MFEX Mutual Funds Exchange - a leading European fund distributor - 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 MFEX's 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.
"We are very pleased about this cooperation with BGC that will give MFEXs access to SWIFTNet. BGC's payment service will enable us to offer our customers such as Danske Bank, Handelsbanken, SNS Bank and Max Matthiessen faster and more cost-effective solutions for fund trading," says Oliver Lagerström, COO of MFEX Mutual Funds Exchange. "Today our platform is used by 260 fund companies with 6,500 mutual funds, and with the new system we can further increase the number of companies that trade via MFEX," adds Oliver Lagerström.
"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."