25 May 2018

Synergy claims building society successes

05 October 2010  |  1830 views  |  0 Source: Synergy Financial Systems

Leading UK Swift Service Bureau, Synergy Financial Systems is delighted to announce that 15 UK Building Societies have now signed outsourcing contracts for access to the Bank of England Enquiry Link service.

The revised FSA Liquidity Regime ( FSA PS 09/16 and BIPRU 12) imposes strict limits on the type of liquid assets that Financial Institutions should hold. They will have to hold only top quality government debt, so called "eligible instruments", in the form of a standardised liquidity buffer. With a requirement to track and report regularly on the scale of liquid assets and to maintain assets within strict limits, membership of the Bank of England's Real-Time Gross Settlement (RTGS) system via the Bank of England Enquiry Link service is becoming mission critical for all UK Banks and Building Societies.

Having been authorised by the Bank of England to extend the scope of SWIFTNet hosting services to include the Bank of England Enquiry Link, Synergy Financial Systems are able to provide an outsourced connectivity service to UK Building Societies as they work to comply with the new liquidity regime.

As UK Building Societies work on changing their systems and processes to comply with the new liquidity regime, Synergy Financial Systems has so far contracted with 15 (out of 52) for outsourced access to the Bank of England Enquiry Link through SWIFTNet. Synergy is pleased to welcome 15 Building Societies to the benefits of the Synergy SWIFT Service Bureau. Those connecting through Synergy range in size from a top 10 Building Society to some of the smaller Societies.

Commenting on the achievement, Synergy CEO Peter Sandhu said: "We are delighted to welcome fifteen Building Societies to the Synergy Service Bureau family. We look forward to providing them with a reliable, resilient, service for many years."

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