With the mandatory changes from X.25 to IP in the SWIFT, SIC, euroSIC and SECOM Financial Network, Credit Suisse is obliged to upgrade to the new standard by the end of September 2004. Credit Suisse was looking for a strategic platform that would be able to handle the consolidation of multiple financial gateways such as SWIFTNet (FIN, Generic InterAct/FileAct, CREST, FIX, EuroClear, Clearstream), SIC, euroSIC, SECOM, FIX, CREST, and CLS. In order to cope with these changes it decided to look for a new platform for central message handling so that all operations could be consolidated into a single, cost-effective and robust solution.
Credit Suisse processes a large number of financial messages every day. The chosen solution needed to be robust, open and highly scalable, in order to process centrally all of the Credit Suisse group traffic in a multi-bank environment. For Credit Suisse, SunGard's MINT solution met its needs.
Mr. Rolf MÃ¤chler, director IT Securities Systems at Credit Suisse, said, "The all-in-one MINT solution, with its rich functionality and high-volume message processing capabilities, along with its multiple gateway support, is the best fit for our requirements. The total cost of ownership was a key factor for us when making the decision to choose MINT. We are looking forward to a fast and straightforward implementation, with optimal support from SunGard resources. Our decision to go with SunGard was helped by the knowledge that we would be working with a reliable and proven vendor, with strong financial background and local support."
Gerd Klask, managing director for central Europe at SunGard Business Integration, commented, "We are delighted that Credit Suisse has found its SWIFTNet migration solution in MINT. By adopting a MINT SWIFT solution as part of its SWIFTNet migration plans, Credit Suisse has addressed its short-term SWIFTNet migration challenge, as well as provided investment protection for the future by having an open and scalable solution that supports a wide range of financial messaging standards."
The 'single-network multi-services' SWIFTNet revolution has led many organizations to re-evaluate their business operations architecture.
Economies of scale can be achieved by consolidating many financial network services into one single business operations framework, helping to reduce total cost of ownership and increase operational efficiency.