SWIFT The global provider of secure financial
messaging services

 

SWIFT announces update to financial industry’s operating system

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

Published on 27 Oct 2010


Sibos, Amsterdam, 27 October 2010 – 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.

About SWIFT
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 9,000 banking organisations, securities institutions and corporate customers in 209 countries. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.

For more information, please refer to www.swift.com or contact our PR agency:

Fishburn Hedges
Dominic Weeks/Paul Farrow/Dan Bradley
+44 (0)20 7839 4321
swift@fishburn-hedges.co.uk