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Frequently asked questions
Customer Engagement
What exactly is “customer engagement” in banking?

Customer engagement is the ongoing interaction between a bank and its customers. These relationship-building interactions, which occur across channels, foster customer loyalty and trust. Customer experience is at the heart of it all — today’s digital customers have high expectations when it comes to the interactions and experiences they have with their bank; they expect a smooth, personalized experience. To provide this, banks need to have a deep understanding of their customers. These insights can then be used to provide experiences that encourage engagement throughout the customer journey, allowing the bank to propose the right message, on the right channel, at the right time. This helps banks to boost acquisition, improve customer satisfaction, increase product sales, and retain customers.

How can your solution help us reduce our onboarding time to 3 minutes or less?

The Customer Onboarding module allows you to shape the process for your specific customer onboarding flow; it contains all the services and tools to create a digitized and frictionless customer onboarding process with optimal conversion rates. In terms of functional services, in addition to the processing engine, you can choose to activate facial ID recognition, e-signature, document upload/OCR, a chat bot for customer service, 2-step verification, and anti-fraud tools. These functionalities – which are all offered out- of-the-box, via a partner or our Platform – support a quick, frictionless onboarding process.

Is onboarding just about converting customers?

Onboarding is not just about pushing customers through to the end of the signup process. The onboarding process is key as it sets the scene for the entire customer journey, and the relationship a customer will have with their bank. Customer Onboarding allows banks to adapt the onboarding process based on customer profile and products purchased. But onboarding is just the initial step. The ultimate objective is to follow customers throughout their journey, gaining their trust, loyalty and satisfaction; all while securing digital cross-sells and upsells along the way.

Can we purchase a mobile banking app?

Yes, SBS can provide a native mobile frontend or presentation layer. This white-labeled mobile app can be designed together with marketing or design teams. The apps for iOS and Android are natively integrated into our Digital Banking Engagement Platform.

Open Banking
What is the difference between open banking and Open Banking?

Open banking as a general term is used to describe the practice of integrating customer banking information and services to provide personalized experiences.

Open Banking is a UK regulation. It’s a secure way to give providers access to your financial information. A dedicated operating company implements and governs not only the API standard and bank staff’s actions but also the actual processes. The regulatory initiative in the EU is PSD2, which requires banks to open up customer payment account information to regulated third parties. While the UK Open Banking Standard requires a company to run the processes, PSD2 sticks to the business rules and doesn’t impose any technology.

How does open banking enable ecosystem engagement?

Banks, mandated by PSD2 regulation to share customer information, can act as TPPs and benefit from open data themselves. To go further, they can choose to partner with various service providers to enrich their portfolio and propose unique, value-added offers to their customers. Simultaneously, the business ecosystem is enlarged, and the adoption of open banking leads to better interconnectivity inside the developer community.

How to expand your ecosystem with Sopra Banking Software >>

What are AISP, PISP, TPP, ASPSP?

AISP (Account Information Service Provider) — An Account Information Service provides account information services as an online service to provide consolidated information on one or more payment accounts held by a payment service user with one or more payment service provider(s).

ASPSP (Account Servicing Payment Service Provider) — Account Servicing Payment Service Providers provide and maintain a payment account for a payer as defined by the PSRs and, in the context of the Open Banking Ecosystem are entities that publish Read/Write APIs to permit, with customer consent, payments initiated by third-party providers and/or make their customers’ account transaction data available to third-party providers via their API endpoints.

PISP (Payment Initiation Services Provider) — A Payment Initiation Services Provider provides an online service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider.

TPP (Third Party Provider) —  Third-Party Providers are organizations or natural persons that use APIs developed to Standards to access customer’s accounts in order to provide account information services and/or to initiate payments.

All definitions

What are the benefits of open banking?

Open banking provides many advantages for various market participants, stakeholders, and consumers. 

For banks, cost minimization and competitiveness have long been considered the primary benefits. In reality, open banking is a digital transformation catalyst that enables banks to make their services usable by more consumers either directly or indirectly. Banks can then leverage customers’ trust and collaborate with various TPPs to provide new, data-driven products and services. 

For customers, open banking means easier and faster access to financial services, tailored customer journeys, and offers — and, as a result, enriched customer experience. 

For third-party providers, access to an existing customer base and their personal financial information means new, innovative services and revenue opportunities.

Benefit from open banking with Sopra Banking Software >>

What is the Sopra Banking Software Marketplace?

The Marketplace was created with a simple goal in mind: position our customers to profit from the collective power of Fintech.
Thanks to the DBEP concept, our banking customers can easily combine all the available services (Sopra Banking and partners) and benefit from the DBEP foundational services. Services like the Authentication Brokerage, Authorization Management, and API Portal to build a streamlined and secure combination of services.

Payments & cards
What kind of payment instruments can we manage with payment and card solutions?

All types of payment instruments can be managed with our payment and card solutions, including prepaid cards, debit cards, credit cards, SCT, SCT Inst, SDD core, SDD B2B, international transfers, and high-value transfers. In addition, we’ve also implemented local payment methods.

For which schemes does Sopra Banking Software (SBS) provide a native connection?

