FIBI Bank was keen to secure a low cost, seamless migration to SWIFTNet with minimal architectural or integration change impact on its existing infrastructure. FIBI Bank is a long-time SunGard customer, and its selection of the MINT SWIFT solution was the natural choice as it was able to leverage its existing investment in MINT Knowledge Broker technology. A spokesperson for operations at FIBI Bank, said, "We were looking for the most cost effective and least risky way to make the mandatory migration to SWIFTNet FIN. By selecting SunGardâs solution we have achieved this."
FIBI also wanted to consolidate its operations and support structure, to reduce costs and streamline its internal workflow in order to improve its straight-through processing (STP). The MINT SWIFT solution delivers an infrastructure that helps to future-proof FIBI from further major changes, as SWIFTNet requirements develop to support other services.
The mandatory migration to SWIFTNet, together with the single window concept of SWIFTNet supporting multiple future services, has served as a trigger for many financial institutions to re-evaluate and simplify their network operations architecture. All existing FIN customers will need to migrate to SWIFTNet by the end of 2004, when FIN access via X.25 will no longer be supported.
A spokesperson for FIBI Bank commented, "Taking a consolidated operations approach extends the SWIFTNet "single window" idea logically into the internal business environment. It provides a helpful single view of network operations for all users. We find that this promotes enhanced management control and higher efficiency while reducing effort, hardware and skills duplication.
Danny Barsella, president and chief executive officer at SunGard Business Integration, commented, "We are delighted that FIBI has selected the MINT SWIFT solution to facilitate its migration to SWIFTNet. Many institutions now realize that migration is not a painless exercise, and by adopting the MINT SWIFT solution as part of their SWIFTNet migration plans, organizations are now realizing significant economies of scope and scale, driving increased business flexibility and securing their future information agility. We look forward to working further with FIBI Bank in the near future."