Sterci, the leading international software provider of SOA solutions for STP, today announced that Swift has renewed for the fifth consecutive year Steform with the highest award label for funds.
Steform version 3.3 is SWIFTReady 2009 for funds, it means the SWIFT compliance recognition to provide a comprehensive automation for Funds using new SWIFTNet XML ISO 20022 messaging standards.
One of the key challenges for the fund industry is automation, especially in crossborder distribution. In 2004, the fund industry mandated SWIFT to develop a set of templates to be used for the subscription/redemption process, leveraging on the MT messages used for securities transactions (MT502, MT509 and MT515). This solution - created in the ISO 15022 format - was a success and in 2008 more than 900 customers used over 22 million fund templates. Today it is time to start migration project to MX as the MT templates will be phased out in 2012.
"We are delighted to award Sterci with the SWIFTReady 2009 label for Funds" said Hervé Valentin, Senior Business Development Manager at SWIFT. " Partners which are enabling business applications to Funds MX messages like Steform definitively contribute to the industry effort to automate funds information flows" added Hervé Valentin.
Etienne Savatier, marketing director of Sterci, continued: "Sterci was involved since the initial launch of SWIFTNet Funds with early adopters in Luxembourg. As most of business applications are not ready for XML, Steform is the appropriate tool for mapping, testing, and validation. Steform also ensures the MT-MX interoperability. With Steform all messaging standards are available on the shelf for bridging the missing gap. This is very much appreciated by our customers for funds but also SEPA or FIX projects".