C24 Technologies, a global leader in financial messaging, data modelling, and data transformation has announced that it will make its Java SWIFT message libraries available free of charge from 10th February.
Hand coding financial message standards from scratch is a specialized and time-consuming task. When you add to that the fact that many message types are revised annually, the maintenance burden is significant. This can make it difficult for smaller financial institutions and FinTech startups to integrate their applications with the SWIFT network.
C24 Technologies provides financial messaging and data solutions to 50 of the world’s biggest financial brands, including BlackRock, Citi, Bloomberg, and JP Morgan, and believes that this new offering will help to bridge the gap between established financial services companies and startups.
Craig Beddis, CEO of C24 Technologies, said “We are witnessing disruption in financial services on an unprecedented scale. Innovation in this industry has previously been slow, but forward-thinking banks see beyond the "threat of FinTech" and realize that FinTech startups are a valuable source of new ideas and new talent which they must embrace if they want to remain competitive.
That’s why we have seen such explosive growth in investment into FinTech recently – and a significant proportion of the money being invested is coming from the banks themselves. New legislation like the European Commission’s PSD2 is starting to level the playing field for these startups, and by making our SWIFT libraries available on an open license, we hope to make it even easier for banks and startups to use the same standards and collaborate with each other.”
C24 Technologies will make the open license Java libraries for managing SWIFT message available to download from their website from the 10TH February, making it possible for companies to rapidly implement message parsing, modelling, building and XML transformation for all SWIFT message categories.
For users who require SWIFT message validation, C24 will also be launching a lightweight ecommerce option for the full standards libraries with validation, to make it easy to form valid SWIFT messages without the need to use C24 Studio, the company’s design time tool.
C24 Technologies will guarantee SWIFT Standards compatibility and upgrades, including the SWIFT annual standard release updates. The 2016 SWIFT updates will be available from March 2016, nearly 9 months before the changes go live.