Swift and Russia's NDC sign agreement on Alliance Lite

Source: NDC

On September 25th, 2009 in Brussels Mr. Nikolay Egorov, Senior VP, Member of the Executive Board of Micex and Director General of NDC and Lazaro Campos, CEO, Swift signed an Agreement which allows NDC's counterparties to access Swift and securities settlement infrastructure through a new channel based on Alliance Lite internet technologies.

Alliance Lite provides easy, secure and low-cost access to SWIFT. Advance technical works will be completed in 1Q, 2010.

Earlier this month Mr. Nikolay Egorov during his speech at the Russian Settlement Session held at Sibos 2009 on September 15th said "the addition of SWIFT Alliance Lite as one more channel for its customers to access NDC was a major step forward in the alignment of the Russian financial infrastructure to global standards." By adopting Alliance Lite, NDC customers will be able to not only access NDC but also other financial institutions in Russia and worldwide using internationally recognised standards.

"SWIFT and ISO are the international standards for secure, automated communication between financial market participants globally, reducing operational costs and risks and enabling improved straight-through processing (STP). By allowing all our customers to use ISO standards and SWIFT to conduct their business with NDC, we are supporting them in globalising their capability to conduct business around the world and not just in Russia. The addition of SWIFT Alliance Lite as a channel for communication with NDC is especially significant for our customers who will benefit from the cost efficiencies and the ease of access Alliance Lite provides," said Egorov.

Under the terms of the MoU, NDC agreed to co-operate to support the adoption of ISO standards in Russia. An important element of this co-operation is the joint work by SWIFT and NDC to encourage the use of Alliance Lite by NDC customers.

Alain Raes, chief executive, EMEA at SWIFT, commented: "NDC's addition of Alliance Lite as a communications channel supports its strategic plan to further adopt international standards to improve automation in order to reduce costs and risks for its customers. NDC will be able to offer a range of new services using Alliance Lite, building on the benefits its customers already achieve by communicating via SWIFT, and we look forward to working closely with NDC in the future to maximise the value we are offering to our mutual customers."

Comments: (0)