SWIFT, a cooperative enterprise affiliated with the financial industry, supplies standardised and secure messaging services to more than 8,400 financial institutions in 208 countries and territories. The award is a benchmark for products to be evaluated by for their ability to provide SWIFT users with the technology and functionality required to fully integrate with the SWIFT community.
âAt SWIFT, we raise the bar on our evaluation criteria each year to ensure that our users can be assured of improved service, greater return on investment and increased access to the growing portfolio of SWIFT solutions from our partnersâ products. Sterling Commerce continues to demonstrate its commitment to the financial services community by incorporating new features and technology to their Multi-Enterprise Finance Gateway platform,â said Eric Meirlaen, Business Analyst, SWIFT Partner management.
Recent growth in transactions and payments volumes, largely due to an increase in corporate-to-bank connectivity and financial directives have created increased complexity for banks and corporate organisations alike. In the current economic environment, banks have to meet a tighter set of rules and reporting requirements while reducing costs. This has led to increased demand for a secure and reliable communications platform, which provides financial data transmissions with increased visibility, security and automation.
Meeting additional market interest in the potential to process financial data traffic at reduced cost and with consolidated control, MEFG provides a compliant business-to-business (B2B) communications and financial transaction gateway, which can scale and grow with the customer, while delivering a high return on investment (ROI). Unlike those of other enterprise application integration (EAI) providers, MEFG is also well-established in the corporate world and enables both banks and commercial corporations to automate data compatibility across all major financial standards and protocols, while integrating all auditing and reporting processes, both internally and outside the enterprise.
The solution enables comprehensive security and full visibility over the very high volumes of data transfers which many SWIFT member organisations execute each day, and also supports connectivity to Sterling Collaboration Network (SCN) via its SWIFTNet Service Bureau. This solution facilitates not only message format standards, but also the secure, reliable, global transport of data between SWIFT-member banks and their corporate customers, and will provide the SWIFT-member banks with direct access to the 19,000-member SCN community.
âYear after year, we have demonstrated our commitment to simplifying communications for banks and corporate organisations,â said Jim Gahagan, Global Industry Executive, Financial Services, Sterling Commerce. âBy meeting the rigorous standards set by SWIFT for the third year running, we continue to exceed our customersâ requirements by enabling them to respond to the challenges of frequently changing business demands and increased regulatory compliance, whilst retaining competitive differentiation in a difficult economic climate.â
In addition to SWIFT standards, MEFG-supported features include, but are not limited to, the following:
â¢ FileAct: Enhanced Header Support â Allows SWIFT to offer better pricing granularity to its customers for file-based traffic, such as low value payments
â¢ FileAct: âTâ & âYâ copy support â Important for central institution reporting
â¢ InterAct: Enhancements to traffic management, synchronisation and monitoring
â¢ SEPA routing directory support
â¢ SWIFTNet MT/MX message entry
â¢ âBIC+â & âIBANâ directory support â Automation / error correction
â¢ FpML 2.0 schema validation â Securities industry