Nordea and Microsoft are developing an Identrus-backed Internet payment infrastructure that will enable corporates to support new XML-based standards such as Swift ISO 15022.
The solution, which is currently in beta testing, utilises Microsoft's BizTalk Server as a banking interface for businesses transmitting international payments over the Internet.
The end product will cover the entire business-to-business value chain, from pre-trade to settlement, says the vendor, automatically translating and routing messages concerning financial transactions to the relevant banks. The solution incorporates Identrus PKI security as well as Swift TrustAct Internet-based messaging and payments infrastructure.
Scandinavian banking conglomerate Nordea has contributed to the new platform development and will offer the solution to its corporate customers across Europe, Middle East and Africa.
"This co-operation agreement with Microsoft addresses our need for a long-term partner to support system-to-system integration. By using BizTalk Server, Microsoft’s platform for messaging, our customers will now be able to support the new messaging standards and connect to Identrus alliance banks with minimal adaptation on their side," says Nordea vice president Bo Harald. “We have been very impressed with the development work Microsoft has been doing around BizTalk in the financial services industry, creating a platform that specifically caters to our needs for financial message translation and routing, security, scaleability and also preparing us for future developments in messaging standards.”
Paul Shelter, financial services manager for Microsoft Emea, says the firm has committed significant resources to the development of financial services-specific adapters on top of the BizTalk Server messaging platform. "Global payments is an area that Microsoft is now really focusing on in the financial services industry," he says.