Fundtech also announced today its membership in the SWIFT Partner Advisory
Group for Reporting of Cash and Securities (SPARCS) on SWIFTNet. The SPARCS
working group's goal is to oversee new standards for real-time cash reporting and to serve as a working group devoted to integrating SWIFTNet reporting services into industry applications.
"Our status as a Gold Label SWIFT accredited solutions provider, as well as
our membership in the SPARCS Working Group, demonstrates our leadership position in supporting and maintaining compliance with industry standards in order to provide customers with best-of-breed solutions and connectivity,"said Reuven Ben Menachem, Chairman and CEO, Fundtech. "We value our partnership with SWIFT and will continue to strengthen this relationship for our customers' benefit."
The Gold Label, the highest accreditation given by SWIFT, demonstrates that PAYplus supports SWIFT's standards, products and services, as well as straight through processing (STP) for financial transactions. Fundtech was one of the first companies to be awarded the SWIFTReady Gold Label for Payments when it was created five years ago.
"We have a valuable partner in Fundtech," said Victor Abbeloos, head of Partner Solutions at SWIFT. "They are an integral part of our SPARCS working group, as well as our Partner Solutions programme which enables us to bring qualified SWIFT service providers together with financial institutions in need of specific expertise."
As a member of SWIFT's SPARCS Group, Fundtech has committed to supporting SWIFT's new XML standards, as well as incorporating them into their solutions, enabling them to provide their customers with the latest technologies and standards. SWIFT's new query and response standards are ideally suited for Fundtech's real-time solutions creating the ability to rapidly leverage SWIFT's new XML infrastructure. The new infrastructure provides optimal support for real-time transaction processing, and therefore, makes Fundtech's solutions even more beneficial to banks.