Overview

SWIFT's Affirmations solution provides a cost-effective way of enhancing STP across the treasury and derivative markets. This service can run independently or in parallel with Accord.

Accord is used successfully for real-time matching and exception handling for foreign exchange, money market and derivative confirmations.

Accord typically requires a bilateral exchange of confirmations via the FIN ( potentially complemented by faxes or broker messages) between two entities. Each entity on Accord then monitors the life cycle and status changes of its own confirmations.

With Affirmations, there is no bilateral exchange of FIN confirmations. Still, entities without the capacity to generate their own FIN messages (MT 3xx) can use Accord to 'affirm' -or not- a trade confirmation.

Affirmations comes with a Graphical User Interface (GUI) in which one can display, analyse, and eventually agree or disagree in real time with the contents of a deal that was posted via FIN on the central hub by the counterparty. End-users on the 'affirming' side of the service may be financial as well as non financial entities, whereas the"submitters" of the contents are always FIN enabled entities.

For further details please contact your SWIFT Regional Account Manager or your nearest SWIFT office.