London, 14th April 2004 - Misys Wholesale Banking Systems today announced that Misys CMS has moved a stage further into the world of seamless automated confirmation processing by joining SWIFT as a Treasury Electronic Trade Confirmation (ETC) provider, and implementing their own SWIFT connection. As a result, Misys has been given the SWIFT BIC of MISYGB2L, to be used by all Misys CMS customers, enabling them to send and receive SWIFT confirmations to and from the service.
Misys CMS offers a trade matching service for foreign exchange/money market transactions between banks and their corporate customers and fund managers. The BIC enables Misys CMS users to send SWIFT confirmations via the Misys SWIFT address rather than the Citigroup address used prior to the Misys acquisition of Crossmar from Citigroup in 2003.
Misys CMS has also implemented a SWIFTNet connection, moving from the Citigroup SWIFT infrastructure to a Misys run gateway, gaining access to SWIFT's new secure IP network. This new infrastructure gives Misys the ability to leverage SWIFTNet connectivity and messaging services as well as extend the range of electronic straight-through processing (STP) services to its clients in the area of post-trade allocations and confirmations.
"As our customers have to adopt new technologies to adhere to new regulations and messaging standards, it remains our priority to identify and provide sophisticated technology so that they can achieve their business objectives. As a user of SWIFT, we are moving towards offering our customers more services to help them maintain their competitive advantage", said Jerry Luckett, Director of Product & Strategy, Misys Wholesale Banking Systems.
"SWIFT is pleased to welcome Misys to our community, having already worked extensively with them as a SWIFT Partner in more than 1,000 member sites where Misys generate and process SWIFT messages," said Lazaro Campos, Head of the Banking Industry Division at SWIFT. "This latest initiative illustrates the strong relationship that SWIFT has with Misys, and we will continue to work with our partners to identify ways in which the benefits of SWIFTNet can be delivered cost effectively to our membership."
Misys plans to expand its new SWIFTNet capabilities further in order to launch a series of new services for its client base of more than 800 corporations, fund managers and financial institutions. New services available on SWIFTNet include the real-time exchange of information, as well as secure transfer of bulk data, including low value payments. These are services that Misys customers are keen to take advantage of, and the new Misys SWIFTNet infrastructure could provide the low cost entry point that will enable them to use these new services quickly and efficiently.