Software AG, a global leader in business infrastructure software, today announced that it has been awarded SwiftReady Financial EAI label for 2009 from the Society for Worldwide Interbank Financial Telecommunications (Swift), Swift's highest level of certification for interoperability.
The certification exemplifies Software AG's leadership in connecting systems within and between financial services firms, and follows the company's recent acquisition of Teconomic AG, which strengthens Software AG's position in the SWIFT solutions marketplace.
"Attaining the SWIFTReady Financial EAI label demonstrates what Software AG can deliver to financial institutions in terms of integration to the SWIFT network and interconnectivity with other businesses," said Ivo Totev, Member of the Executive Board, Software AG. More than 8,500 financial institutions in over 200 countries rely upon SWIFT as the global standard for ensuring reliable, secure and assured messaging between member institutions.
"SWIFT certification highlights Software AG's commitment to delivering optimized payment processes and solutions to corporations that enable low cost and high volume transactions," Totev added. "Combined with Software AG's robust growth companywide and among our financial services customer base in particular, this certification is another evidence of our leadership in the financial sector."
Software AG's business expansion is also demonstrated by the company's recent acquisition of Teconomic AG, which provides comprehensive IT consulting services and solutions to the European financial sector. The combination of the two companies' software and services will make Software AG a major player in the SWIFT solutions market and builds on Software AG's commitment to supporting industry standards by enhancing its support for ISO 20022 messages, as well as increasing support for SWIFTNet services and industry initiatives such as TARGET2, T2S and SEPA (Single Euro Payments Area).
"Financial institutions are facing many challenges today, and a flexible, adaptable, and secure IT infrastructure is essential to remaining competitive while complying with differing new industry regulations. Our combined software and services bring financial institutions both the technical and business resources needed to effectively integrate to the SWIFT network, while providing them a flexible solution that can respond to those challenges," said Rudolf Gunz, Head of Software AG's Global Competency Center SWIFT and Banking Solutions.
Adding Teconomic AG's capabilities also reflects Software AG's commitment to support the full business needs of financial services firms in addition to the technical infrastructure they require. "The combination of Teconomic AG's deep industry expertise and Software AG's international presence and business process technology will enable financial institutions to address the three major challenges facing the industry: multiple national regulatory changes, continued market consolidation, and improved risk management," added Gunz. "We will play a major role in helping the financial sector adapt to these economic changes quickly and economically, and in implementing regulatory compliance in particular."
Software AG serves over 500 financial services institutions globally, including many of the world's largest and fastest growing banks. These organizations trust Software AG's webMethods SWIFT Module combined with Software AG's experience as a SWIFTReady Service Provider to deliver immediate, SWIFT solutions to customers.
Software AG's webMethods SWIFT Module is built upon the webMethods ESB (Enterprise Service Bus), an award-winning platform that delivers business agility and flexibility through integration across applications and by connecting existing technology investments. In addition to SWIFT, the webMethods ESB offers proven support for many key industry standards, ensuring that financial institutions can rely on Software AG for all their interoperability requirements in the cost-effective, scalable, and secure manner for which the webMethods ESB is known.
"Our solutions offer financial institutions and corporations both the technical and business resources needed to effectively optimize payment and securities processes through the SWIFT network, while providing them a flexible platform that can respond to emerging needs and changing demands of the marketplace," Totev said.