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BELENIAN, S.L.U.
THE PRODUCT
Accounting Product designed specifically based on bank and financial institution needs, includes:
Transaction flow lifecycle configuration Module (TRFLOWMOD)
Chart of accounts and accounting settings Module (COAMOD)
Currency exchange Module (CUREXMOD)
Revaluation Module (REVMOD)
Accounting entries Module (ENTMOD)
Reporting Module (REPMOD)
Reconciliation Module (RECOMOD)
Prepaid/Debit Card Accounting Module (CARDMOD) – Mastercard and UPI
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Designed for accounting, recording and analysis of bank or financial institution operations.
Produces variety of accounting and reporting tools for IFRS (International Financial Reporting Standards).
Online automated currency rate updates via API
Customization of transaction flow and accounting templates or use default configuration
Embedded reconciliation tools, including automated background reconciliation scripts
Created by members of ACCA
MODULES AND COMPONENTS
COAMOD
Chart of accounts and accounting settings Module
Chart of accounts is a set of accounts for debit and credit entries. Chart of Accounts consists of Assets, Liabilities, Equity, Income and Expenses accounts.
Every Transaction should be recorded on accounts (like purchase of property, deposits, advances and any other movements of funds). Accounts are accumulating balances from operations, which are later aggregated into financial statements and other reports.
COA should comply with IFRS (International Financial Reporting Standards) but can be flexible in order to accommodate individual needs of the Bank or Financial institution. COA should provide a possibility to record all transactions happening with the organization and its clients timely and accurately. Accounting for Banks or Financial Institution is distinct from normal accounting for operational companies, this is the reason why our accounting platform is complex and flexible.
Every account should have own characteristics, like currency, revaluation type, type of account (Asset/Liability) etc. Our Product has default COA designed specially for Financial Industry, which can be immediately used after integration. Additionally default COA could be easily configured individually: you can create/configure/edit accounts according to your own needs.
CUREXMOD
Currency exchange Module
Currency rates are very important for a Financial Organization.
Financial organization has assets and liabilities in foreign currencies and its crucial for treasury to have relevant information.
In our Platform currency rates are updated constantly in order to offer a client a market rate for his currency conversion or rate for payments in foreign currency.
These rates are stored internally and can be used for transaction configuration offline.
Currency Module of our product is integrated via API with several reliable rate providers (like Bank of England)
Currency rates are updated instantly via API, the client can configure interval of updates.
System has several backups and alerts, so in case provider information will not be updated, the system will use alternative source for updates.
You can also activate and deactivate currencies for updates. It can save traffic and system load when you activate only currencies you use.
REVMOD
Revaluation Module
The System has automated revaluation module. Clients have accounts in different currencies, but for accounting purposes all account balances should be expressed in base currency (for example USD).
As foreign currency rates fluctuating, balances in base currency will change even if there are no transactions on the accounts.
The System automatically updates accounting rates and performs revaluation of balances. In case we have thousands and thousands of clients this part is very important for every financial organization.
TRFLOWMOD
Transaction flow lifecycle configuration Module
Any financial transaction such as incoming payment, outgoing payment, internal transfers or other transaction has a lifecycle within the financial organization.
This lifecycle is a number of statuses through which the transaction is traveling before being finalized. For example, Initially new payment is created and becomes status NEW, then it will automatically go to Processing, or it might need manual approval by compliance. After, transaction will be executed via SEPA or Wire transfer it becomes status PENDING. After Payment is confirmed by payment provider it becomes status VALIDATED.
It is only one example, there are a lot of complications like Returned payments, Cancelled payments, Payments under investigation, API / CSV Export of payments to processing etc.
The Product allows to customize status flow based on Institution needs. Such customization can be done for every transaction type. For example: All payments below threshold to Low-Risk countries automatically are sent to Provider A. All payments to High-Risk countries are placed under investigation for manual approval and subsequently are sent to Provider B etc.
ENTMOD
Accounting entries Module
Any Transaction has lifecycle within the Institution platform.
The Journey of the transaction via different statuses will require accounting entries for each step.
For example, when outgoing payment is created, we need to debit client account and send funds to internal transit account.
When transaction is approved and we are sending it to correspondent bank, we need to debit funds to transit account and credit Nostro transit account at correspondent bank.
When funds are settled, we need to move funds from Nostro correspondent account to Nostro transit account.
Its much complicated and there are about 20-40 accounting entries for each operation in real environment.
The Product has default accounting settings compliant with IFRS (International Financial Reporting Standards) for a large variety of operations.
These settings are completely customizable, so any institution can configure accounting entries based on their transaction processing lifecycle and reporting framework
MODULES AND COMPONENTS
COAMOD
Chart of accounts and accounting settings Module
Chart of accounts is a set of accounts for debit and credit entries. Chart of Accounts consists of Assets, Liabilities, Equity, Income and Expenses accounts.
Every Transaction should be recorded on accounts (like purchase of property, deposits, advances and any other movements of funds). Accounts are accumulating balances from operations, which are later aggregated into financial statements and other reports.
COA should comply with IFRS (International Financial Reporting Standards) but can be flexible in order to accommodate individual needs of the Bank or Financial institution. COA should provide a possibility to record all transactions happening with the organization and its clients timely and accurately. Accounting for Banks or Financial Institution is distinct from normal accounting for operational companies, this is the reason why our accounting platform is complex and flexible.
