NTT Data Getronics Corporation, a leading payments and ICT provider, and C24 Technologies, a leader in financial services messaging and integration solutions, today announced a strategic OEM alliance to make C24 Integration Objects (C24-iO) an add-on component to the NTT Data Getronics' financial message broker.
Recent regulations including the requirement to support the latest global standards in financial communications have led to a mandate for financial firms worldwide to update their banking and settlement platforms.
"We are extremely pleased to partner with NTT DATA Getronics and provide their customers with best-in-class financial standards messaging."
Modernising transaction banking systems with improved global standards interoperability also provides a way to increase straight-through processing (STP) rates and reduce the cost per transaction. Global standards, such as ISO 20022, provide a common language for people and computers to exchange financial information, leading to greater interoperability and less ambiguity in a financial communication. By enhancing the broker with C24 Integration Objects, banks will be able to efficiently send and receive a complete set of up-to-date global standards-compliant messages, and easily migrate from proprietary-based domestic message formats.
The new solution will allow NTT DATA Getronics' customers to easily comply with global standards market infrastructure requirements. Data integration implementation time is estimated to be reduced by approximately 50% using C24's pre-built and maintained standards libraries and model-driven development tools in the broker.
In Japan, the global ISO 20022 message standard will be supported in financial communications by the Japan Securities Depository Center (JASDEC) in January 2014 and the new BOJ-NET in FY2015. NTT DATA Getronics has already started constructing the solution to cope with the XML messages (ISO 20022 included) which will be adopted by the new BOJ-NET.
C24 Integration Objects is a data modelling, meta-data management, transformation and messaging integration toolkit with in-depth support for over 40 industry standards. Initial support in the NTT DATA Getronics' financial message broker will be provided for ISO 20022 messages followed by support for SWIFT, FIX and FpML messages in the near future.
The NTT DATA Getronics' financial message broker offers all the features needed to support global transaction banking operations. Financial Message Broker Business Service, ESB Service and GUI Service will include C24-iO as an optional format conversion engine component. In addition to support for ISO 20022, SWIFT, FIX and FpML message types, the messaging capabilities are enhanced to support thousands of validation rules to ensure message validity, and the impact of financial standards changes is minimized with timely product updates.
"We are very pleased to establish a business relationship with C24 Technologies, a recognized leader in financial messaging solutions," said Masashi Yanaka, Executive Vice President and Director, NTT DATA Getronics. "By enhancing our financial message broker with C24 Technologies, we will provide our customers the best solutions to strengthen their global settlement service and transaction business."
"Improving data interoperability and STP rates translates into faster innovation and superior service," said Wayne Meikle, Commercial Director, C24 Technologies. "We are extremely pleased to partner with NTT DATA Getronics and provide their customers with best-in-class financial standards messaging."