CheckFree financial messaging to support Swift ISO 20022 standards
29 November 2005 | 2847 views | 0
Source: CheckFree Corporation
CheckFree Corporation (NASDAQ:CKFR) today announced an innovation in financial messaging.
CheckFree Message Broker, the technology that underpins CheckFree eVent, CheckFree TradeFlow and Accurate NXG, is automating the production of data dictionaries from ISO 20022 compliant schemas, as defined by SWIFT, to deliver SWIFTNet Solutions.
CheckFree Message Broker is SWIFTReady Gold Accredited for EAI (Enterprise Application Integration), and this capability will enable financial institutions to develop better financial messaging processes and mitigate risk as they take immediate advantage of the latest SWIFT standards.
CheckFree has a commitment to technology leadership including addressing the increasing complexity of global financial transaction management. This latest development is especially timely and valuable to clients as a number of services are being delivered to the market by SWIFT in the new ISO 20022 multi-asset class standard. SWIFT has automated the business modeling process to create the relevant schemas for new services to support new business process requirements. CheckFree has automated the process of turning these schemas into implementable technology in the form of data field dictionaries that enable integration, connectivity, workflow and exception management within its transaction process management and operational risk management frameworks.
"In supporting the latest ISO industry standards, CheckFree is well-positioned to offer customers the most current business solutions developed by SWIFT," said Geoff Harries, director of STP Product Management at CheckFree. "By automating the process of creating data dictionaries we have greatly improved time to market for these vital messages, meaning our clients can derive the benefits that the new SWIFTNet services provide, and better manage complex messaging projects."
The data field dictionary approach that CheckFree Software has taken to SWIFTSolutions since 1996 has been expanded from the support of the IS0 15022 messages to embrace the new message definitions for SWIFTNet services in IS0 20022. Starting with SWIFTNet Funds and SWIFTNet Cash Reporting CheckFree is delivering significant value to customers who are looking to automate the investment funds process and embrace the operational efficiencies brought by real-time nostro.
Teresa Nolan, Director Securities UK and Nordics at SWIFT said: "The architecture of CheckFree's solutions enables financial institutions to have the flexibility to implement multiple business process improvements. This is key to respond to client needs and industry mandatory compliance requirements. As a valued SWIFT partner, we endorse CheckFree's data field dictionary approach - which takes full advantage of the new ISO and SWIFT business modelling methodology to deliver business transaction-based solutions to the financial industry."