ICM’s middleware solution for S.W.I.F.T. network messaging provides payment processing for state’s financial services centres. The U.S. State Department has chosen ICM’s MQuest™ network messaging platform to process U.S. and international payments from State’s financial services offices in North America and Asia to employees’ and other creditors’ banks. The system is currently installed and awaiting user testing. MQuest will enable the State Department to send ICM-converted S.W.I.F.T. messages from its U.S. and Asian regional offices through the Federal Reserve Bank of New York to overseas banks with payment authorization instructions for its employees’ and other creditors’ accounts. Banks will be able to return post-transaction statements to the State Department regional facilities through same network interfaces.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
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