Before awarding the Gold Label, SWIFT performed many tests, including one to determine whether the software is capable of validating and converting the syntax and semantics of SWIFT messages. This allows SWIFT messages to be processed internally without any problems and also ensures that messages generated internally can be safely transported in the SWIFT network. Another key requirement was a workflow control system which is able to automatically initiate further process steps based on semantic interpretation of the incoming message. X-Gen was even able to significantly exceed SWIFT's requirements in the fields of workflow and business process management. A so-called Workflow Engine controls and monitors the entire workflow of a business process across any number of systems. This also takes into account and edits or corrects errors, processes which exceed time limits, exceptions and system failures. Financial services providers can now use this to fully automate cross-company business processes, such as processing securities with co-operation among several parties (securities-clearing institutions, stock markets, banks, safekeeping addresses, etc.) with exchange of SWIFT messages.
"We recognize and appreciate the enthusiasm and professionalism shown by Imagnos to ensure the labelling of its X-Gen product suite in 2005," says Olivier Roucloux, EAI market analyst, SWIFT. "We are very pleased to award the SWIFTReady Financial EAI Gold label 2005 to the X-Gen product suite for seven's consecutive year."
This year's inspection took place following the changeover at the end of 2004 from the old "X.25" network to the new "SWIFTNet" based on the IP protocol. In future, all SWIFT messages will be based on the XML standard, which offers new services and allows real-time communication between financial institutes. For many companies this can lead to integration problems, since their old systems are not XML-capable. SWIFTNet also offers potential for new business models, which in turn can be integrated into internal processes. "X-Gen is therefore often used as a tactical tool for SWIFTNet integration", explains Imagnos Executive Andreas Wagner, "...while others use the software as a strategic solution to automate their business processes via SWIFTNet."