Misys plc (LSE: MSY), the global application software and services company, today announces that Misys Trade Portal has passed SWIFT's stringent validation programme and been awarded the SWIFTReady for Corporates - Trade Finance label for 2010.
This certification for Misys Trade Portal joins Misys' other SWIFTReady labels, underlining the company's commitment to delivering the
highest standards in financial message processing. It also confirms Misys' leadership position in the Trade Finance space by making it the only solutions provider on the market with all three SWIFT Trade & Supply Chain labels.
The other labels are SWIFTReady Trade Finance 2010, SWIFTReady TSU (Trade Services Utility) 2010, and also the complementary SWIFTReady Financial EAI 2010 (Enterprise Application Integration). The SWIFTReady programme ensures that third party applications are fully compliant with SWIFT standards and services.
Misys Trade Portal (MTP) is an award-winning trade finance application that provides banks and corporates with online access to all
their trade finance transactions, from traditional trade, e.g. Letters of Credit, to more innovative Open Account services. Corporates can even consolidate all their trade business through the complementary MTP for Multi-Bank service, managing all their banking relationships through a single portal.
"This SWIFTReady certification is great news to all banks and corporates using MTP to manage their trade transactions," states Olivier
Berthier, Solutions Director, Transaction Banking, Misys. "It means that they can be confident that the financial messages associated to their transactions are fully SWIFT compliant and will continue to benefit from higher straight-through-processing and low error rates, delivering the efficiency gains promised by an automated, online solution. Misys has been a SWIFT partner for over 25 years and has built up considerable expertise in financial messaging over this time. This latest accreditation, together with our recently announced SWIFTNet Service Bureau, confirms Misys as one of the most comprehensively certified SWIFT partners in the market with SWIFT
connectivity and compliant solutions for payments, messaging, front- and back-office trade finance."
In addition to the SWIFTReady for Corporates - Trade Finance label, MTP was awarded the SWIFTReady TSU (Trade Services Utility) 2010 label earlier in 2010. Misys was the first solutions provider to be awarded this when the SWIFTNet TSU service came into existence in April 2007 and has been accredited every year since.
Misys' solution for back-office trade finance, Misys TI Plus, was awarded the SWIFTReady Trade Finance 2010 label, having achieved the annual certification every year since its launch. This year the support within TI Plus for MT798 SCORE message types was extended further to cover eight new message flows between the corporate and bank. This brings the total of new message flows supported to 33.
Misys Message Manager has been awarded the SWIFTReady Financial EAI 2010 label, certifying a solution used in over 250 bank sites
around the world and one of the largest non-bank generators of SWIFT messages.
"Our payment and messaging solutions solve a critical business challenge for financial institutions," comments Barry Kislingbury, Solutions Manager, Misys. "By streamlining message and payment workflows, we can roll out regulatory requirements and industry standard changes from a single system, greatly reducing the complexity, cost, and risk of these regular updates across multiple systems."
SWIFT launched the SWIFTReady label program over 10 years ago, aiming to increase straight-through-processing rates for SWIFT messages by ensuring third party applications and service providers meet the highest processing standards.