Broker Services within Nasdaq OMX has signed an agreement with Bankgirocentralen (BGC), the Swedish Automated Clearing House (ACH), for connection to SwiftNet, the global communications network for banks and other financial institutions.
Under the agreement BGC will manage Broker Services connection to SWIFTNet, including infrastructure operation and maintenance.
The SWIFTNet messaging platform gives banks and other financial institutions whole new opportunities for effective financial communication. BGC offers its customers a SWIFTNet Service Bureau package in which the participants share the cost of operation, development and administration. Economies of scale result in lower costs for the participants, who avoid having to invest their own resources in infrastructure maintenance and in-house expertise.
"BGC has functioned as a hub for payment transactions on behalf of the Swedish banks since 1959," says Mats Wallén, Business Developer BGC. With our SWIFTNet service we are able to meet rising customer demands on fast and secure transactions and simple connection to multiple counterparties, a necessity in today's internationalized financial markets."