SWIFT’s messaging capabilities include payments, foreign exchange (FX)/treasury and market infrastructure and others. For corporations, this connection allows for streamlined access to your financial data using the ISO20022 and MT formatted messages. Benefits available are:
• Receiving intraday balance reporting.
• Importing/exporting letters of credit (LCs).
• FX confirmations.
For financial institutions, this connection allows for you to exchange ISO 20022 and MT formatted messages with your business clients, opening a far greater reach for your products.
Most companies which join SWIFT, outsource their non-core business activities.
The next generation SWIFT service bureau (SSB) not only focuses on SWIFT connectivity, but also on much more value-added services. Integrating your message formats is one of the value-added service for:
• Enhanced straight through processing (STP).
• Minimise the maintenance cost.
• Any-to-any financial message or file format translation.
• Migration from other platforms is easy.
• Full visibility to your cash and payments for effective liquidity management.
The three key functions of an integration engine are:
1. Integration: This provides customers with SWIFT compliant any-to-any format integration and validation. It supports CSV, XML, ISO 20022, ISO 15022 and any other proprietary format.
2. Transport: This seamlessly and securely transports files, messages and transactions across all processing nodes, protecting the integrity and confidentiality of customer data.
3. Reporting: Provides enhanced reports of the financial transactions, enabling intelligent and strategic decision making.
Here are some of the use cases, being implemented:
• Pipe Separated Values (PSV) or Comma Separated Values (CSV) to SWIFT MT
These two file formats are simple text files with different delineators making them easy to work with. Integration with these files can come from a variety of different sources such as an enterprise resource planning (ERP) or accounting system and can be translated into the proper SWIFT MT formatted message.
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