Our solutions are compatible with the most significant CSM and ACH schemes. This includes Visa, Mastercard, STET, EBA Clearing, and SCL, thus simplifying connectivity. Our experience in steering end-to-end clearing projects helps banks ensure a timely roll-out and ongoing compliance.

Are your card solutions PA DSS compliant?

Yes. Our solutions take into account PCI DSS rules and will be compliant with the forthcoming PCI SSF security requirements.

What is Sopra Banking Software’s position on EPI?

As a pioneer in Instant Payments and Request to Pay, SBS leverages 30 years of experience with payments and cards to offer a new generation of solutions — ones capable of meeting EPI’s challenges for the two payment instruments relying on SCT Inst: EPI card and End-to-end SCT Inst.
For more information about Instant Payments solution from Sopra Banking Software >>
Become EPI-ready with the Sopra Steria Group

Risk, regulation & reporting
What type and format of regulatory reporting do you support?

We provide and maintain the granular and consolidated synthesis regulatory reporting that’s required by EMEA regulators. More precisely, we support:

● National reporting — NCB: BDF/ACPR, NBB, BCL/CSSF, BDE, BOE/FCA, BUBA, UEMOA, CEMAC, BAM, etc.
● European reporting — financial & prudential (EBA, ECB), resolution (SRB)
● Tax fraud reporting — AEoI/CRS, FATCA

Among the regulations covered are Anacredit, SHSG, COREP, FINREP, Liquidity, RUBA, Schéma A, MIR, Monetary Statistics & BSI, Balance Of Payment, etc. Our solution makes it possible to produce synthetic and granular regulatory reporting in XBRL and XML format.

What is the Evolan Report solution?

Evolan Report was part of the previous generation of regulatory reporting solutions from Sopra Banking Software. Today, we offer a future-proof reporting solution that covers the regulations mentioned above.

What is the ONEGATE Portal?

ONEGATE is the name given by Banque de France and National Bank of Belgium to their dedicated portal for banks to make reporting declarations. Sopra Banking Software’s comprehensive regulatory reporting solution enables reporting on ONEGATE without any human action, thanks to its A2A module.

Does Basel IV exist?

Yes, it does. Basel IV is the latest version of the bank capital requirements agreed to in 2017 by the Basel Committee on Banking Supervision. But banking regulators, especially in Europe, rejected the term Basel IV and prefer to talk about the finalization of Basel III to minimize the apparent impact on banks. The Basel Committee is now talking about Basel III finalization to allow a better appropriation by regulators and banks.

In Europe, the finalization of Basel III will be implemented in two lots. The first lot led to the CRR 2 regulation adoption on June 7, 2019, and will make the CRD 5 directive applicable from mid-2021, and the second lot (CRR 3 and CRD 6) will apply from 2023.

Commercial Lending
What type of financial products can be managed with the Sopra Financing Platform for Commercial Lending?

Direct loans, guarantees, equity investments, project finance including the fiduciary aspect and budget management, syndicated loans, grants, multi-currency loans, donor and trust-funded investment, among others.

What ways does SFP increase loan servicing efficiency?

SFP provides a solid foundation of pre-configured business processes with a high fit-for-purpose and an architecture that enables flexibility to meet client specific requirements. Business processes are automated, with only exceptions left to manage. Web services provide real-time integration into the IT ecosystem so that information is available faster, with less data entry redundancy. A clear data strategy facilitates data integration and reporting.

What are some of the benefits of digital transformation for commercial lenders?

Digital transformation often enables banks and specialty lenders to consolidate systems, improve efficiency and compliance, and build better customer relationships.

Development finance
What is development finance?

Development finance generally refers to the use of public sector resources to facilitate investment in low- and middle-income countries where investment risks are not attractive to traditional funders. The intent of these investments is to have positive social or developmental results.

What is green finance?

Green finance refers to any structured finance product that’s intended to support an environmentally-friendly outcome.

How does SFP support SOFR transition?

We support the recommended Alternative Reference Rates Committee (ARRC) rates: daily simple SOFR and daily compounded SOFR. We’re also working with the development finance market, which is developing alternative calculation methods to better align with their public and private loan portfolios.

Retail Lending
How is Sopra Banking Software (SBS) favoring financial inclusion and accessibility?

Financial inclusion can be improved using open banking data, which gives a more dynamic vision of a borrower’s situation and repayment capability. We can help implement this type of client rating instrument with our digital and AI tools. More generally, the highly flexible workflow gives banks the option to monitor clients with less stable finances. Our solution also includes accessibility options such as the ability to adapt our screens to accommodate visual impairments.

Are components pre-integrated, or does the customer have to do it?

Our components come pre-integrated. Therefore, you will be able to implement a full financial solution for your lending activities quickly. You can choose to implement components one-by-one, at your own pace, and benefit from the efficiency of pre-integration.

Is it possible to use a single installation for several countries?

Yes, you can use a single installation to manage your financing activity in several countries or regions. The local specificities will be managed independently, but the activity will be consolidated in one place.

What kind of financials can be managed with Lending Lifecycle?

All types of financials can be managed with Lending Lifecycle. We have customers operating commercial, equipment, mortgage, consumer, and syndicated loans and leasing. Our solution also meets Islamic banking requirements.