Bank of Bermuda, a mid-size global custodian, has deployed business integration software from Mercator to beat the deadline for migration to the new ISO 15022 securities messaging standard.
The new standard requires financial institutions that handle securities messages through the interbank Swift network to be able to receive ISO 15022 message formats by November 2001. Financial institutions need to be able to send as well as receive the new message format by November 2002.
Phase one of the project, using Mercator Integration Broker technology to improve straight-through processing between the bank's custody platform, Trustware, and the Swift network, went live in July 2001. As a result, more than 90% of incoming trade instructions and confirmations are now processed without manual intervention, says the bank. Phase two of the project, the introduction of the ISO 15022 message standards for securities processing, was also completed on schedule.
Mercator's involvement is part of a wider integration project initiated by Bank of Bermuda's information systems division, which encompasses the bank's business applications globally. The bank's long-term goal is to establish an application integration facility built on a bespoke business architecture. This will include re-engineering up to 170 interfaces between applications, with the objective of speeding transactions, reducing the complexity of interfaces, and cutting costs.