News

Mago4: Payment orders improved!

Recently, two procedures for Mago4 have been developed, dedicated to the Swiss and Hungarian localizations and able to generate the ISO 20022 XML files for the payment orders.

XML is becoming the international standard in the transmission of telematic files. The XML (Extensible Markup Language) is a modular meta-language that allows you to define other formats and manage the exchange of information of data structures across different devices and platforms. Allowing to describe other languages, XML is able to create custom structures.

The electronic payment files created for suppliers may have different formats based on XML. In payments to suppliers, the XML files are generally taking the directives of the international standard ISO20022 SEPA format.

In this regard, Mago4 has recently made available the procedures for printing the payments to suppliers on XML files, for Hungary and Switzerland.

Specifically, in Hungarian localization, the files for SEPA credit transfers to suppliers are generated according to specifications issued by the Hungarian SEPA Association, which slightly differ from the ISO20022 standard, both because the base currency of the country is not Euro, but the Hungarian forint (HUF), and  because payments in other currency are allowed in the file.

In the Swiss localization of Mago4, the introduction of SEPA ISO20022 functionality in payment orders to suppliers has been realized in cooperation with PostFinance, the Swiss financial institution that provided the documentation for the Swiss SEPA, thus enabling us to test the Mago4 XML file. The XML file is generated for all types of payment in Switzerland, and it is not limited just to bank transfers.

In the same Swiss localization, Mago4 will see in the future the adjustment to XML format even for files related to collections through PVR bulletin, the standard payment slip for incoming payment processes.

If you want to know more, please leave your reference and you will be contacted back soon.

Share News