Swift, the financial messaging provider for more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories, today announced that Interbolsa in Portugal will use Swift's Value Added Network (VAN) solution plus integration tools to connect to T2S.
INTERBOLSA intends to go live on T2S connecting via the SWIFT VAN in 2016. INTERBOLSA manages the Central Securities Depository, Securities Settlement Systems and National Numbering Agency in Portugal.
According to INTERBOLSA, it has chosen SWIFT for a number of key reasons, namely to smooth the adaptation of its IT systems and operational procedures for settlement in the T2S platform, while enhancing its portfolio of services, in a timely manner.
Rui de Matos, Member of the Managing Board, INTERBOLSA, says: "We are confident that SWIFT is the right T2S connectivity solution for INTERBOLSA, bringing unmatched benefits in terms of resilience and ease of infrastructure enhancement, and we look forward to working closely with SWIFT to implement its integrated solution, which we are confident meets our specific needs."
Alain Raes, Chief Executive, EMEA, SWIFT, adds: "We are delighted that INTERBOLSA has decided to leverage SWIFT to connect to T2S, and to use our integration solution to ease the implementation of T2S in its operations. We thank INTERBOLSA for its confidence that SWIFT's is the most reliable, cost effective and strategic solution for T2S connectivity."
The objective of T2S is to facilitate post-trading integration by offering core, neutral, harmonised and commoditised delivery-versus-payment settlement in central bank money in substantially all securities in Europe. SWIFT's VAN solution will enable T2S participants to connect to the T2S platform for the secure exchange of business information, in ISO 20022 format, with the highest resilience, at the best price and with the least upfront cost.
SWIFT has also created a full suite of services to support its customers in the transition to T2S, starting from analysis, and progressing through implementation, testing and migration, all the way to live operations. These services leverage SWIFT's unparalleled track record of managing technical platform migrations and securities market infrastructure initiatives. They also draw on SWIFT's unrivalled expertise in the ISO 20022 standards underpinning T2S communications.