Spanish savings bank Caja Madrid is overhauling its financial messaging strategy with Sun Microsystems' suite for Swift.The bank is using the Sun Open Suite for Swift offering, which is designed to kick-start SwiftNet integration projects, and is made up of the vendor's SOA platform, Sun Java Composite Application Platform Suite, as well as hardware, operating systems and high-availability options.
The three-year strategy covers payments, securities, funds and treasury, in addition to communication with external institutions, including CNMV - the Spanish local market regulator.
Sun says the strategy will enable Caja Madrid to consolidate all bank-to-bank message flows, improving efficiency and time to market in the design and execution of business processes.
The move encompasses full SwiftNet integration, creating a new development and execution platform for business processes related to Target2, EBA XCT and SCT, Iberclear (Spanish Local ACH), Swift application to application (ICM) integration, Sepa direct debit flows and TSU value supply chain.
Ambreesh Khanna, global head, financial services industry, Sun Microsystems, says: "Caja Madrid is helping its customers better manage their messaging infrastructure in a cost-effective way."
Local vendor Grupo Acotel will act as implementation partner for Caja Madrid on the project.
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