Logica and Volante forge financial messaging partnership
19 May 2010 | 4359 views | 0
Volante Technologies and Logica today announced a new partnership in North America. In a move to enhance its SWIFT MT-MX translations, Logica will incorporate Volante's message transformation technology into its Intelligent Gateway.
Logica's Intelligent Gateway is a new global messaging platform for trade finance, payments, and securities systems. Volante will initially be deployed to transform SWIFT MT and MX securities and payment messages. Subsequently, Volante will enable format conversions of SWIFT messages as well as BAI2, eBAM, FpML, and other message types.
"At Logica, we work closely with our technology partners to deliver innovative solutions that offer clients a competitive advantage," said Jeremy Schutte, Senior Vice President of Logica North America. "Volante adds to our capabilities with their deep expertise in transforming SWIFT and other messaging formats as well as their speed in bringing the SWIFT MT-MX translations to market," said Schutte. "This will enable Logica to release updates more quickly to clients in response to regulatory changes and new business requirements. In turn, Logica's Intelligent Gateway clients can accelerate the introduction of new business services for their corporate customers, correspondent banks, and retail customers."
Logica's messaging and payments solutions process more than $19 trillion USD each day for some of the largest international banks and corporations. Logica is delivering the Intelligent Gateway solution to multiple tier 1 banks for test system environments this year. The solution will go live in 2011.
"We are delighted to contribute to the innovative development environment at Logica," said Vijay Oddiraju, CEO of Volante. "As the financial world gradually converts from the older SWIFT MT message format to the new MX messages, efficient MT-MX conversion is an essential capability in any bank. This, as well as interoperability of other financial messaging formats, is what Volante provides. Our goal as a partner is to make a win-win solution for Logica and its many financial industry clients."
Volante is a data integration technology that incorporates built-in domain knowledge of financial messaging formats such as SWIFT, BAI2, ACH, FIX/FAST and XML, as well as proprietary formats. Volante is infrastructure agnostic. Messaging solutions developed using Volante can be seamlessly integrated into a customer's existing middleware, such as J2EE application servers, service oriented architectures (SOA) or existing applications.