18 May 2004 - Eurobase Banking Solutions, a division of the Eurobase International Group, has announced the launch of a new XML Gateway product to support connectivity using the TWIST XML standard.
Eurobase, a financial markets software supplier and outsource development house, is a market leader in XML and leading technologies such as Java, C++, and .Net. Proactive as a TWIST member for the last 18 months, and very recently as a TWIST sponsor, Eurobase is currently working on the TWIST Schema.
TWIST Gateway is an off-the-shelf software tool that allows all types of transaction management systems to communicate in TWIST standards (and other XML protocols) without the need to re-engineer the application system to conform to TWIST standards.
TWIST (Treasury Workstation Integration Standards Team) 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.
TWIST Gateway has been developed to help corporate organisations, trading and settlement banks, other financial institutions, brokers, funds and investment managers to implement the new standard quickly and at low cost.
It works by converting incoming TWIST messages into a format understood by any application and converting each application’s outgoing messages into the TWIST format for sending to business partners. TWIST Gateway also manages the build-up of message information with respect to the workflow aspects of the standard.
The Gateway allows straight-through-processing between market participants for internet bidding, deal capture, processing, confirmations, error track management, reconciliation, electronic funds transfer and real-time reporting and will lead to significant cost reductions for all participants.
David Mallinder, Head of Business Development at Eurobase, comments ‘By implementing the TWIST Gateway, organisations can rapidly gain the benefits of communicating in TWIST standard messages, without the cost of re-engineering their systems. Our very competitive TWIST Gateway pricing model has been well received by the market.’