Scottish Widows is always looking to improve business processes and offer enhanced customer service, and has decided to use the new SWIFTNet Funds ISO 20022 XML schemas as a standard for linking to a number of its major investing counterparties, offering improved interoperability, enabling improved straight through processing and hence enhancing business efficiency.
The SWIFT XML implementation uses the InterAct protocol to enable secure exchange of fund related business data over the SWIFT network. Many leading fund managers have considered the benefits of joining SWIFTNet Funds, and early adopters include several of the major players.
After considering a number of options to connect to the SWIFT network to leverage the new SWIFTNet Funds XML standards, Scottish Widows decided on connection to SWIFT via the Simplex Service Bureau.
The Simplex Bureau which is accredited by SWIFT, and uses SWIFT-accredited technology from the Geneva-based software vendor Sterci, was the obvious choice for achieving a rapid implementation, and delivery at an economic cost of ownership, since it does not require the deployment of in-house software and the associated management overhead.
Simplex Chief Executive Dave Reeve commented âIt is a pleasure to welcome Scottish Widows to the growing user base of our Service Bureau which has a particularly elegant and scalable solution for Funds applying the software of our partner Sterci. We look forward to working closely with Scottish Widows to ensure they achieve the benefits of improved customer operability that the SWIFTNet Funds initiative enablesâ.
Edward Glyn, Commercial Manager - Investment Funds, SWIFT, commented "we're delighted to see such a prominent UK institution as Scottish Widows committing to operational excellence in the asset management space. Leveraging the first-rate solutions of Simplex and Sterci will enable many such funds players to successfully increase STP and drive value to their customers. We look forward to welcoming Scottish Widows to the SWIFTNet Funds ISO 20022 community."