Radianz and TransactPlus have thrown down the gauntlet to bank-owned messaging network Swift by providing an alternative IP-based service for financial institutions with guaranteed delivery of high-value electronic transactions.
Under the alliance, Radianz's Internet Protocol (IP)-based extranet, RadianzNet, will be combined with transactional messaging services provided by TransactPlus - a network services provider which uses technology spun out of JPMorganChase. Those financial institutions connected to RadianzNet will then have access to a range of information delivery needs, ranging from near real-time transaction delivery to bulk file movement, disaster recovery and transaction risk management.
The alliance promises financial institutions the quick time to market, reliability and risk reduction of a managed service, but with the openness, low cost and flexibility of an IP network, say the companies.
The Society for Worldwide Interbank Financial Telecommunication (Swift) currently offers banks guaranteed delivery over an ageing store-and-forward messaging infrastructure. It is currently preparing to migrate to a new IP-based network, SwiftNet, operated by Global Crossing.
Peter Miller, CEO of TransactPlus, comments: "As pressure increases to enable straight-through processing (STP) initiatives, we expect to see an even greater demand for flexible and proven transaction delivery solutions like the TransactPlus Network in the future."