Euroclear adopts Swift messaging; Nordea completes B2B payment trials

Euroclear adopts Swift messaging; Nordea completes B2B payment trials

Euroclear has selected the Society for Worldwide Interbank Financial Telecommunication's SwiftNet services as a messaging solution for the file transfer channel of its Euclid communications platform.

The agreement will combine Swift’s messaging services FileAct and InterAct and builds on the settlement agency's earlier decision to implement SwiftNet services as a primary messaging solution. Euroclear is actively pursuing a strategy to IP-enable its communications infrastructure.

Ignace Combes, vice chairman of the Management Committee, of Euroclear Bank, says: “As many of Euroclear’s clients plan to incorporate SwiftNet within their communications architecture, we are delighted to be the first settlement system in the world to be able to offer access via SwiftNet.”

Access to Euclid file transfer via SwiftNet services will be available in Q2 2002.

In a separate announcement, Nordea has completed end-to-end testing of Swift's TrustAct Internet-based messaging and non-repudiation service for B2B e-commerce.

The pilot was held in co-operation with FishMarket, a global electronic marketplace owned by leading companies in the seafood industry. It involved the exchange of signed and secured B2B messages using Identrus digital certificates, and is now being extended to include Swift’s e-paymentsPlus service. The Nordic bank will use e-paymentsPlus to provide FishMarket’s members in 24 countries with immediate online payment initiation, improved liquidity management and assurance services.

Pentti Mansukoski, head of cash management, Nordea, says: “The lack of trust in financial performance and user identity has been a major obstacle to global B2B e-commerce. Using TrustAct, Nordea will be able offer innovative, trusted and secure global B2B services.”

TrustAct testing continues with Japan’s Sanwa Bank/UFJ and Sumitomo Mitsui Banking Corporation (SMBC).

Jackie Keogh, senior manageer, e-commerce, Swift, adds: “We have recently entered into several partnerships to integrate TrustAct and e-paymentsPlus with third party applications...These partnerships are essential steps toward Swift achieving end-to-end messaging between corporates, online marketplaces and banks.”

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