HBOSâs first priority was to achieve a smooth cutover for SWIFTNet FIN in 2004. This will be achieved using SunGardâs proven MINT Knowledge Broker solution which will provide the interface between the bankâs IBM mainframe-based payment applications and SWIFTâs new FIN service. HBOS was seeking a low-risk approach to the introduction of the new FIN service, and one which would not involve wholesale change overnight.
Gordon Meikle, senior manager, payments and international services at HBOS, said, "SunGard came to us with a complete solution for SWIFTNet combined in a single product, which was very desirable from a cost perspective, and allows us to streamline all aspects of our payment and settlement operations. SunGard has great expertise with SWIFT integration and payment applications combined with a strong UK support profile, and demonstrated that the people, as much as the product, were the right fit for HBOS."
Mr. Meikle continued, "We also wanted to be able to future proof our system to be able to take advantage of new SWIFTNet services such as EBA Step2."
Danny Barsella, president, SunGard Business Integration, commented, "We are pleased that HBOS has selected MINT. SunGard offers a well structured implementation cycle allowing a phased adoption of SWIFTNet services at a pace which matches HBOSâs operations and IT strategy. The business integration tools offered in the MINT solution were viewed as key components when it came to the final decision, as these tools will allow application interfaces to be remodeled graphically, helping reduce the dependency on programming resources and helping reduce the risk that would otherwise have been incurred in rewriting existing code. Streamlining operations and services on a single platform was seen as a key benefit, and MINT scored highly on this point."
The âsingle-network multi-servicesâ 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.