Designed to dramatically aid ease of adoption and ensure immediate compliance to ISO 20022 SWIFT funds messages, as the migration from 150022 continues.
NEW YORK, LONDON, DUBAI, MEXICO CITY, 18 November, 2013 – Volante Technologies, a global leader in the provision of innovative financial data integration tools, today launched its ‘SWIFT Funds Migration Accelerator’. 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 program of financial disincentives currently being incurred by firms who 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 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 XML, CSV and Fixed-Width, to enable proprietary mapping by implementing organizations.
Volante’s Accelerator is fully documented and provides automatic browser-based html navigable specifications that include not only the source and target of the data structure, but also the mapping validation, enrichment and routing logic. This provides the flexibility to either automatically convert new messages, or, adapt in-house by users operating within the funds industry such as distributors, transfer agents, registrars, custodians and other relevant funds industry participants. The Accelerator parallels the temporary coexistence rules implemented by SWIFT for the restriction of the size and content of MX messages.
Volante’s tool-sets are designed to simplify the complexity of creating, validating and enriching financial messages and transforming proprietary data to those formats. It enables firms to rapidly adopt new standards, protocols and messages as they evolve in line with technology or regulatory evolution. All Volante products are developed with ease of integration into existing legacy systems in mind, enabling customers to benefit from the reduced costs not normally associated with the adoption, compliance and implementation of new standards technology.
Fiona Hamilton, Vice President, EMEA, Volante Technologies, said, “The adoption of ISO 20022 messages by the funds industry, will ultimately help to standardize the complete funds processing cycle for multiple fund instruments globally and deliver greater straight-through-processing (STP). 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.”
Hamilton continues, “We are committed to developing our technology tool-sets to help our customers overcome both existing and future pain points and benefit from reduced implementation costs, whatever the data integration or migration challenge.”