This service removes barriers to communication that currently limit true Straight Through Processing to proprietary networks and effectively removes any financial counterpartyâs barriers to utilizing the connectivity, reliability, and guaranty of delivery and non-repudiation provided by SWIFT. Through its relationship with Loeb Partners / Evare, SWIFT has reached out to the worldâs financial institutions in a real effort to include counterparty traffic and thereby enable truly global processing.
Evare can accept or deliver any format of message or file-based traffic in cash and securities data by linking via SWIFT gateway, FTP or through hard-wired links to institutions, transforming the data into proprietary or standardized formats, and delivering it in whatever form the customer or counterparty requires. This eliminates customer or counterparty need to reengineer work processes and systems or need to implement new hardware or software tools to realize the benefits of connecting to SWIFT and its network of more than 7,650 global financial institutions. Evare makes the job simple by taking data âas isâ and doing the hard work of mapping, transformation, connectivity and monitoring so that the other side of the transaction can receive the data in the format its systems can use.
By adding this revolutionary capability, really a âplumbing extensionâ, to the worldâs financial network, the industry will finally realize the dream of seamless communications, and support the global extension of the SWIFT financial messaging utility to the full scope of counterparties in global and local financial transactions.