SWIFT announces update to financial industry’s operating system

Amsterdam - 27 October 2010

The financial industry co-operative introduces new functionality and replaces aging technology

SWIFT, the provider of global financial messaging services, today announced the details of an upcoming major release.

Release 7.0 will affect both messaging (SWIFTNet) and connectivity (Alliance and third- party interfaces). This new release, which will be rolled out in 2011, is the first mandatory release from SWIFT since 2007.

Fabien Vandenreydt, Head of Product Management, SWIFT, said:
“SWIFT functions as the central nervous system of global financial services. This update is the equivalent of an upgrade to global finance’s OS. Underlying the whole project is our commitment to reduce the total cost of ownership for SWIFT users and deliver improved interoperability.”

“7.0 offers major benefits for users and is an important investment for the SWIFT community. We are introducing new functionality that our customers have requested whilst aligning on technology and new messaging features.”

Release 7.0 features are designed to meet customers’ needs and will translate into benefits such as reduced cost and risk, better control and more value. For the Alliance interfaces, this means:

A more modern, web-based graphical user interface (GUI) framework (the Alliance Web Platform) for the entire Alliance family
Automated operations
A customer-hosted database
Support for disaster site recovery
Easier installation/configuration management
Easier integration of FileAct flows
New web services to query the messages and events in Access

The new release replaces aging technology that is reaching the end of support and introduces new technology including web services. Release 7.0 will also align the SWIFT community on new messaging features such as RMA (Relationship Management Application) support for FileAct and InterAct messages.

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