Netik, a leading supplier of Straight-Through Processing (STP) solutions for financial services, today announced that National City Bank Corporation has selected Netik InterChange to provide enterprise-wide application integration (EAI) and automation for SWIFT message processing.
Marc Pogachar, Vice President of Corporate Business Banking Solutions at NCC National City, selected Netik from a number of competing vendors mostly for its scalability, flexibility and features. "Following the research conducted, we were impressed with both the technical capability of the product and the expertise of the people of Netik's personnel. The InterChange toolkit allows us to automate our environment with a minimum of coding, providing the flexibility needed as we look to improve and expand our international capabilities for our clients."
The Netik InterChange platform will provide an interface with National City's DDA (checking account) system to enable transactions to be validated and enriched before being transformed into SWIFT MT940 and MT950 messages and sent to foreign counterparties. Netik InterChange will also enable inbound SWIFT MT950 and MT940 messages to be received, processed, and presented via web-based statements.
The new web-based portal is particularly important to corporate clients of National City as it provides the freedom of banking abroad with any financial institution capable of SWIFT messaging. This functionality eliminates the constraints of being tied to a particular bank or branch outside of the United States.
The beneficiaries of this technology will be National City corporate banking customers clients who also have accounts with foreign banks and require a view of their account transaction and balance information on a daily basis. Netik InterChange will provide formatted balance and transaction information via XML documents to be included in NCC's National City's website.
Marc Pogachar continues, "For the first time, our clients will be able to access a consolidated view of their multi-currency statement information 24/7. Netik InterChange not only achieves our immediate goals for SWIFT message routing and transformation but will also provide the platform for further automation and increased levels of Straight-Through Processing."
Keith Hale, senior vice president and co-founder of Netik says "National City has deployed InterChange in response to its unique business model which we feel will benefit its clients significantly and keep National City at the forefront of technology. The 'plug and play' components with the rules driven nature of the Netik InterChange integration platform will enable National City to react quickly and cost effectively to its clients' future requirements."
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