italy and abroad. “From the point of view of banking procedures, the system does not notice the difference”, explains Arnò.

A personalized Iban, with the initials of your name or the letters that identify your company. A bit like a social security number or an email address. This is the innovation introduced in our country by Emoney, the Maltese electronic money financial institution, specialized in the issue of online current accounts and rechargeable credit cards. Customers can now ask for a tailor-made code, choosing a part of the characters that compose it, in order to make it immediately recognizable and memorable. “Users can decide what the last 18 characters of the whole code should be, choosing letters and numbers to their liking” – confirms the founder of the institute, Germano Arnò. “You can for example introduce your name and surname, or name of your company. That’s what we are already used to doing when we open a mailbox. The first part of the address, the one before the @, we choose it. The second part is the one that identifies the provider, and does not change “.

In the case of the Iban to remain unchanged is the first section of the code – the one that identifies the financial institution – the one that varies is the next. Proceeding is very simple: “Upon receipt of the request, we verify that there is not already another user with the same code and that there are no conflicts with some simple rules of company policy”, continues Arnò. active and recognized throughout the banking system “. For the moment, this possibility is reserved for all customers with an account or an Emoney card. Once the code is obtained, they can be immediately recognized when they make or receive a payment.

To proceed, you must send a request to the institute through the site, using your own home banking. “At that point, all you have to do is indicate the letters or figures that you want to insert in Iban”, the CEO goes on. The code thus obtained is completely equal to the conventional Iban, those in which all the figures are decided by the institute that grants it. And it can be used for money transfers with all the banks in the world. Payments are accepted by any institution, as the custom Iban complies with the Sepa standards. In Italy and abroad. “From the point of view of banking procedures, the system does not notice the difference”, explains Arnò.

Courtesy Emoney
Germano Arnò, CEO of Emoney.

A very original idea, born with the aim of offering customers a new service compared to those normally provided by electronic money institutions. “When we were studying Sepa protocols with the technical staff, we realized this possibility, following certain procedures” – the manager recalls. “We evaluated the impact it would have on the internal organization and the interest it could have among our customers. And so we decided to launch an experimental phase with a group of customers “.

This is the first experimentation of the genus inside the Sepa area. Italy is the only country within the European Union to have started such a project. At the moment about one hundred customers have joined. “We have just concluded the beta testing phase. We talked about it with some of our high-end users, the project interests them. ” But what is the typical customer for such a service? “We had coined the term” vanity Iban “, because we had imagined an aesthetic value, almost like the initials embroidered on the shirt”, explains the CEO. “Over time we realized that it has a very practical function, especially for businesses and professionals. It is easier to remember the Iban when a bank transfer is to be made, thus reducing the risk of errors “. The news does not end here, because soon the “portability” of the Iban could arrive. “We will present the new service in a few weeks” – concludes Arnò – “we are developing the details to make it usable to a wider target. I can only anticipate that customers will be able to replace all the Iban they already have with various banks “.

EM@NEY LAUNCHES THE CUSTOM IBAN

EM@NEY LAUNCHES THE CUSTOM IBAN
Written by S.R.

An IBAN tailored to your business. You can request thanks to Em@https://www.aziendabanca.it/notizie/emoney-iban-personalizzatoney, a Maltese company that allows you to choose 18 characters from those that make up the code. And the company would also be working on the portability of the IBAN.

HOW DOES THE CUSTOM IBAN WORK?
A more recognizable and memorable code, the IBAN created in this way can become, for example, MT90EMON02015000000INVENTALOTU for the owner of the shop “Invoveo tu”. The IBAN, active throughout the Sepa area, is associated with any of the payment instruments offered by Em @ ney: payment card, wallet or other. Those who receive a payment with Em @ ney will then be able to immediately recognize who sent the money. The service is also part of the Em @ ney “pay per use” policy and is sold as a separate product compared to other payment services.

«We are the first electronic money institute in all of Europe to offer IBAN, – explains CEO Germano Arnò – while typically the Imel provide a shared IBAN, as we have always done. We realized that, especially in recent times, some users used this code as a sort of identification of their business. So we decided to offer not only the personal IBAN but also personalized and customizable ».

