Swift, the financial messaging provider for more than 10,000 financial institutions and corporations in 212 countries and territories, announced today that BNP Paribas will use Swift's Value Added Network (VAN) solution to connect to T2S.
BNP Paribas has selected SWIFT to connect to T2S for a number of key reasons. First, as the largest European custodian, BNP Paribas aims to provide the most reliable and resilient infrastructure for communication with T2S.
Second, BNP Paribas has capitalised on its long-standing and close relationship with SWIFT. This collaboration will ensure that BNP Paribas' technical architecture is closely aligned with the requirements of T2S.
Third, as a major SWIFT user, BNP Paribas can take advantage of SWIFT's pricing structure for T2S which is designed to enable direct connectivity while minimising the financial impact of T2S messaging. SWIFT's VAN is considered by BNP Paribas to be the most cost-effective T2S connectivity solution.
Alain Pochet, Head of Clearing, Custody and Corporate Trust Services, BNP Paribas Securities Services, says: "As a major securities services provider, we will connect directly to T2S to reap its benefits and pass them on to our clients. We will therefore build our services for the T2S environment on the strongest foundations. We are confident that SWIFT's T2S connectivity solution is the best choice for us and our customers, bringing unmatched benefits in terms of resilience, reliability and cost."
Alain Raes, Chief Executive, EMEA and Asia Pacific, SWIFT, adds: "We are delighted to see this latest development in our relationship with BNP Paribas. This agreement shows the value of SWIFT's VAN solution for T2S for securities services providers. We look forward to supporting BNP Paribas and all our customers during the transition to this new European settlement platform and beyond."
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 the Eurozone. SWIFT's VAN solution will enable T2S participants to connect to the T2S platform 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.