Trax will initially use SWIFTNet to provide a single interface for communicating with its existing banks but will also connect to additional banking providers as it opens more offices in Europe, Asia and the US over the next 12 months.

The contract was signed by Lázaro Campos, Head of Banking Industry Division, SWIFT, Marc Braet, Regional Manager, Benelux, SWIFT and Hans Cobben, CEO, Trax, on Tuesday, September 6, at Trax's exhibition booth at Sibos 2005.

By consolidating its bank communications via SWIFTNet, Trax will benefit from accurate real-time global liquidity position reporting, message standardisation, a single, proven security protocol, straight-through processing and streamlined payment flows and views, all of which will be centrally managed from Trax's head office in Belgium. Trax took the decision to use SWIFTNet, which highlights the benefits of the network to international companies of all sizes, to provide a scalable, flexible framework for its future banking communications. SWIFTNet is SWIFT's IP-based messaging platform for secure and reliable communication of financial information and transactional data via standardised messages.

Commenting on the signing, Hans Cobben, CEO, for Trax, says, "We are delighted to become a member of SWIFT. Trax is an expanding company and the use of SWIFTNet to communicate with our banks will minimise administrative efforts and help reduce the number of proprietary systems required. This is an exciting development and will be fundamental in our continued growth."

Marc Braet, Regional Manager, Benelux, SWIFT, comments, "As a secure and robust single platform enabling bank-to-corporate communications, SWIFTNet will help Trax gain more visibility of its liquidity management processes and more flexibility in its banking relationships. For all firms with multiple banking relationships and international operations, SWIFTNet provides a single installation solution that eliminates concerns over security, upgrades and maintenance costs."