To cope with rapidly expanding business volumes and to automate its payment, banking and treasury services, Moneycorp initially implemented the SMA Bureau Service to send payment messages over the secure SWIFT network. SMA consultants designed a fully managed implementation plan tailored to the unique requirements of Moneycorp. Once implementation had taken place, Moneycorp was able to send SWIFT FIN messages via the bureau.
The company was able to create, send and receive payment instructions for transmission over the SWIFT network to their correspondent banks. The bureau handles all message verification and reformatting tasks and Moneycorp now benefits from a single payment platform to SWIFT rather than relying on multiple banking systems.
SMA consultants then assisted Moneycorp with a move from automated batch processing to real-time messaging using MQ Series. This enables Moneycorp to send and receive messages in real-time whilst achieving greater processing efficiency and higher rates of Straight Through Processing (STP). It gives Moneycorp greater visibility and control over its cash and liquidity management.
Neville Lacey, Deputy Operations Manager at Moneycorp said, âWe could see that SMAâs Bureau Service offered key advantages over purchasing, managing and maintaining the SWIFT hardware and infrastructure ourselves. We were able to draw upon SMAâs considerable wealth of SWIFT expertise to rapidly connect to SWIFT via the bureau, and then seamlessly move to real-time messaging.â
Simon Murby, Managing Director, SMA Financial commented, âA combination of the SMA Bureau Service and our unparalleled SWIFT expertise has delivered sustainable benefits for Moneycorp. I look forward to working with Moneycorp and supporting their on-going SWIFT requirements.â