To obtain the SWIFTReady Silver Label under the Multi-Market category, Midas had to meet a number of criteria set by SWIFT, one of which was the ability to support a wide range of payment messages. Other conditions required for SWIFTReady Silver Accreditation include automated general message handling and straight-through-processing, in addition to an interface to SWIFT Alliance CASmf.
Roger Hedges, Product Marketing Manager for MKI’s Midas solution, points out, "By virtue of its integral Funds Transfer STP solution, Midas offers a high degree of flexibility in its ability to communicate with the SWIFT network. In addition to the system’s direct interface to SWIFT Alliance, the Midas Funds Transfer STP application offers a straight-through processing capability. This is made possible by rules-driven processing which can automatically repair messages even where content quality is poor."
He goes on to say, "One of the reasons for the continuing popularity of Midas is that the system’s functionality is constantly being reviewed and extended, to meet changing market conditions and new regulatory requirements such as EMU and CLS. Of course, this includes continued adherence to SWIFT message standards and SWIFTReady accreditation criteria as they advance. Some new developments currently in the pipeline include enhanced functionality designed to support the revised T+1 settlement terms for securities based on the use of ISO 15022 standard SWIFT messages, plus new features to ensure compliance with the Basel II Capital Adequacy proposals."