SimCorp Proves Readiness to Process SWIFT ISO 20022 MX Messages
London - 9 February 2010
SWIFT and SimCorp have together successfully completed a proof of concept, which demonstrates that SimCorp Dimension, SimCorp’s market-leading solution for investment management businesses, can accept, process and transmit SWIFT ISO 20022 MX messages. MX messages are increasingly used in the securities industry, with adoption extending beyond Europe to Asia and the U.S.
MX messages offer more clarity and have wider application than earlier protocols, so their use enables investment managers to improve straight-through-processing rates. Consequently they can drive down costs, reduce operational risk and readily accommodate increased volumes as their businesses grow.
MX messages usage on SWIFT is steadily increasing for mutual and pension funds flows automation, while new MX messages to support corporate actions and securities settlement will go live later this year. The proof of concept involved bringing together SWIFT’s Alliance Integrator, the configurable SWIFT-specific integration platform, and SimCorp Dimension. This combined solution will be complemented in future by one based solely around SimCorp Dimension.
Patrik Neutjens, head of partner management at SWIFT says: “SimCorp is a longstanding member of SWIFT's partner programme and geared up to position itself as a front-runner software provider in terms of MX adoption. We value our partnership with this leading-edge investment management software provider and are confident that our partnership will translate into tangible added value for SimCorp users.”
Marc Schröter, vice president at SimCorp highlights the significance of the successful project: “The range of MX messages of direct interest to the investment management community, notably for securities settlement and corporate actions, will broaden dramatically over the next year and beyond. We are very happy to have been able to work with SWIFT to show that we are ready to offer our customers the solution they will require as they move forward.”