ERI and Swift have completed a pilot project aiming to offer to Olympic Banking System users an easy-to-install and cost-efficient messaging solution for their cross-border funds distribution flows.
For the global cross-border funds business, a key tool to achieve straight-through processing (STP) and reduce risk is the series of new ISO 20022 messages, developed by SWIFT, which cover all the key processes within the funds value chain. These messages are already widely adopted, alongside an earlier set of ISO 15022 messages for the funds subscription / redemption process.
The solution relies on the capabilities of OLYMPIC Banking System using its Multi-Message Engine and Alliance Integrator and the new SWIFT-specific integration layer running on SWIFT Alliance Access interface.
This joint-solution supports the recent SWIFT board decision to mandate migration to the ISO 20022 for the funds community on SWIFT.
"We are proud to offer the SWIFT community a total solution for Funds automation, based on OLYMPIC Banking System's robust software package combined with SWIFT's new Integrator component", says Patrik Neutjens, Head of Partner Management, SWIFT. "ERI customers now benefit from a fast to implement and cost-efficient solution."
"We believe this joint-solution is a terrific answer to a complex and costly problem faced by our customers around the world in the funds area", says Paul Doody, Head of Sales and Marketing at ERI. "Working closely with SWIFT has enabled us to provide and end-to-end solution that significantly reduces implementation risk."