Paris, La dÃ©fense â27 April 2006: Corporate treasurers struggling with todayâs multi-bank, multi-protocol, multi-national environments now have the ability to save on processing costs and bank charges, simplify their infrastructure, and improve operational efficiency with the launch of a SWIFTNet enabled version of XRT Business Exchange.
XRT Business Exchange can transfer financial information through the SWIFTNet Fin and FileAct messaging services. Treasurers can manage and audit all banking information with a number of international banks through a single SWIFTNet connection. Such information includes collections, payments and reporting. XRT Business Exchange is a powerful enterprise financial flow exchange platform that securely moves information between a corporation and its trading and banking partners.
The SWIFTNet-enabled version not only provides fully integrated STP (straight-through processing) capabilities, but also helps to reduce the costs associated with the management of multiple electronic banking channels.
Now generally available, the solution has been developed in conjunction with SWIFT and tested and approved by a number of banking partners. It includes electronic signature facilities that enable corporates to have transactions verified instantaneously through the systems of any participating bank.
JosÃ© Teixeira, Corporate Senior Product Manager, XRT said: âWe see XRT Business Exchange as the core communication infrastructure for the enterprise financial value chain. Adding SWIFTNet integration to XRT Business Exchange was the next logical step in our product development strategy. A proven solution around the world, XRT Business Exchange dramatically reduces the transactional costs associated with both cross-border and domestic payments, and streamlines banking and other financial relationships.â
Teixeira continued: âAn increasing number of corporate treasurers see financial messaging technology, such as SWIFTNet, as a streamlined communication channel that reduces the cost of the technology infrastructure and transaction processing. But, itâs not only about reducing costs. Treasurers also seek added flexibility in an effort to adapt to frequent changes in regulatory requirements and standards.â
Joel Ludvigsen, Director Partner Solutions at SWIFT, commented: âFor any organisation looking to centralise its treasury operations, access to SWIFTNet lowers the costs associated with setting up regional or central processing hubs. Another bonus is that the SWIFTNet FileAct service puts no restrictions on message type or format.â
âWith this new version of XRT Business Exchange, users can also process a variety of local formats such as CFONB, DTA, ACH, and AEBCLIOP centrally and from a single channel. It enables companies to take control of their cash and liquidity by improving visibility of transactions & balances across the enterprise. Weâre very happy to include XRT on our select list of business application partners,â said Ludvigsen.
SWIFTNet is an IP-based messaging platform. It includes the core store-and-forward SWIFTNet FIN service and three additional messaging services: SWIFTNet InterAct, SWIFTNet FileAct and SWIFTNet Browse. These services enable secure, reliable and automated messaging between financial institutions and their industry counterparts, their end-customers or their market infrastructures.
XRT Business Exchange is an international financial flow exchange platform that securely moves information between a corporation and its trusted trading partners. It streamlines business processes; drastically reduces banking and other financial partner fees; and provides robust, audit-proof security and controls.
By centralising financial activity, corporations around the globe have the ability to make financial cash flow information available to subsidiaries and financial partners using more than 100 industry standard and bank proprietary data exchange protocols, file transfer formats, electronic mail and Internet/Intranet Web services. XRT Business Exchange allows the integration and consolidation of payment processes and systems, enabling local versus cross-border payments and safeguarding cash flows with enhanced security, event log monitoring, alerts and notifications.