Misys and Swift hatch STP Accord
30 May 2002 | 4339 views | 0
Misys International Banking Systems (Misys-IBS) is shipping a new version of its Meridian Link messaging solution integrated with the Accord confirmation matching system from interbank network Swift.
Mick Fennell, business development manager for Meridian Link at Misys-IBS, says the integration between the two products should allow customers to increase their STP rates for treasury transactions dramatically. He says: "From deal capture through to settlement and payment, no user intervention is necessary. Payments are released on time with accompanying audit trails to illustrate the successful matching event.”
Jan Dings, SwiftNet Accord product manager & treasury solutions product manager at Swift, says the first Accord-Meridian user has already gone live with the new, integrated solution in London and is reporting "a dramatic reduction in operational costs" following automation of daily transaction cycles.
Meridian Link operates by extracting raw data from back-office applications and transforming that data into the required format for outgoing Swift messages. Under the integrated Accord version, payments are automatically released to the Swift network once a successful match is returned.
Says Fennell: “This process is helping Misys-IBS’ customers support higher transaction volumes within diminished settlement cycles.”