After a year of development and a successful "parallel run" between SWIFT FIN and XML messages conducted in collaboration with one of its main counterparts, FETA began issuing SWIFTNet Funds messages in XML on 8 August 2005 for all their counterpart's orders in Dexia funds.
FETA has partnered with TietoEnator in providing the technical architecture for electronic exchange of SWIFTNet Funds messages with its counterparts. The architecture is based upon TietoEnator's ProSwitch messaging application, which provides a fully automated exchange of SWIFTNet XML messages over the InterAct service from SWIFT.
FETA has thus become the first Luxembourg player whose platform is compatible with this rapidly expanding international solution for orders (redemptions, subscriptions and switches), order confirmation and order status.
This is the first deliverable of the Swift XML project FETA began piloting at the end of 2004. With the technical infrastructure from TietoEnator in place, FETA now wants to extend the use of Swift XML message standards with an increased number of distributors/concentrators and for as many funds under administration as possible.
The next steps will therefore be to increase the volume of transactions using Swift XML and to develop order related messages such as information to the Fund Managers (Cash forecast), requests for creation/modification of accounts, statements of account.
By implementing XML, FETA confirms its leadership, its capacities and its commitment to offer its clients an increasingly extended range of optimal solutions.
FETA is First European Transfer Agent, a fully owned subsidiary of Dexia BIL integrated into the Dexia Fund Services network.