SWIFTAlliance Release 6 is being piloted now and will go live at the beginning of January 2007. It delivers enhancements to SWIFT’s interface portfolio that prepare SWIFT customers for SWIFTNet Phase 2, for enhanced business over SWIFTNet, and for new technologies. At a time when the community is collectively raising its ambitions, Release 6 ensures that all SWIFT users can be ready.
Ready for SWIFTNet Phase 2
SWIFTNet Phase 2 delivers two key benefits: it modernises security and enhances relationship management. SWIFTAlliance Release 6 (currently being piloted by a group of SWIFT customers from across the banking and securities markets, and due to be available from January 2007) allows customers to get ready for their SWIFTNet Phase 2 cutover date.
"The new SWIFTAlliance interfaces allow us to be ready for SWIFTNet Phase 2 in plenty of time for our cutover date" Pierre Pouillard, SWIFTNet Projects Manager, BNP Paribas
By enabling the Relationship Management Application (RMA), SWIFTAlliance Release 6 readies the community for one of the most compelling parts of SWIFTNet Phase 2: the ability to accurately reflect in their messaging rules the business relationships they have in place with their counterparties.
When the RMA goes live in 2008, it will allow SWIFT users to control not just who is authorised to send them messages, but what types of messages they are prepared to receive from them. The business benefits are significant and are expected to be felt in many diverse areas.
"Release 6 allows us to be ready for SWIFTNet Phase 2 in plenty of time for our cutover date," comments Pierre Pouillard, SWIFTNet Projects Manager, BNP Paribas, one of the institutions piloting the new release. "We believe that SWIFTNet Phase 2, RMA and the HSM boxes will provide us with 'state of the art' messaging infrastructure in terms of security and relationship management."
In addition to having RMA functionality embedded in the latest release of its interfaces, SWIFT is also offering a stand-alone RMA interface called SWIFTAlliance RMA. Designed for customers who use a third-party interface that does not support RMA, or who want to centralise their worldwide RMA operations, SWIFTAlliance RMA will be available along with the rest of Release 6 in January 2007.
Ready for enhanced business over SWIFTNet
Using SWIFTNet increases automation, lowers costs, and mitigates risk. It offers a range of standardised, automated ways to interact with counterparties in payments, trade, treasury, and securities, as well enabling SWIFT customers to provide new services to their own clients. The new SWIFTAlliance portfolio is ready to enable users for this whole range of SWIFTNet services.
The latest version of SWIFT’s desktop interface for manual message processing, SWIFTAlliance Messenger, is ideal for SWIFT customers looking to begin using new SWIFTSolutions. It provides manual access to both FIN and MX-based messaging, with a ‘thin client’ architecture that lowers the cost of deployment and maintenance of the software. For Release 6, the user interface has been improved; functional enhancements have been made; and, for those customers who do not already have their own, it now comes packaged with an Application Server.
"The user friendliness of the new Messenger is markedly improved," says Michel Mignolet, IT Specialist SWIFT Front Ends, Fortis, who has also been piloting SWIFTNet Release 6. "We already use SWIFTAlliance Access and Gateway to enable us for solutions like SWIFTNet Bulk Payments and Cash Reporting. And we also offer our own clients services in an MA-CUG. The advantage of Messenger is that it will allow us to ramp up our use of newer solutions that we are considering - like Exceptions and Investigations – in line with the needs of our business."
Like its big brother SWIFTAlliance Access, SWIFTAlliance Entry is now capable of handling MX-based messaging as well as FIN, making automated access to SWIFTSolutions such as SWIFTNet Cash Reporting and SWIFTNet Funds easy.
Ready for new technology
For Release 6, the SWIFTAlliance portfolio has also been comprehensively improved from a technology perspective. Interoperability has taken a leap forward with the introduction of the Web Services Host Adapter. This new adapter enables organisations to take advantage of the power of Web services in the managed and controlled SWIFTNet environment. Applications compatible with the SOAP standard will be able to easily generate SWIFTNet InterAct messages.
Interoperability enhancements go hand in hand with a new set of functional enhancements, including the fact that messages sent or received by SWIFTAlliance Gateway can be automatically copied to a monitoring application.
Another key technological improvement is the introduction of a ‘one-time password’ for local authentication, which greatly enhances security.