Eurobase Banking Solutions, a division of the Eurobase International Group, has now incorporated TWIST XML messaging into its Siena treasury dealing solution.
Siena’s generic XML capability has been extended to interact with TWIST trade conversations. As a front office system Siena normally integrates with other systems both incoming (portals, market data, electronic trading platforms etc) and outgoing (back-office, payments, core accounting etc). Eurobase sees TWIST as a way of making Siena truly ‘plug and play’ with the other systems with which it normally integrates. By using TWIST XML, Eurobase clients will gain, not only from the reduction in error correction costs that automated STP offers, but also by way of the general software cost savings made by not having to support multiple and costly interfaces.
TWIST 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.
David Mallinder, Head of Business Development & Sales at Eurobase Banking Solutions, said ‘Eurobase is committed to propagating XML throughout its product set which includes Siena, our real-time 100% Java front office system. Siena processes all main treasury products including FX, MM, Derivatives and Bonds, importing and exporting associated trade data from/to other systems. Eurobase has converted its existing XML format to be compatible with the TWIST standard, to support initially FX trade conversations. Eurobase is planning to support TWIST XML messaging for other products within Siena. We are also planning to offer users and potential users of Siena direct communication to the payment networks using TWIST XML messaging when available. This will increase Siena’s processing capabilities adding significant value and functionality to our end-users. ’
Tom Buschman, Shell Treasury Development Manager and co-ordinator of TWIST, said ‘At the request of the corporate community, TWIST has developed requirements for standards that not only cover corporate treasury products but also the entire payment process between corporates and banks. After a unique harmonisation effort together with IFX, OAGi and SWIFT, this will result in a complete set of XML payment standards to be published early 2004. In the meantime, TWIST has furthered its efforts in developing standards for wholesale financial transactions including FX, money market instruments and IRD. Eurobase Banking Solutions has been an early adopter of the TWIST FX standards and we are very pleased that Eurobase is taking its commitment to TWIST a step further by the full incorporation of the TWIST FX standards and its preparation for inclusion of the forthcoming standards for other products and the support of payment processing in 2004.’