FeniX - S&T Software Platform for International Payments

S&T FeniX – software platform for international payments is a comprehensive solution that fully automates international payment transactions. This significantly facilitates and speeds up this work and brings numerous other benefits to all participants in this process.

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Motives for implementation


The motives for creating this solution were numerous. For example, there were many different applications for processing one single order and that processing usually required the engagement of several people. Additionally, average order processing time (E2E) was too long. There were frequent cases of manual records in Excel for the purchase and sale of foreign exchange and other transactions.
The traditional business model was basically still in use: individuals often brought orders to the branch themselves, and legal entities usually sent orders via e-mail - only a small percentage did so through e-banking.
The consequence of this way of doing business was dissatisfied clients, management and stakeholders in the process as well as frustration of back-office employees. Because of all this, S&T Serbia has created a software platform that has enabled significant improvements - achieving a high level of digitization and automation.

S&T FeniX Business Processes


• Incoming payments
• Outgoing payments
• Operational nostro
• Purchase, sale and conversion
• KIM donations
• Tariffs
• Costs
• Reporting
• System administration, audit trail
• Authorization and authentication 

Key Benefits


The advantages of using this software platform are numerous:

• Major reduction of order processing time - up to 85%
• More STP (Straight through processing) orders
• Significantly reduced OPEX
• Notable paper savings - paperless business - with DMS integration
• Integrability (with other parts of IT and different core banking systems)
• Scalability
• Ease of use and intuitiveness

Key Results


The main result of using FeniX software platform was the shift from traditional to digital channels - that is, a greater degree of digitization of the bank's operations. In this way, the branches became unburdened: in addition to reducing the time required to process orders, the FeniX software platform also enables:

• Digitization of documentation
• Completely reliable system and reporting
• Reduced operational and reputational risk

Thanks to this improved business, customer satisfaction increases, which inevitably leads to business growth.

Falcon: S&T Software for Factoring - Supply Chain Finance

Falcon is a unique platform for the supply chain financing service (SCF - Supply Chain Finance), which is a response to the global liquidity crisis, downgrading the credit rating of economic entities and reducing profitability. This significantly automates and simplifies the process for all participants, which leads to greater competitiveness and better positioning in the market. 

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S&T platform Falcon supports all types of domestic and international factoring:

  • Regular factoring - The seller is a client of the bank, from whom the bank buys receivables in the form of invoices or invoice specifications
  • Factoring with the right of recourse - The seller is a client of the bank, but there is a possibility of collecting receivables from the buyer (recourse) 
  • Reverse factoring - The buyer is a client of the bank, in whose possession the bank pays due invoices 

Front Office Solution: basic functionalities


  • External portal available to buyers and sellers
  • Buyers registration and administration 
  •  Registration with digital certificates
  • Invoice entry - manually and by Excel import
  • Selection of invoices and creation of payment requests (regular factoring and recourse factoring) 
  • Monitoring the status of all invoices
  • Reverse factoring: the buyer nominates invoices, and the seller verifies them on the basis of which the payment request is formed 
  • The system generates notifications (email) at each stage of invoice / specification processing
  • The web solution has been thoroughly tested through Penetration Testing by an independent IT company 


Back and Middle Office Solution: basic functionalities


  • Entering the decision of the credit committee with future elements of the contract
  • Entering a factoring contract, with detailed parameterization:          
     - Buyer / Seller where data is downloaded from the Core system 
     - Product definition (domestic/foreign, regular, with the right of recourse, reverse) 
     - Defining the method of payment (advance, interest and fee reduction) with the corresponding calculations
      -  Defining discount rates (fixed and variable)
       - Defining fees (fixed amount, percentage of invoice, etc.) 
       - Defining a framework credit line
      - Defining limits at the level of contracts and sub-limits at the level of partners (buyer or seller)
       - Defining interest calculation methods, as well as payment dynamics (in advance, monthly, at the end of the period)  
  • Entering invoice specifications (manually and by importing from Excel) 
  • Validation and verification of entered invoices with all related invoices 
  • Placement of funds - integration with dinar and foreign currency payment operations
  • Maturity overview of all categories (invoices, interests, fees) 
  • Calculation and posting of active and passive accruals
  • Parameterized definition of financial transactions
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Other Banking Solutions by S&T

S&T cooperates with almost all major banks in Serbia - both in the field of software solutions specific to this vertical, solutions related to data security - and in the field of necessary hardware infrastructure, outsourcing and maintenance.

In addition to the described S&T-developed solutions such as FeniX and Falcon- S&T has a number of successfully implemented projects such as:

  •  Instant Payments
  • Direct Debit
  • Anti-Money Laundering (AML)
  • Satellite and interface solutions made to customer requirements