The latest version of Midas DBA, the international banking system from Midas-Kapiti International (MKI), has been awarded the SwiftReady Silver Label.
Swift (Society for Worldwide Interbank Financial Telecommunication) is an industry-owned co-operative. It was formed in 1973 to create a communications link for the exchange of financial transactions. It has more than 7,125 corporate users in 192 countries.
The co-operative, which is supported by more than 250 banks worldwide, accredits solutions meeting its standards for information exchange. Silver accreditation is given to products which support a wide range of payment messages, automate general message handling and straight-through-processing (STP) as well as providing access to the Swift Alliance CASmf interface.
Roger Hedges, product marketing manager, Midas solution, MKI, comments: "The Midas Funds Transfer STP application is made possible by rules-driven processing which can automatically repair messages - even where content quality is poor."
New developments are in the pipeline. Hedges says: "These include enhanced functionality designed to support the revised T+1 settlement terms for securities, based on ISO 15022 standard Swift messages. There will also be new features to ensure compliance with the Basel II Capital Adequacy proposals."