Volante Technologies, which recently launched its single euro payments area (SEPA) compliance tool, has added a ‘SWIFT Funds Migration Accelerator’ to its Accelerator range of
financial data integration tools. The Accelerator is designed to increase
firms’ readiness to support ISO 20022 funds message types.
In November 2015, SWIFT will remove the ISO 15022
funds message templates from SWIFTNet. The 2015 end-migration date,
mandated by SWIFT is supplemented by a programme of financial disincentives
currently being incurred by firms that continue to use ISO 15022. For
non-ISO 20022-compliant firms, penalties and increased message costs are only
set to continue to impact margins.
The ‘SWIFT Funds Migration Accelerator’ is described
as an off-the-self product which includes pre-defined structures of the SWIFT
MT and MX (ISO 20022) message types, with embedded network validation and
bi-directional transformation rules. These rules accurately mirror the
SWIFT User Handbook mapping specifications and are designed to ease
implementation into existing workflows. The Accelerator includes a number
of generic adaptors such as extensible markup language (XML), comma separated
value (CSV) and fixed-width, to enable proprietary mapping by implementing
“The adoption of ISO 20022 messages by the funds
industry, will ultimately help to standardise the complete funds processing
cycle for multiple fund instruments globally and deliver greater straight-through-processing
(STP),”said Fiona Hamilton, vice president
(VP), Europe, the Middle East and Africa (EMEA), Volante Technologies. “Our
Accelerator can dramatically speed up adoption rates and help participants
avoid the excessive costs of re-engineering their existing fund applications to
become SWIFT compliant.”
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