EFT vendor Fundtech has formed a distribution partnership with BGC (previously Bankgirocentralen) to deliver outsourced SwiftNet services to the Nordic financial services market.
Both companies already have extensive experience in providing such infrastructure. Fundtech operates the world's largest Swift service bureau through its wholly owned subsidiary, bbp, located in Baden, Switzerland. BGC runs the Swedish automated clearing house, which processed over 350 million transactions last year.
The partnership aims to offer financial institutions throughout the Nordic region a simple and quick transition to SwiftNet, Swift's new TCP/IP-based financial messaging network.
"Fundtech offers a reliable SwiftNet service solution that avoids a costly and time consuming installation," says Reuven Ben-Menachem, chairman and CEO of Fundtech Corporation. "Our partnership with BGC provides the Nordic financial community with a local provider who understands the market and can service it with local presence."
Ragnar Santesson, managing director of BGC, adds: "This is completely in line with the financial industry's general development towards the outsourcing of non-strategic operations."