Volante switches on support for latest Swift standards

Source: Volante

Volante Technologies Inc., the global provider of software to accelerate digital transformation and modernization, today announced support for the latest SWIFT Standards Release 2019.

On February 22nd, 2019, SWIFT issued its latest standards release which includes a number of changes, most notably for payments messages and to SWIFT gpi. This includes mandatory changes mostly relating to the UETR (Unique End-to-end Transaction Reference). In this SWIFT release all users of Category 1 and 2 messages will be impacted, whether or not they use the SWIFT gpi service.

As part of its continued, comprehensive support for all SWIFT standards releases, Volante has incorporated the necessary changes to the messages as well as provided full support for SWIFT gpi, including the supplementary message format validation rules in SWIFT 2019, which covers the syntax and semantic validations to be performed for various MT messages impacted by these changes. Volante’s SWIFT standards update also includes support for flexible access to SWIFT gpi data in SWIFTRef repositories.

Christine Barry, Research Director at Aite Group, commented, “As financial message standards evolve it is important that systems within financial institutions quickly understand the changes and take advantage of what they may offer in terms of potential increased processing efficiency and the business advantages they may bring. Financial technology vendors such as Volante rightly ensure they react as fast as possible to support such changes for immediate advantage to financial institutions.”

Venkat Malla, VP Product Management, Volante Technologies, commented, “We are delighted to once again rapidly provide support for the new SWIFT standards within days of the new SWIFT release. This update is important not just for our clients, but for the industry as a whole, as we continue to support the revolution in the payments industry as it moves increasingly towards a more real-time environment. Volante is fully committed to the SWIFT gpi initiative and by rapidly incorporating the latest changes into Volante’s library of message standards, we are able to help our customers accelerate adoption of this service and, more broadly, embrace new technologies to stay ahead of the curve in the rapidly changing financial services industry.”

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