Baden, Switzerland, September 30, 2002 - Biveroni Batschelet Partners AG (bbp), a Fundtech Ltd. (NASDAQ: FNDT) company and provider of applications and managed services, today announced its plans to offer banks the ability to outsource the migration and management of the new SWIFTNet messaging service through its SWIFTNet ServiceBureau. SWIFTNet is S.W.I.F.T.'s comprehensive and integrated set of messaging services for the financial services industry. By leveraging bbp's SWIFT ServiceBureau, financial institutions can seamlessly migrate to this new mandatory standard while focusing on their core business.
As the first independent service bureau in Switzerland and the largest SWIFT service bureau in the world, bbp is well equipped to assist financial institutions with the migration.
Through the bbp SWIFTNet ServiceBureau, bbp will fully transition customers from their existing connection to the new TCP/IP connection. All changes will be managed by the bbp ServiceBureau staff, freeing customers from IT risks and headaches.
"The upcoming SWIFTnet FIN migration is an extremely important initiative for the financial services industry. It represents a major step forward." said Jon Biveroni, Chairman of bbp. "The SWIFT ServiceBureau delivers a highly competitive and proven lower cost solution in comparison to in-house SWIFT processing and management."
Financial institutions outsourcing SWIFT applications to bbp, which now include 95 banks in Europe, receive multiple benefits. These include having minimal operational obligations, reduced maintenance and system support costs and un-interrupted daily business for the banks and their customers. The bbp ServiceBureau also provides a 24/7 help desk and hotline, the handling of any technical problems, updates and support for all SWIFT modifications, daily administration of the communication lines, operation of authentication devices, as well as carrying out and monitoring back-up systems.
The migration from FIN over X.25 to FIN over IP and SWIFTNet began in August 2002 and will continue through the end of 2004, when S.W.I.F.T. will stop the support of the X.25 connection. bbp's SWIFT ServiceBureau migration offer is available immediately to existing customers, as well as to approved SWIFT members.