Player refunds Betsolution4u: MGA chooses Em @ ney’s electronic cheque

There are thousands of game accounts blocked, with deposits ranging from a few euros to a few hundred, since the activity of the Maltese bookmaker was interrupted as a result of involvement in an investigation started from Italy. Following the clearance of the Maltese gaming authority (Malta gaming authority) Betsolution4u was able to proceed with the reimbursement of the gaming account balances present at the time of suspension through the electronic cheques of IMEL Em@ney. The issue of issuing electronic cheques – reads a note by Em @ ney – is already operational. The technical contribution of the MGA and of the professionals appointed by the owner was fundamental for the emission activity to be carried out quickly. In case of non-receipt of the cheque the players with available balance on one of the sites operating under the Betsolution4u license, can send an email with the payment request to the address pagamentibs4u@gmail.com indicating Username, name, surname and balance available at the time of suspension of the service. The instrument chosen, the electronic check of Em@ney, provides the necessary guarantees required by the MGA, namely the speed of repayment, the simplicity of collection and compliance with the financial laws of each country in which the holder of the closed gaming account resides in its time. “Our instrument, which we presented in London two years ago, was also used for the so-called switch off of some online gaming operators who have acquired the Italian concession” explains the CEO of Em@ney, Germano Arnò “for allow Italian users to use their funds on the site of the bookmaker, with .it domain, in a simple and guaranteed way. The procedure obeys the restrictions on anti-money laundering, including the measures envisaged by the EU under the fourth directive, although they are not yet fully applied in many European countries: money is tracked and operations are transparent. As already happened before, the player will receive an electronic cheque by e-mail, with all the data on how to collect it at no additional cost, even staying comfortably at home and depositing it at them bank. Simply indicate the code shown on the electronic document, a little ‘as with air or rail tickets purchased online. “La Mga has evaluated the advantages that our tool entails for the player” adds Arnò “in terms of simplicity and security compared to traditional payment instruments. The electronic cheque does not involve risks of loss or destruction, which are inevitable for the paper cheque sent by post. The transfer, on the other hand, arouses distrust in the user who usually does not willingly provide the data of his bank account to entities that are not IMEL or banks “. lp / AGIMEG

the bank of the future

The FinTech revolution will take longer to put roots in Italy than the United States and this will be good for those workers who will be replaced by artificial intelligence. On the other hand, the future-to-digital bank, which will use blockchain technology and will work with critpualuts, will also allow a large reduction in business management costs and improved customer services.

In an interview with Wall Street Italia, Germano Arnò, founder and CEO of Em@ney Plc, a financial institution specializing in online money transfers, said in an interview with Wall Street Italia. The entrepreneur is convinced that despite major changes, Europe is not yet ready for a wholly cashless society. At least in the next ten years the cash, with which 80% of the money transactions in Europe this year, will not be completely abolished.

WSI: Tell us about your e-check project and how and why this technology could change the banking world.

Germano Arnò: The idea of ​​the e-cheque arises from the need to reduce the banks’ management and retention procedures and improve the beneficiary’s user experience. If we think that only 186 million cheques per year are issued in Italy, the extent of the electronic check is coming soon.

Em@ney’s e-cheque has seen light in 2015 and the first application for which it was used was mass gambling payment online gambling and therefore complies with EU rules on KYC (Know Your Customer) and anti-money laundering.
The electronic cheque requires the sender (from web or mobile) to indicate the name of the beneficiary, place, date and amount, just like the traditional paper; the sending is done via telematics, typically via e-mail, but not only and can be collected in cash, at the agreed points, or by depositing it on the bank account through homebanking. The total collection method is 7 and as for a circular cheque, the coverage of the electronic cheque is guaranteed by the issuing bank. In Italy we have already issued 1 million e-cheques since the beginning of 2017.

WSI: What are the short-term capabilities of blockchain technology and what opportunities does business provide?

GA: Blockchain technology can have multiple uses depending on the industry in which it is applied. With regard to the financial sector, it allows to lower costs and the complexity of technological infrastructure, speed up data transfer processes and, above all, increase the transparency of the transactions carried out, thus enabling easier compliance with regulations for the financial sector.

WSI: In Italy, FinTech is still far behind, although the realities that are pointing to us are growing: when will this revolution take root, will she take control of the system by losing traditional banking?

GA: Traditional banking is converting to the fintech, what is happening now is a slow fusion between the old and the new way to make a bank. In my opinion, the bank of the future is a bank using blockchain technology, it works with criptovalute, it is fast and dynamic, but it will be subjected to the same dynamics we know now where access to liquidity and rigid regulations govern its activity and trends. This is the bank’s vision that I and my co-workers want to create and for which we are already working on the launch of an Initial Coin Offer (ICO) that will allow a large audience to invest in the bank of the future.

WSI: FinTech: What is the estimate of the loss in terms of human and labor, and what are the benefits in terms of cost savings and bank efficiency improvements?

GA: Certainly the losses in human and work terms will be high, while the fact is already heavily influencing the work landscape, just take JP Morgan, for example, to have a clearer picture of what’s happening. JP Morgan, the largest US bank, is one of the largest employers in the US banking sector with over 240,000 employees serving millions of customers. Some of these employees are attorneys and loan officers who spend a total of 360,000 hours a year performing a series of trivial tasks, such as the interpretation of commercial loan agreements.

Now, the company has managed to reduce the time spent on this job in a few seconds using artificial intelligence. What about those people? Will they really be employed in higher added value activities without affecting the total number of employees? I sincerely doubt it. Obviously, these IA systems have an exorbitant cost, and I do not think they are still “accessible” to Italian banks so the impact of the fint

http://www.wallstreetitalia.com/fintech-banca-del-futuro-e-gia-qui-e-operera-con-critpovalute/