SWIFT messaging changes are a small but very important part of the overall payments testing process. Corporates and financial institutions have to test their payments systems on an annual basis to ensure that payments move smoothly through the global supply chain. Logica provides the new service as part of its blended delivery model, which brings together onshore, nearshore and offshore capabilities into a single offering.
Logica has developed this new service in response to clientsâ requirements for managed testing that will enable them to meet customers internal and external testing requirements, including those of SWIFT. By using a managed testing service, institutions can trust Logica to execute the testing process and focus on managing exceptions instead.
Jeremy Schutte, Senior VP Financial Services at Logica in the US, explains: âCorporates and institutions are having to deal with a number of different initiatives and sets of guidelines. Although SWIFT messaging changes are only a part of the jigsaw puzzle, they are a crucial element in the overall payments supply chain. The main benefit of this new service for financial institutions and corporates is that it helps them mitigate against the risks of non-compliance and reputational damage. Logica is already working with some of the worldâs largest banks to manage software testing on their behalf, and this new service builds on our domain knowledge and robust, reusable processes in the important area of SWIFT messaging changes.â
Roel Wolfert, Group Director Payments at Logica said: âThe payments industry is changing rapidly due to globalisation, new regulation and enhanced standards. These changes require a thorough understanding of payments and a solid approach to testing, whilst at the same time cost must be minimised. With the enhanced Payments Testing solution for SWIFT we can provide these benefits to corporates and financial institutions.â
Delivered by Logicaâs Payments Testing Centre of Excellence, the service is built on more than 15,000 test scripts and a rigorous structure around the annual testing process. Managed testing is Logicaâs solution for life cycle and end user testing. Logica takes complete responsibility for a clientâs testing based on detailed service level agreements (SLAâs) drawn from Logicaâs extensive testing service catalogues. SLAâs would typically include scope, unit costs, quality levels and the speed of response to requests. Benefits include increased testing capacity at peak times and cost savings of 30 per cent or more are not uncommon.