"Garage clearing" no longer: years ago, the direct bilateral exchange of payments data between financial institutions was carried out in a rather conspiratorial manner – but it has long since become the norm. Especially since payment formats such as instant payments require fast, direct connections between the financial institutions. An essential component for this interbank communication is the EBICS protocol, which is offered not only by the commercial banks but also by Deutsche Bundesbank or EBA CLEARING. A large number of financial institutions rely on TRAVIC-Interbank by PPI for daily execution processes.
The bilateral exchange of payments information without diversions via a clearer has advantages: the route is faster and the institutions save clearing costs. In the past, the latter was still one of the main reasons for choosing it; due to the partly conspiratorial nature of the data transfer, the term "garage clearing" was occasionally used. This has long since become history. Today, with the EBICS protocol, there is a secure possibility for data exchange via the network. Financial institutions have been using this form of communication with each other for years, for example for the STEP2 and RT1 (SCTinst) procedures or, more recently, for RTP clearing. Deutsche Bundesbank and EBA CLEARING have also been using EBICS for a long time.
Especially for the clearing of instant payments via SCTinst, highly available connections are a must. And due to the specific requirements of EBICS and the many different formats used in payments, interbank exchange is not automatically an easy, sure-fire success. PPI has been one of the leading providers in this field for more than 15 years. The TRAVIC-Interbank application was specially developed for standardised, direct communication via the EBICS protocol between financial institutions or with European clearing houses. It can be operated fully automatically via event control, does not require user interaction and is low-maintenance thanks to its configuration rule system. TRAVIC-Interbank has now been modified for 100 percent availability, specifically for instant payments. This ensures full functionality even during updates.
EBICS-compliant data transmission is by no means an exhaustive description of the scope of functions. The flexible configuration of the connections among each other ensures a comfortable implementation of any pre- and post-processing and thus the seamless connection to various clearing applications. The monitoring functions included in the product can be linked to existing alerting configurations via open APIs. Any disruption in the communication process is immediately detected and reported to the responsible staff. This enables them to initiate necessary measures manually or even automatically.