Centric Public Report 2020
In 2020, our focus for the financial sector was on preparing our customers’ payment systems for Instant Payments and tapping into the digital agenda of both our existing customers and potential new customers. To make our pension administration activities more robust and future-proof, we have invested heavily in a new IT landscape.
Financial institutions can outsource to Centric any administrative processes that do not add to their ability to set themselves apart from their competition, such as payment transactions and pension administration. We work to the highest standards in terms of security and compliance.
This, combined with our deep-rooted knowledge of IT and financial processes, makes us a unique party in the financial industry. We furthermore provide professionals in the area of software development, testing and IT infrastructure.
Instant Payments en Anti-money Laundering (AML) In 2020, we prepared the payment transaction systems of NWB Bank and BNG Bank for Instant Payments and PSD2. Instant Payments is the real-time account-to-account transfer of funds, meaning the money is in the recipient’s account within seconds. Some of these activities are continuing into 2021. The Second Payment Services Directive, or PSD2, is the new European directive that requires banks to give other banks and third-party service providers access to their current accounts and credit card accounts. The process of making these banks PSD2-compliant has now been completed. Setting up and monitoring processes and measures to prevent money laundering (AML) is and will remain a key priority for our customers and for the financial services sector as a whole. In 2020, together with our customers we started a study to see which parts of that process we can support with practical solutions.
PENSIONS / INSURANCE (PalS)
Operational excellence For 2020, the focus of our pension activities was on implementing operational excellence. Significant investments were made in the IT landscape in 2020, with the implementation of a new pension administration system, process standardisation, and an even higher degree of direct processing (Straight Through Processing). Standardising processes and the underlying IT makes us better able to demonstrate that we are in control of the processes outsourced to us and that we comply with the Risk Control Framework.
New pensions fund With these investments, Centric is sending a clear signal that we intend to achieve our growth ambitions. We engaged in intensive talks with new pension fund administrators and pension advisors in 2020 in order to welcome new customers in the coming years.
'We see the introduction of the new pension system as an opportunity to distinguish ourselves from traditional pension providers'
In 2021 and beyond, our targets are to optimise processes, to exchange and embed knowledge in the area of compliance, security and other areas of expertise, and to boost our innovative capacity.
With a view to offering our customers, banks, insurers and pension administrators even greater scale – and the associated benefits of such – the focus for this segment is on growing our customer base and BPO portfolio. Redefining our payment transaction processing proposition is also on the agenda; this includes making progress in areas like digitisation, data science, AML, the cloud and collaborations with FinTechs.
By continuing to focus on our unique position as a service provider with extensive knowledge of the financial domain and a solid IT foundation, we feel sure that we will be able to generate new business and increase customer satisfaction even further. In addition to our position in the payment transaction processing chain, we will also include other related financial processes in our portfolio. This will put us in a position to tap into the digital agenda of our customers while also enabling us to take over the handling of other business processes. We see the introduction of the new pension system as an opportunity to better differentiate ourselves from traditional pension fund administrators, and with our new IT landscape we’re ready for this. With our pension knowledge combined with our IT service organisation, Centric is a unique player with the ambition to grow further and become a stable player in the pension administration market.