Investors Bank & Trust deploys IntraNet Worldwide's iMTS FileAct
15 July 2005 | 2264 views | 0
Source: IntraNet Worldwide
IntraNet Worldwide, Inc. (Nasdaq:TSAI), the industry leader in international and domestic wholesale financial messaging and payment processing solutions for financial institutions, today announced that Investors Bank & Trust Company (IBT) has implemented IntraNet Worldwide's iMTS FileAct solution.
Building on the flexibility of the iMTS solution and the bank's existing statement creation process, IBT was able to leverage the iMTS FileAct module to take full advantage of vastly expanded messaging and reporting capabilities. iMTS FileAct's connectivity and robust batching capabilities complement IBT's current SWIFTNet delivery mechanisms, augment the consistently high levels of service for which IBT is known and provide commensurate fee reductions in comparison with similar messaging solutions currently available.
As the primary subsidiary of Investors Financial Services Corp. (NASDAQ: IFIN), Investors Bank & Trust Company provides a comprehensive range of facilities to financial asset managers, such as global custody and multicurrency accounting, and value-added services including mutual fund administration, securities lending, foreign exchange, and cash management. Due to rapidly increasing financial message volumes from several large clients – as much as 2,000 percent since 2003 – IBT sought a way to deliver financial statements, specifically Statements of Holdings messages, while upholding service level agreements and ensuring timely delivery of those messages. IBT, which began its relationship with IntraNet in 1993, recently selected and went live with IntraNet's iMTS FileAct module for its existing wholesale payments system after a comprehensive review of available messaging solutions.
"IBT had several goals in mind when we examined our messaging capability via the SWIFT network. Of those, we identified cost savings, the capacity to leverage existing infrastructure, and the ability to scale as most critical," said Ann Bissell, IT director, SWIFT product management at IBT. "We carefully considered various alternatives, including options to build in-house as well as packaged applications, but always came back to IntraNet's FileAct module. Built on its iMTS solution, which we currently have in place, IBT now has options that were not available prior to implementation of FileAct. We firmly believe that it will strengthen our capability to meet and exceed our service commitments to clients for the foreseeable future, and keep us on track to achieve another important goal – to have a system pay for itself within one year."
Building on IntraNet's iMTS and utilizing SWIFT FileAct standards, the iMTS FileAct module provides IBT vastly expanded message batching, reporting, and transmission capabilities. In doing so, IntraNet's FileAct has enabled the bank to transition from sending frequent single messages throughout the day, to a highly efficient transmission process that aggregates messages to meet the client reporting demands they are now experiencing. IBT also realized several operational gains while avoiding restrictions inherent with FIN message formatting, such as the bytes-per-message standard, by deploying the iMTS FileAct module. The bank improved its flexibility with respect to determining file size limits, compression options, and the frequency in which messages are transmitted to its respective correspondent banks and financial institutions, all while maintaining its existing message creation process.
"IBT has selected a proven product, capable of supporting its payments processing, messaging, and rigorous standards for client service," said Dennis D. Jorgensen, president and CEO of IntraNet Worldwide. "Our FileAct solution provides several significant advantages, especially to institutions who demand broad functionality for statements, and regulatory and activity reporting. With the recent implementation of iMTS FileAct at IBT, IntraNet is very pleased to have again delivered the level of performance IBT has come to expect from us during our 12 year relationship."
IntraNet Worldwide will be exhibiting at Sibos 2005 in Copenhagen, 5 - 9 September. Attendees are invited to visit the exhibit hall and stand C243 to learn more about IntraNet Worldwide's iMTS FileAct, payments and messaging solutions.