Frankfurt, October 23 2001
BSP Partners GmbH & Co. KG (BSP) will be implementing the new S.W.I.F.T. standard ISO 15022 messages in its securities processing system BSP TRADE by using swiftCONNECT - a proven and highly flexible middleware product from SSI Technologies Ltd (SSIT), India.
BSP and SSIT are also looking at future joint developments and marketing activities and have signed a memorandum of understanding on August 30th 2001 to define the framework of their association.
In order to offer its customers the utmost flexibility, BSP will be introducing swiftCONNECT, the proven middleware technology from SSI Technologies, to implement the new S.W.I.F.T. standard ISO 15022 for securities messages in its BSP TRADE software.
swiftCONNECT was selected by BSP Partners after an extensive market analysis of available solutions.
swiftCONNECT is component-based and distinguishes itself by a totally open architecture. This high connectivity enables easy interfacing with various gateways to the S.W.I.F.T. network STN. swiftCONNECT can be parameterised by a flexible user interface and thus perfectly tailored to various market requirements. The product contains the complete S.W.I.F.T. ISO15022 Data Field Dictionary.
The BSP Solution for S.W.I.F.T. ISO 15022 combines the comprehensive functionality of BSP TRADE for a highly efficient support of the "Transaction Chain" with the flexible design and formatting capability of SSIT’s swiftCONNECT.
Furthermore, the fit between SSIT and BSP is synergistic for both companies as skills, product and distribution methods are largely complementary. Leveraging on this synergy, both companies have decided to define the framework of a future partnership in a common memorandum of understanding. It has been mutually agreed that BSP and SSIT will work together for the creation and establishment of a sales, marketing and development partnership.
The following three business opportunities were outlined:
1. SSIT’s successful international distribution network in North America, Europe, APAC and India will take on international sales of BSP’s systems in various countries. BSP will benefit from globalising its products, support/maintenance and client base and SSIT will earn revenues from distributing and supporting BSP's products. It will also strengthen SSIT's client relationship, as it will be able to better meet client requirements with a larger product suite.
2. BSP will be the local partner of SSIT in Germany and this is expected to generate better client relationships with large German companies, which can be further leveraged on an international scale given the global operations of large German banks.
3. Both companies will work on a joint development project leading to an ongoing development partnership
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