The formation of the European Commission (EC) and issuance of the EC’s currency, the Euro, will have large- scale, wide-ranging impact on the financial and economic structure of European countries and interacting nations and their international and multinational businesses. It will likely produce the largest economic/currency bloc in the world. The eleven member states, determined March 25, 1998, have embarked upon total reconstruction of the core economic and monetary structure into one unit.
The EC does not just involve a currency re-denomination of many currencies into one, rather it is the blending of financial protocols, procedures and infrastructures. This economic unification will have a profound impact on banking and financial industry’s payment and transaction delivery systems.
The first phase was completed March 25, 1998, with the identification of countries that will participate and the determination of a timetable. The second phase will launch on January 1, 1999, establishing the Euro as legal tender and irrevocably locking the exchange rate for institutions of the member states. For the next three years until January 1, 2002, financial institutions will balance and settle in the new currency. The existing currencies will become nondecimal sub-units with fixed rates. At that time, financial institutions may keep records in the European currencies, but those currencies are no longer independent. On July 1, 2002, the third phase begins with the withdrawal of the European notes and the issuance of the Euro.
ARKSYS is prepared for the new requirements specified by the EC for payment and transaction delivery of electronic funds transfer network solutions, ATM management, POS management, debit card and smart card systems, voice response banking functions, international credit card issuance, merchant management, Internet/intranet/extranet solutions including cash management, home banking and bill payment. ARKSYS’ core solution, Integrated Transaction Management (ITM) specifically addresses triangulation and conversion, as well as multiple currency storage and auditing functions. In addition, ITM manages settlement and reporting operations in multiple currencies. With professional services for planning and conversion and adaptation to accounting venders, networks and bank-specific needs, ARKSYS is fully prepared to aid its clients through the transitional parallel currency period lasting up to 2002 and with payment and transaction delivery solutions that will last far into the millennium.
As specified by the Maastricht Treaty, currency conversion requires that monetary amounts converting from one national currency unit into another shall first be converted into a Euro unit which may be rounded to not less than three decimals and shall be converted into the other national currency unit. No alternative method of calculation may be used unless the same result is produced. ITM was designed to handle triangulation or automated base currency conversion processes, and was specifically structured for custom Application Program Interface (API) calls and User Exits that will assist in satisfying the local requirements anticipated by the member states will anticipate emerging economic and technological developments to enable its clients to react effectively. With its pragmatic approach to development and delivery, ARKSYS provides financial institutions and enterprises expanded business opportunities in the payment and transaction delivery industry.
ARKSYS offers Integrated Transaction Management (ITM), a family of payment and transaction processing solutions. ITM provides functionality that allows U.S. mid-range and off-shore locations of large International financial and nonfinancial institutions to facilitate customers on-line, real time transactions twenty-four hours a day, seven days a week, from a variety of devices. ARKSYS’ ITM processes and manages retail delivery operations including card and client management systems, international credit card, debit card, ATM and POS management; merchant management; electronic funds network solutions, on-line and intercept processing; access solutions, interactive voice response, Internet/intranet/extranet personal banking and bill payment; Internet security; and wholesale delivery with Internet/intranet/extranet commercial cash management. The company’s offerings are established in more than 70 countries. Visit ARKSYS on the World Wide Web at .Details