Eurobase Banking Solutions incorporates TWIST XML Messaging into its Siena Treasury Front Office System

19 December 2003 / London - Eurobase Banking Solutions, a division of the Eurobase International Group, has now incorporated TWIST XML messaging into its Siena treasury dealing solution, extending its generic XML capability to interact with TWIST trade conversations. Through TWIST XML, institutions will benefit from the reduction in error correction costs that automated STP offers as well as general software cost savings resulting from not having to support multiple and costly interfaces.

TWIST is a not-for-profit industry group delivering non-proprietary integration standards to facilitate an efficient, controlled and open dealing marketplace for financial instruments. TWIST aims to allow organisations to implement effective and controlled straight through processing with single points of data entry, throughout their internal and external trade life cycles.

As a real-time 100% Java front office solution, Siena integrates with other systems including market data portals, electronic trading platforms, back office, payments and core accounting systems. Eurobase sees TWIST as a way of making Siena truly ‘plug and play’ with the systems with which it normally integrates.

David Mallinder, Head of Business Development & Sales at Eurobase Banking Solutions, comments, "Eurobase is committed to propagating XML throughout its product set which includes Siena, our real-time 100% Java front office system. Siena processes all main treasury products including MM, Derivatives and Bonds. The converted XML format will initially support FX trade conversions but plans are underway to support TWIST XML messaging for other products. Eurobase also expects to offer users direct communication to the payment networks using TWIST XML messaging when available. This will increase Siena’s processing capabilities adding significant value and functionality to our end-users. "

Tom Buschman, Shell Treasury Development Manager and co-ordinator of TWIST, says "At the request of the corporate community, TWIST has developed requirements for standards that not only cover corporate treasury products but also the entire payment process between corporates and banks. After a unique harmonisation effort together with IFX, OAGi and SWIFT, this will result in a complete set of XML payment standards being published in early 2004. In the meantime, TWIST has furthered its efforts in developing standards for wholesale financial transactions including FX, money market instruments and IRD. Eurobase Banking Solutions has been an early adopter of the TWIST FX standards and we are very pleased that Eurobase is taking its commitment to TWIST a step further by the full incorporation of the TWIST FX standards and its preparation for inclusion of the forthcoming standards for other products and the support of payment processing in 2004."

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