Daiwa Capital Markets goes live on Akshay Swift Service Bureau

Source: Akshay

Akshay Software International, Inc., a SWIFTReady Services Provider, SWIFT Service Bureau, and SWIFT Value Added Reseller, is pleased to announce that Daiwa Capital Markets America Inc. (DCMA) is live on Akshay's SWIFT Service Bureau.

DCMA joins a growing roster of clients relying upon Akshay's SWIFT Service Bureau for resilient, secure, and robust electronic financial messaging solutions and services. With the addition of DCMA, Akshay's SWIFT Service Bureau, operated in partnership with Financeware Comercio e Servicos Ltda. of Sao Paulo, Brazil, now supports over 90 clients from 15 countries.

SWIFT-certified engineers from both Akshay and Financeware teamed-up to deliver the implementation services, installing both manual and automated interfaces connecting DCMA to Akshay's SWIFT Service Bureau. To improve regulatory compliance capability and help prevent certain financial crimes such as fraud and money laundering, DCMA also implemented an optional OFAC scanning module which scans messages and checks them against government watch lists. Go-live occurred on October 18, 2010. "It was one of the most painless and trouble free migrations that I've been involved with in a very long time," said Bobby Cramer, FVP / Manager of IT Product Support at Daiwa Capital Markets America Inc. "Both Akshay and Financeware personnel displayed very high levels of expertise and responsiveness. We've previously experienced the high quality of Akshay personnel when we used their services to maintain our in-house SWIFT systems, and it's clear that Akshay's offering has been greatly enhanced through its partnership with Financeware."

DCMA mainly uses SWIFT Category 5 (Securities) messages. "Akshay's knowledge of SWIFT Securities messaging was a key factor in the success of the implementation," said DCMA's Bobby Cramer. "These are some of the most complex of the SWIFT messages and previously, we have had great difficulty with some of these message types. Akshay worked diligently with our back office application team to make sure that we got the message structure right, and also helped our users with the manual entry of some message types. We look forward to a long association with Akshay."

B.V. Venkat, Senior Vit, Senior Vice President of Akshay added, "We're delighted to have Daiwa Capital Markets America Inc. on board. Providing SWIFT services to an institution that uses the SWIFT Securities messages is something that we have had long experience with so this was a very good fit and we're very pleased that it worked out so well."

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