SWIFTNet Services
Create Efficiencies While Maintaining SWIFT Compliance
Are you looking for ways to streamline financial messaging development and maintenance? Or, are new business and regulatory requirements putting pressure on you to modernize and extend legacy SWIFTNet FIN processes? Maintaining compliance with multiple and frequently changing SWIFT (Society for Worldwide Interbank Financial Telecommunication) standards is always a challenge, so how do you create efficiencies while remaining compliant?
You can significantly improve organizational efficiencies and minimize failed transactions with Progress SWIFTNet Services powered by our data interoperability products. The SWIFTNet solution provides financial messaging data interoperability tools with pre-built and maintained SWIFT libraries for payments and securities processing.
Progress SWIFTNet Services will also enable your organization to:
- Complete messaging projects on schedule. Using model-driven tools and pre-built SWIFT data models, your team eliminates the inefficiencies of hand-coding SWIFT messages, validation rules and test cases.
- Streamline yearly SWIFT updates. As mandated by SWIFT, message formats change yearly. A technology investment today brings significant savings each year. By in-sourcing SWIFT updates from Progress, change management is simplified.
- Reduce risks associated with failed transactions. With higher rates of automation and vastly improved data quality, errors are reduced along with the associated repair costs, leading to reductions in operational risk and reputation risk.
- Create a framework for SWIFT MT-MX migration. Change to new ISO 20022 XML-based SWIFT message formats is certain. Building a framework for SWIFT MT-MX coexistence and migration today will minimize the impact as older SWIFT messages are retired.
Over 60 leading financial institutions outsource the management and maintenance of SWIFT standards to Progress Software, including wholesale banks, central banks, buy-side and sell-side firms, industry utilities and independent software vendors (ISVs).
