More than 800 banks, fund managers and corporations across the world will go live today on the latest hosted confirmation matching service from Misys, the global applications software and services company, to cope with new changes to SWIFT messaging formats.
When SWIFT message standards change, all SWIFT users must update their systems to send and receive trade information in the correct format. The latest version of Misys Treasury Plus will provide both SWIFT and non-SWIFT members with a smooth transition to the critical adjustments in Foreign Exchange, FX Options and Precious Metals messaging.
Misys Treasury Plus 1.6 adapts incoming files from corporate and fund manager customers to comply with the new SWIFT standards. This means that even non-SWIFT commercial customers can receive the STP and automation benefits of SWIFT for FX, Money Market, FX Option and Precious Metals confirmations without having to be a SWIFT member.
As a Software-as-a-Service ("SaaS") application, the Misys Treasury Plus environment frees corporations from the time and expense of having to keep up to date with evolving SWIFT network standards. As financial institutions will need to make changes to their message formats in order to comply with the SWIFT changes. Misys Treasury Plus 1.6 will automatically support the new SWIFT standards. Misys has also enhanced the formats of return messages to comply with the new network standards.
Gil Bray, Head of Development for Misys Global Managed Services. "For the past decade, Misys Treasury Plus has been at the forefront of facilitating post trade processing communications between banks and their customers. Ensuring that our solution complies with SWIFT standards gives our customers fast, accurate, and cost effective message transmittal and processing.
"All trade messages received from commercial clients for confirmation matching and storage in our database can be transmitted over the SWIFT network with our assistance and we're dedicated to maintaining the rigorous standards employed by SWIFT," Bray adds.
The changes have been made by SWIFT in three key messaging formats: the foreign exchange MT 300 message, which relates to identification of the settlement currency for non-deliverable f forward transactions; the FX Options message, MT 305, which has been significantly changed to bring it closer to the MT 300 message with the addition of Party A, Party B; and the Precious Metals Trade Confirmation message format, MT 600, which has also modified to accommodate the same fields as the newly-altered FX Option message format.