Microsoft messaging solution to reduce cost of innovation

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SWIFT partnership also supports SWIFTNet connectivity via internet

17 September 2009

Colin Kerr, Payments Industry Strategist, Microsoft.
Microsoft Corporation aims to simplify mission-critical financial messaging for banks and other financial institutions with the release of Financial Messaging Service Bus (FMBS), a componentised integration solution built on the Microsoft BizTalk Server 2009.

FMBS can be used for SWIFT payments, but it is extensible across all financial messaging systems as an integration framework that allows new solutions to be built and then co-exist with legacy applications as part of technology renewal programs. It also supports Microsoft BizTalk Accelerator for SWIFT, which has been awarded the SWIFTReady Financial EAI 2009 label, its sixth consecutive year of SWIFT certification.

The Financial Messaging Service Bus is designed to cut development costs and implementation lead times by providing reusable service-oriented architecture components to simplify financial messaging integration. Microsoft expects FMBS to save financial services industry clients and technology solutions partners time and money in building and implementing payments and capital markets solutions.

“Financial messaging and integration are becoming commoditised – and should be,” according to Andy Schmidt, Research Director for Global Payments at TowerGroup. “Banks need a simpler, more cost-effective way to reengineerpayments processes, but should be ensuring that they don’t reinforce silos. There is a real need to use out-of-the-box components that reduce the complexity of integration, and that both build on and with existing technology, to avoid building costly technology islands.”

“We have tried to create a bridge across the transaction processing silo.”
Colin Kerr, Payments Industry Strategist, Microsoft
The Financial Messaging Service Bus utilises the Microsoft BizTalk Server Enterprise Service Bus Toolkit for data transformation and transaction workflow management. Recently, Microsoft introduced BizTalk Server support for Alliance Lite, thereby enabling SWIFTNet connectivity across the Internet.

“This new Microsoft financial messaging solution offering underscores the continuing strength of our global partnership,” said Gottfried Leibbrandt, Head of Marketing for SWIFT. “With this announcement, Microsoft demonstrates its continuing commitment to SWIFT clients and the global financial services community.”

Support for CitiDirect BE

Meanwhile, Microsoft has also announced that it is supporting CitiDirect® BE, Citi Global Transaction Services’ recently launched e-banking platform for corporate, financial institution and public sector clients.
The CitiDirect BE platform will help monetise Citi’s best-in-class service offerings and broad geographic coverage, while taking full advantage of Microsoft’s expertise in platform engineering, development of independent software vendor communities, and product life-cycle management. By leveraging Microsoft Office SharePoint Server 2007, CitiDirect BE will include sophisticated analytic capabilities, selfservice modules such as Citi’s Electronic Bank Account Management offering, and rich media to provide expert insights on current trends and economic news affecting clients’ business.
“Banks need a simpler, more cost-effective way to reengineer payments processes.”
Colin Kerr, Payments Industry Strategist, Microsoft

Microsoft has also collaborated with Fundtech, the global transaction banking solutions provider, on the introduction of the SEPA Integration Suite, a new suite of serviceoriented architecture services that enables SEPA transaction processing to be added to a bank’s existing payments infrastructure with minimal disruption and risk. The tools will help banks save time and money adding the transaction processing capabilities required to offer SEPA Credit Transfers and SEPA Direct Debits to corporate clients. The SEPA Integration Suite supports multi-country deployments and offers extensive mandate management functionality, while its middleware can format, organise and route transactions between legacy and SEPA formats using ISO 20022 XML messaging standards.

“We share the same views as Fundtech on the value of messaging and have tried to create a bridge across the transaction processing silo,” said Colin Kerr, Payments Industry Strategist, Microsoft. “The idea is to integrate the flow from a corporate right the way through to the clearing and settlement engine and connect to back-end processes across the way.”

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