French bank Société Générale and securities depository Euroclear France have selected Sterling Commerce's Connect:Express Unix software to enable Swift file transfer capability and manage their migration to the SwiftNet IP-based network.
The bank is using Sterling Commerce software to rationalise its use of Swift interfaces and integrate file exchanges. Société Générale previously had 60 interfaces but the aim of the SwiftNet migration is to establish a global platform for all file transfers.
Euroclear France will also use Connect:Express Unix for its move from the FIN X.25-based network to the IP-based network. The company says the objective of the Swift migration is to create additional client communication networks. It now has four file exchange channels - MQ Series, PeSit, FTP and SwiftNet - which support its clients disparate IT systems.
Separately Mizuho Bank and Mizuho Corporate Bank have become the first major Japanese banks to complete their migration to SwiftNet. Mizuho Bank switched over in January 2004 while Mizuho Corporate Bank moved FX settlements in March 2004 and securities settlements this month. The successful migration was the culmination of an 18-month project in partnership with Getronics Japan and Sumisho Computer Systems Corporation.
The banks plan to introduce a number of new interactive network capabilities in the near future, including real time nostro cash reporting, MA-CUGs, trade finance EDI, FileAct and XML settlement.