SWIFT, the financial messaging provider, has completed the ‘proof of concept’ (PoC) phase of development of its value-added network (VAN) solution for the new European securities settlement engine TARGET2 Securities (T2S). This is a critical milestone in the delivery of SWIFT’s solution, which will enable T2S participants to connect to T2S with the highest resilience, at the best price and with the lowest upfront cost.
In parallel to the development of its connectivity solution, SWIFT has also created a full suite of services to support its customers in the transition to T2S, starting from analysis, and progressing through implementation, testing and migration, all the way to live operations. These services leverage SWIFT’s track record of managing technical platform migrations and expertise in securities market infrastructure initiatives. They also draw on SWIFT’s expertise in the ISO 20022 standards underpinning T2S communications.
SWIFT’s end-to-end services for T2S span training, impact assessment, project management and integration services and standards management support, using MyStandards, the collaborative web platform for management of global standards and related market practice.
Alain Raes, chief executive officer (CEO), Europe, Middle East and Africa (EMEA), SWIFT, said: “The successful completion of the PoC and the creation of our end-to-end services for T2S are important milestones. We are committed to help our customers transition to the T2S environment. They are asking themselves critical questions about the impact of T2S on their business and operations, about the strategies they should adopt to remain successful in the new T2S world, and about how to achieve the migration with the lowest cost and risk. With our highly resilient and cost effective connectivity solution and the services we are offering based on our in-depth and relevant expertise in T2S, we can help them answer those questions and implement the solutions they need to make their T2S strategies a reality.”
As part of ongoing efforts to help customers develop their T2S strategies, SWIFT is also hosting a series of free-to-attend T2S seminars in key market centres, such as Milan, Paris and Frankfurt.
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