An International Identifying Standard IBAN Realized in EGAR Focus System

EGAR Technology Inc. announces the extension of functionality of its EGAR Focus based trading and risk systems solution. EGAR specialists have realized the capability of mapping of clients’ and counterparts’ accounts in report forms using International Bank Account Number (IBAN) standard, thus providing the corresponding workflow.

This standard is mandatory for all the banks – European Union (EU) participants and is a necessary condition for performing payments for foreign counterparts. Using IBAN allows to automate the payment handling process and to decline intermediary bank services, finally making all international payments faster and cheaper.

The following functionality is relevant for the banks and other financial institutions using EGAR Focus and working with European banks or foreign clients. Banks from the European Economic Area (EEA) and the EU are authorized not to perform payments without IBAN and also have a right to charge an additional fee for such transactions.

The International Bank Account Number (IBAN) is an international standard for identifying bank accounts within the European Union. According to the EU requirements #2560/2001 and #1781/2006, from January, 1st 2007 IBAN becomes the only recognized account identifier within the EU and EEA.

EGAR Focus is a modular, fully integrated trading system, which covers FX, equity, fixed income, money market, as well as metals, energy and commodity derivatives markets. Its functionality provides position keeping with pricing, reporting and risk management features supporting trading of over-the-counter and Exchange traded derivatives.