Most of the activities taking place on both the money and capital markets are carried out by the banks. SWIFT (the Society for Worldwide Interbank Financial Telecommunication) is the backbone of the payments messaging system. Historically the transactions through SWIFT were performed in a "mechanical" way in which all the transactions needed to be read and confirmed one by one by suitable personnel in order to decrypt ("translate" the SWIFT code into a real payment from sender to recipient) the information in each payment. The overriding necessity was to provide the highest levels of security; however, the efficiency and ease of use suffered in the process.

This bank payment tool provides an integrated solution to the complexity of handling incoming and outgoing SWIFT messages of every type. It fully automates the expensive and time-consuming handling process by using advanced identification and validation procedures. It can also be used as an intermediate programme between SWIFT and the banking software applications. Due to the high level of parameterisation options it is possible to integrate it with the existing procedures of the bank. Utilising the product results in significant reduction of the time needed to process a SWIFT message, and as a consequence achieves dramatic cost reduction, ensuring competitive advantage to the bank.

The basic characteristics include the following:
" True STP (Straight Through Process) functionality. " Rule-based message handling. " Smooth incorporation of new processes, resulting in a very dynamic workflow. " Fast and efficient integration with the existing core banking and accounting systems. " Automatic accounting transactions based on rules. " Centralised SWIFT platform. " The quickest, most cost-effective way of meeting the SEPA (Single European Payment Area) challenge.

A significant characteristic is the compliance with the ISO 15022 standard. The solution not only provides compatibility with the latest standard but also enables the banks to adapt their current applications to the new standard with no additional cost. The system checks the messages as they are entered by the user, and in this way it guarantees the correct forwarding even before they are checked by the SWIFT network.
Apart from the capabilities described above, the user has additionally two options. First, to add modules that expand the handling capabilities of the SWIFT messages; support alternative channels for message input such as the Internet, ATM (Automated Teller Machine), standing orders, batch, etc; building an order entry subsystem with very simplified tasks so that the input of a SWIFT message can be possible even from the teller or other non-SWIFT experts. The second option has to do with the control engine of the messages that is being offered separately on demand and thus giving the chance for greater flexibility according to the particular demands.

Innovative Aspects:
" Integrated solution supports the whole process of banking payments, with regards to SWIFT. " Makes the STP goal a reality. " Enables creation of the complex SWIFT messages even by inexperienced users. " Creates accounting entries as soon as the messages are accepted or sent." Handles all message types. The user is free to decide which messages will be included." Higher productivity due to automation of the procedure." Significant cost reduction, since it minimises human intervention." User-friendly interface and excellent control combined with extensive communication with other departments and software products within the bank or the corporation." Developed with open architecture (Java) and integrates easily into any platform. It also works with almost any database." It needs no special hardware or software." Sends and receives messages from SWIFT Alliance or other SWIFT interfaces." Suitable for both small and large banks and institutions." Compatible with the new SWIFT standard: ISO 15022.

 

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