Why should I switch from BgLink to E-banking using Pagero Online?
ISO 20022 format is implemented as new payment format and new infrastructure. With the transition to ISO 20022 the local formats will no longer be used, and ISO 20022 will be used instead. The ISO 20022 files must be sent to the bank directly and not through the payment system Bankgirot, as we are used to do.
As BgLink is a software that only processes the traditional local formats such as LB, KI and BgMax and only communicates with Bankgirot, Pagero now offers the service E-banking using our cloud-based platform Pagero Online.
- With the service E-banking you become ISO 20022-compliant, bearing in mind that it converts your older formats such as LB and KI into ISO 20022 in accordance with the specification your particular bank wishes to receive.
- The service also converts the ISO 20022 files we get from the bank back into LB-åter, BgMax etc.
- The service furthermore includes connection to banks, thus one service gives you everything you need in order to prepare for the new infrastructure.
What is the nature of the transition from BgLink to E-banking via Pagero Online?
It is important that you have a dialogue with your bank, whilst at the same time having a dialogue with Pagero.
- Inform the bank that you wish to start sending and receiving ISO20022 files through Pagero Online, using E-banking.
- The bank will then update your business agreement, adding a new format and new form of communication between Bankgirot and the bank.
- Talk to Pagero and decide which service you wish to use, based on how you want to send and receive your files using Pagero Online, manual upload and download, and automated file transfer?
- An account will subsequently be created for your company, and Pagero will help you configure the account and get started on using the service.
It’s hard to say precisely how long it will take, as the bank, Pagero and you as a customer have slightly different roles in this transition. Based on historic information, we estimate that a transition will take two to five working days, and your work time as a customer will be about an hour – for configuration and learning how to use the service. Between two and five days is the processing time for the bank to update your business agreement and for an appointment for set-up in Pagero Online.
All banks handle the transition slightly differently, so the most important thing is for you to have a dialogue with the bank and notify them that you are switching from BgLink to E-banking via Pagero Online. The bank will then tell you what you need to do.