Foreign Payments Procedure

The modular core banking solution for automation of the foreign and currency area of banks.

The SIA Foreign application, the result of decades of experience gained alongside the leading credit institutions, meets all banking management and organisational requirements in the Foreign and Currency Area. The product offered covers the following environments: 

  • simple and structured payment services (Multicurrency Transfers, Documentary Collections, Collection of Cheques drawn on foreign banks, Cross Border electronic collections, Documentary Credits and Guarantees); 
  • financing services (advances for imports and exports) and discounting bills and payment commitments (forfaiting); 
  • customer treasury (current accounts in foreign currency, cheques, deposit certificates and foreign exchange operations, cash management); 
  • Exchange Back Office (cash transactions, deposit transactions and foreign exchange operations, interfaces with Front Office applications); 
  • foreign currency counter services (bank notes and travellers’ cheques); 
  • precious metals - correspondent accounts with related banks and services;
  • services for custodian bank; 
  • services for accounting for foreign currency securities and derivatives operations. 

The suite has functions for extracting information flows to be sent to: Bank of Italy’s Risk Service; Bank of Italy’s Supervision; Revenue Authority; Bank Information System, IAS accounting.