Every account should have own characteristics, like currency, revaluation type, type of account (Asset/Liability) etc. Our Product has default COA designed specially for Financial Industry, which can be immediately used after integration. Additionally default COA could be easily configured individually: you can create/configure/edit accounts according to your own needs.
CUREXMOD
Currency exchange Module
Currency rates are very important for a Financial Organization.
Financial organization has assets and liabilities in foreign currencies and its crucial for treasury to have relevant information.
In our Platform currency rates are updated constantly in order to offer a client a market rate for his currency conversion or rate for payments in foreign currency.
These rates are stored internally and can be used for transaction configuration offline.
Currency Module of our product is integrated via API with several reliable rate providers (like Bank of England)
Currency rates are updated instantly via API, the client can configure interval of updates.
System has several backups and alerts, so in case provider information will not be updated, the system will use alternative source for updates.
You can also activate and deactivate currencies for updates. It can save traffic and system load when you activate only currencies you use.
REVMOD
Revaluation Module
The System has automated revaluation module. Clients have accounts in different currencies, but for accounting purposes all account balances should be expressed in base currency (for example USD).
As foreign currency rates fluctuating, balances in base currency will change even if there are no transactions on the accounts.
The System automatically updates accounting rates and performs revaluation of balances. In case we have thousands and thousands of clients this part is very important for every financial organization.
TRFLOWMOD
Transaction flow lifecycle configuration Module
Any financial transaction such as incoming payment, outgoing payment, internal transfers or other transaction has a lifecycle within the financial organization.
This lifecycle is a number of statuses through which the transaction is traveling before being finalized. For example, Initially new payment is created and becomes status NEW, then it will automatically go to Processing, or it might need manual approval by compliance. After, transaction will be executed via SEPA or Wire transfer it becomes status PENDING. After Payment is confirmed by payment provider it becomes status VALIDATED.
It is only one example, there are a lot of complications like Returned payments, Cancelled payments, Payments under investigation, API / CSV Export of payments to processing etc.
The Product allows to customize status flow based on Institution needs. Such customization can be done for every transaction type. For example: All payments below threshold to Low-Risk countries automatically are sent to Provider A. All payments to High-Risk countries are placed under investigation for manual approval and subsequently are sent to Provider B etc.
ENTMOD
Accounting entries Module
Any Transaction has lifecycle within the Institution platform.
The Journey of the transaction via different statuses will require accounting entries for each step.
For example, when outgoing payment is created, we need to debit client account and send funds to internal transit account.
When transaction is approved and we are sending it to correspondent bank, we need to debit funds to transit account and credit Nostro transit account at correspondent bank.
When funds are settled, we need to move funds from Nostro correspondent account to Nostro transit account.
Its much complicated and there are about 20-40 accounting entries for each operation in real environment.
The Product has default accounting settings compliant with IFRS (International Financial Reporting Standards) for a large variety of operations.
These settings are completely customizable, so any institution can configure accounting entries based on their transaction processing lifecycle and reporting framework
REPMOD
Reporting Module
The platform allows to generate several reports, which are used for financial reporting (like preparation of financial statements) and other management reporting
The system generates Trial Balance for any specified period. It has all accounts opening balances, movements and closing balances. This report can be obtained online or exported as csv file in background, which allows to generate report for longer period without loading the platform.
Another useful report is an account statement report, which allows generation on transaction-by-transaction basis a report for any account and any selected period. This report can be obtained online or exported as csv file in background, which allows to generate report for longer period without loading the platform.
Another useful report is relevant funds report, which calculates amount of relevant funds, which any institution needs to safeguard at a particular moment
RECOMOD
Reconciliation Module
Reconciliation is comparison of data between different sources and identification of differences.
Reconciliations are needed regularly to check Nostro account movements according to our platform versus movements according to correspondent bank platform.
Reconciliations are also needed between internal sources, for example we need to reconcile amounts on transit accounts to make sure we have no payments with corrupted data.
Reconciliations are also needed for card transactions, there are millions of card transactions daily and we need to reconcile our data against Visa/Mastercard data to make sure its consistent.
The Product has many reconciliations scripts embedded. They perform internal and external reconciliations to identify potential misstatements. Alerts are generated and sent to email in case any discrepancies are found.
CARDMOD
Prepaid/Debit Card Accounting Module
Financial institution after obtaining corresponding license from card network can issue for its clients prepaid or debit cards as Card Issuer. These cards are used by clients to make different transactions: online and offline purchases (POS), withdraw funds in ATM (ATM withdrawals), balance inquiries and others.
Financial institutions can also act as a Program Manager and promote cards issuing for the clients of its financial partners.
The Platform has a module for full-cycle accounting of transactions related to prepaid cards: Load of funds to cards; Cards operations: POS withholdings, ATM withholdings, Balance Inquiry, Fee charges.
Accounting infrastructure is based on settlement / transaction reports generated by leading solutions providing configurations/reporting for card networks.
The Module has full functionality for settlements and reconciliations with Card Networks for loads, operations, settlements.
The Platform provides accounting infrastructure for any role: Card issuer, Program manager, cross-platform accounting and is fully integrated with other Modules of the Platform.
CONTACTS
