Iberclear chooses Swift for T2S connectivity

Source: Swift

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 Iberclear, the Central Securities Depository in Spain and a BME subsidiary, will use Swift's Value Added Network (VAN) solution to connect to T2S.

It is also taking advantage of further value-added services from SWIFT. Iberclear, intends to go live on T2S connecting via the SWIFT VAN in February 2017.

Jesús Benito, CEO of Iberclear, said: "We are focused on offering post-trade solutions that provide our community with the highest levels of security, stability and scalability. We are confident that SWIFT is the right T2S connectivity solution for us, bringing unmatched benefits in terms of resilience, price, proven infrastructure and re-use of expertise."

Alain Raes, Chief Executive, EMEA, SWIFT, comments: "We are delighted that Iberclear has decided to leverage SWIFT to connect to T2S, and we thank Iberclear 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. 

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