Swift, the financial messaging provider for more than 10,000 financial institutions and corporations in 212 countries and territories, announced today that T2S, Clearstream and Citi are using the collaborative standards management platform MyStandards to share standards specifications in a consistent and accessible way.
MyStandards is supporting all three entities, and their customers, in implementing the changes required by securities market harmonisation projects such as T2S.
MyStandards is a collaborative, community-based methodology for managing standards. Users can take advantage of MyStandards to ease the management and implementation of SWIFT standard messages across business lines and multiple projects. This reduces costs and risks and avoids any reinvention of the wheel.
Users of MyStandards can consult specifications online, and generate PDF documentation as well as processable output (XML schemas) to ease standards implementation.
"The MyStandards platform enables T2S to share standards specifications with our user base in a consistent and user-friendly way, facilitating implementation and adoption," says Siegfried Vonderau, Head of Division TARGET2 / TARGET2-Securities Services Management, Deutsche Bundesbank.
Brian Crabtree, Director of Market practice, Standards and SWIFT, Citi, says: "Having the T2S specs on MyStandards will enable Citi to see what is required, and what isn't, to be able to successfully process messages through T2S and back again. We will encourage all Citi teams involved in the T2S project to use MyStandards as their single source of T2S message standards information."
Commenting on Clearstream's adoption of MyStandards, Sébastien Grèverie, Head of Product Management, says: "MyStandards speeds and eases the publication and maintenance of standards specifications, reducing cost and risk. Having access to a 'golden source' of standards specifications, and the ability not only to browse the information but download it in multiple formats, is highly valuable in supporting the implementation of the standardised messaging required to provide and access new services, for example in light of T2S."
Juliette Kennel, Head of Standards, SWIFT, adds: "The business case for MyStandards really comes into its own when it is deployed across multiple projects, and by deploying MyStandards for the management and maintenance of standards specifications, T2S, Clearstream and Citi are making a major contribution to the development of MyStandards as a true community standards management solution."