These companies are among an estimated 52% of buy side organisations who are live or presently testing the new format. Those non-compliant by the deadline are likely to face penalties from custodians who cannot afford the bottlenecks caused by faxing, the only other alternative.
Trace Datawise Financial (Trace Datawise), which has worked with S.W.I.F.T. for the past six years, has developed EasyISO as a package with its own message processing framework (MPF) which is fully quality assured and quick to
implement. It carries a guarantee of support for the introduction of new XML standards for ISO15022, expected next year, and enables organisations to convert seamlessly from the old ISO 7775 message standard.
Standard Life Investments (a leading investment management house) and Delaware International (a leading US owned international institutional investment management company)are testing this month to ensure smooth connectivity to the
Says Jo Sethi, managing director of Trace Datawise: "Since being recommended by Deutsche Bank and becoming SWIFT Ready Gold Accredited we have been contacted by a lot of companies who thought they had plenty of time or whose in-house development had stalled. Standard Life Investments and Delaware International have been well advanced in their planning. Others have not even started, and we are urging them to look at their options now so that their organisations are not exposed to the cost and risk attendant on not being compliant with S.W.I.F.T.'s requirements."