Tom Buschman, Chairman of TWIST, said, "TWISTâs non-proprietary XML - based standards cover three key, interlinked financial processes: wholesale financial market transaction processing, commercial payments / collections and working capital finance, and cash management. Our interest is in facilitating innovation in the market through publishing standards which break down existing barriers to straight through processing. We are therefore keenly interested in not just the standards development, but also in their practical implementation. Through piloting real business applications, we look forward to gaining an early confirmation that our standards meet the market need, and thus to facilitate more widespread adoption. For example, for supply chain financing, the benefits are that purchasers will get extended payment terms and suppliers will get favourable financing of invoices, delivering a win for all parties"
"After the successful launch of the Simplex Steria SWIFT Service Bureau, Simplex has been busy adding valuable modules to work alongside the SWIFT component. We are already recognised as a leader in payments consultancy â it is now our goal to achieve the same status providing payment solutions" added Philip Walsh, Business Development, Channels & Marketing at Simplex.
"Simplex recognised very early on the potential of TWIST to standardise communication across multiple enterprises in the value chain. TWISTâs technology-neutral, open standards approach makes it the ideal partner to appeal to a wide constituency of potential participants in a WCF Hub scheme. Building on the success of the Simplex Steria SWIFT Service Bureau - already live with multiple customers - Simplex has added further components to create a TWIST-enabled WCF Hub" â Bill Peters, COO, Simplex.