SWIFT is launching a cloud-based application that aims to ease the onboarding process between financial institutions (FIs) and their clients.
The financial messaging services provider said the MyStandards Readiness Portal, developed in collaboration with the industry, builds on the success of the MyStandards platform for standards management. The portal allows users to test their messages against specifications and prove their ability to reach certain quality and straight-through processing (STP) rates, helping to improve the speed and accuracy of onboarding processes.
SWIFT adds that customer onboarding is complex, due largely to the integration of messaging formats. Through the MyStandards Readiness Portal, new and existing clients of FIs and market infrastructures can test against specific messaging formats and guidelines. In parallel, the onboarding team at the bank can monitor the client’s progress in real-time checking for issues that can be resolved right away. These short feed-back cycles early in the process can significantly decrease project risks and overall costs.
“The client onboarding process has been a long-standing business challenge. One significant part of the risks and costs involved is coming from the lack of standardisation and the prevalence of piecemeal solutions,” said Marc Delbaere, head of MyStandards, SWIFT.
“Addressing this challenge with an industry-wide platform plays into SWIFT’s core strengths as an industry utility and fully aligns with SWIFT’s mission to reduce costs for the industry.”
The portal integrates with MyStandards, making it possible to test against all specifications defined in this collaborative industry platform. Launched in June 2012, MyStandards has 32 large global banks and market infrastructures using the application to manage their standards-related information.
The portal is available to all SWIFT customers, with further information available at www.swift.com/MyStandards.
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