Read time: 1 min

Swift Adds Tools

Swift announced the pilot customers for its new SwiftNet system for funds. The offering is intended to facilitate standardisation and automation in the Asia Pacific and European investment fund markets. Banca Intesa, Bank of Ireland Securities Services, Barclays Global Investors, BNP Paribas Securities Services, Citco Bank, SEB and UniCredito Italiano are intending to pilot the service, due to be launched in Q3 2004.

The SwiftNet system for funds combines new XML standards with InterAct and FileAct messaging services to enable messages to be transported on a message by message or file transfer basis. The XML standards cover domestic and cross border funds as well as a broad range of processes, the organisation says.

Meanwhile, Banco Bilbao Vizcaya Argentaria, Grupo Banco Popular Espanol, Societe Generale, and Standard Bank of South Africa are taking part in the pilot phase of SwiftNet Real-Time Nostro Account Information system. Swift has been working with 25 banks in a steering group to create a standard for real time account and transaction information delivery as well as with partners to ensure that third party systems are available to support service providers and users implementing the Real Time Nostro Account Information system.

Swift says that real time account information over SwiftNet will optimise liquidity balancing, shorten intraday reconciliation and improve operational efficiency, mitigating settlement risk and rationalising costs.

Profit & Loss

Share This

Share on facebook
Facebook
Share on google
Google+
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit

Related Posts in