Antwerp, Belgium (October 6th, 2004) – At Sibos 2004, SWIFT’s annual forum, Omicronn will feature its brand new SWIFTNet Bulk Payments implementation. Trax Bulk Payments Processor is the first software solution that is able to support the entire chain of exchanging bulk payment files with customers, correspondents and Automated Clearing Houses, thus ensuring the end-to-end compatibility of the transaction chain by using SWIFT’s new XML standards.
Financial institutions experience an ever growing pressure to reduce operational costs and risks, while being confronted with an increasing demand for new services and automated processing of large volumes of payment instructions. By fully supporting SWIFTNet Bulk Payments, Trax enables financial institutions to efficiently tackle new challenges.
The Bulk Credit Transfer and Payment Initiation messages are the first XML-based payment transaction standards available via SWIFTNet, the new IP messaging platform. Today, more than 7,650 financial services providers in 201 countries use the SWIFT network to process financial transactions.
SWIFT, the financial industry-owned cooperative, has recognized that Trax’s Bulk Payments Processor enables corporate users and financial institutions to process their high volume low value payments such as salaries, pensions, retail payments and cheque images in a cost efficient way. Both can now benefit from the new XML standards, supporting the exchange of this information.
Trax equally supports the use of proprietary formats, using FileAct for carrying any file content. As such the adoption of SWIFTNet and the SWIFTStandards XML messages in replacement of legacy formats, dedicated networks and security platforms can be done gradually and without expensive re-tooling of infrastructure.
André Casterman, Senior Product Manager at SWIFT comments, "I'm very pleased that Omicronn has integrated SWIFTNet Bulk Payments into the Trax platform. This demonstrates Omicronn’s commitment to developing solutions that integrate efficiently within a SWIFT environment. Trax can be used by corporate users as well as by financial institutions for in- and outbound processing. I am convinced that this will improve straight-through processing for the benefit of our customers."