Swift announces today that HSBC in Germany will use Swift’s Value Added Network (VAN) solution to connect to Target2-Securities (T2S).
SWIFT's VAN Solution enables T2S participants to connect to the new pan-European securities settlement platform for the secure exchange of business information in ISO 20022, offering the highest resilience, with minimal risk and cost.
HSBC joins a prominent number of banks and central securities depositories that have signed with SWIFT for T2S connectivity. These include BNP Paribas Securities Services, Citi, Deutsche Bank, Societe Générale Securities Services, Bank of Greece Securities Settlement System, Clearstream, Depozitarul Central, Euroclear, Iberclear, Interbolsa, KDD Central Securities Clearing Corporation, Malta Stock Exchange and SIX SIS, amongst others.
Gerd Goetz, Managing Director, HSBC Transaction Services GmbH, says: “Having utilised SWIFT services for years, we are confident that SWIFT is the right T2S connectivity solution for HSBC. SWIFT’s T2S solution gives us the best benefit in terms of resilience, price and low risk. Through SWIFT, we can seamlessly integrate the platform with HSBC's systems, allowing for a streamlined and low-risk project. The value added services helped HSBC to focus on developing the best possible services for our customers, enabling them to capitalise on the opportunities T2S brings to the market.”
By using SWIFT’s VAN solution for T2S connectivity, HSBC will also be able to implement a single window for ISO 20022 messaging, giving the bank the opportunity to reuse the platform for other messaging purposes, such as funds distribution. In addition to T2S connectivity, HSBC made use of SWIFT’s MyStandards Readiness Portal for T2S to support the implementation and integration process with HSBC proprietary systems. MyStandards, which is part of SWIFT’s VAN solution, allows users to test their messages against specifications and prove their ability to reach certain quality and straight-through processing rates, ultimately improving the speed and accuracy to process messages through T2S and back again.
Christian Kothe, Head of Central and Eastern Europe, SWIFT, says: “We are delighted that HSBC has decided to choose SWIFT to connect to T2S. We thank HSBC for its confidence that SWIFT’s is the most reliable, cost effective and strategic solution for T2S connectivity. SWIFT's T2S connectivity solution is operating as expected and will accommodate additional volumes as more and more markets and participants migrate onto the platform."
SWIFT’s VAN solution for T2S went live in June 2015.