December 5 2005
Trace Financial Limited (part of Trace Group plc) today announced that its latest market leading financial messaging solution, Transformer, the message mediation and dictionary based transformation toolkit has been successfully deployed at the international Capital Market Association (ICMA) in its TRAX environment.
Java and XML-based, Transformer is designed to cope with new and constantly developing message structures that are the day-to-day challenge to major financial institutions, representing significant ongoing risk and cost. Its unique approach allows business analysts (rather than only programmers) to control the system and business demands created by evolving messaging standards.
Richard Woodward, Head of Software Development at ICMA said, "The in-built testing capabilities of Transformer has allowed us to validate the integrity of new message formats in our new TRAX2 product much more quickly and with greater confidence than would have been possible with our own manual efforts. By using Transformer we were able to develop rapidly the ISO data dictionary which has enabled our business analysts and Quality Assurance team to create and comprehensively test financial message transformations. The dictionary based approach enforces a structured method to message construction and ensures consistency. It also facilitates the re-use of data content throughout a transaction flow. This in turn will ease the transition to the new standard for our user-base."
John Murphy, Managing Director of Trace Financial, added "Transformer’s innovative approach is proven to be inherently flexible and able to cope with the most complex message structures. In addition, the co-existence of multiple messaging standards in the business environment is no longer an issue. Transformer is a significant addition to the products available to the financial sector."
Nick Tonge, Sales Director added further, "The availability of the TRAX ISO dictionary and message formats within Transformer will assist TRAX users with their own migration to TRAX2 to incorporate the new standard and empower them to take advantage of the increased functionality and business benefits that this brings."
He concluded, "Transformer undoubtedly demonstrates exceptional value in the face of complex and diverse messaging requirements. Trace, with Transformer, has facilitated a straightforward and robust solution to an otherwise complex and risky problem".