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Westpac move to SWALLOW TECH’s SMART CONFIRM enterprise confirmation matching system

London and Sydney – 31st October 2005, Swallow Tech, provider of software and services to the treasury, securities' and derivatives' markets, today announced that the Westpac group has extended its usage of the Swallow Tech SMART system to include enterprise-wide confirmation matching.

"SMART offers a reliable and flexible solution to our financial message processing requirements. Our relationship with Swallow Tech, dating back to 1987, enables us to participate in the product's future direction, thereby ensuring the evolving needs of the Bank are continually met", comments Steve Dawson, Project Manager, Operations.

"We are delighted to extend our relationship with Westpac and look forward to continuing to work with them as a strategic vendor. Our mission is to be the solution provider of choice within our industry by delivering cost-effective scalable solutions together with the highest levels of customer service", comments Steve Noulton, Director of Global Strategy.

Top-tier financial institutions such as Westpac have chosen Swallow Tech SMART CONFIRM to increase their operational efficiency and decrease operational risk by automating and centralizing the control of their global confirmation matching process. Westpac’s usage of SMART now includes nostro reconciliations (CASH), confirmation matching (CONFIRM), and investigations (RESOLVE) and extends to more than 400 users in fifteen locations worldwide.