UBS live with Fundtech's IGTplus for US dollar and Swiss franc clearing

Source: Fundtech

Fundtech, a provider of global electronic payment, settlement and cash management solutions, announced today that UBS is processing its US Dollar (USD) and Swiss Franc (CHF) payment transactions using IGTplus, a universal financial messaging gateway.

IGTplus supports real-time transaction flow for US Dollar clearing between UBS and the Federal Reserve Bank and CHIPS networks in the US, the Swiss Central Bank for Swiss Franc (CHF) payments via SIC (Swiss Interbank Clearing) and euro (EUR) payments via euroSIC. At peak, the bank is processing in excess of 300,000 transactions per hour.

These IGTplus gateway connections are extremely critical for UBS, which must provide the highest availability and security. A business continuity management plan developed jointly with BBP assures that the highest possible availability is afforded.

Charles Brenneisen, Executive Director at UBS AG, reports: "BBP's know-how in the area of high volume message handling systems like those in use at UBS, and the Federal Reserve Bank and CHIPS know-how available through BBP's American parent company, Fundtech, were decisive factors in the success of the project. The duration from evaluation to going live was a short time frame. The system has been running absolutely stable and meets our performance expectations."

Michael Sgroe, President and COO, Fundtech, states: "A short project phase, significant volume, highest security and availability demands, and a client with high standards are factors that require particular care. We're proud to have standardised Federal Reserve Bank and CHIPS products available today to build upon our well established Swiss Franc clearing leadership. IGTplus offers other large banks an opportunity to rationalize their financial communications on a single gateway infrastructure to drive down costs, while improving reliability, performance and customer satisfaction."

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