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Simulation Testing and Qualification Service (STaQS) for Funds

Improving automation by helping customers conform to industry market practice for Funds messaging

Key benefits Support customers in their migration process Improve conformance with industry market practice Faster implementation of new funds MX standards Boost counterparty and client automation Reduce manual steps

SWIFT’s Simulation Testing and Qualification Service (STaQS) for Funds has been developed to support the Funds community in implementing and conforming to market practice for their use of ISO 20022 Funds messages.

Funds is one of the business areas listed in the MT-MX migration calendar. The calendar sets the FIN template removal date to end 2012; meaning that by that date all users of the FIN Funds standards should have implemented their MX equivalents.  More information on the migration can be found here

STaQS will allow new users to implement ISO 20022 and existing users to prepare for their migration and help them to familiarise themselves with the MX message structure and the processing flows.  With this enlarged opportunity to test, institutions can thus improve their confidence that more users will benefit from the advantages of the MX standards.

In a first phase, STaQS for Funds eases the validation of the MX messages with regards to the ISO standards and the different local market practices process.  At a later stage we will offer business order flow testing as well.  This will help integrating  the messages in the back office application.  By providing a single reference site for testing, STaQS minimises the risk of conflicting interpretation.