iWay Software, an Information Builders company that accelerates business integration, today announced the production of the iWay ISO 15022 Adapter for SWIFT users. With the impending T + 1 settlement within the securities industry, the International Standards Organisation (ISO) and SWIFT have introduced ISO 15022 message standards to replace the existing ISO 7775. This change reflects the need for increased standardisation as the industry moves from traditional settlement processes to increasingly automated electronic exchange. The ISO 15022 message standards are built on reusable business elements defined in a data field dictionary provided by SWIFT. These standards enable financial institutions to construct message transformations within various categories, including instructions, confirmations, statements, status, and corporate actions. Such standards provide the pathway for increased STP and STEP (Straight Through Exception Processing) rates within the securities industry.
"The new standard is to be implemented by November 16," explained John Senor, President of iWay Software. "Financial institutions worldwide only have three and a half months to migrate from the old standard to ISO 15022, and some won’t make it. Many of the large banks and financial institutions have addressed the situation and deployed a strategic solution, which has involved reengineering processes and rebuilding IT systems. But the November 16 deadline and impending escalating pricing structure, consisting of a membership fee for the ISO 7775 Message User Group (MUG) and a surcharge on every message sent, is a major concern for any organisation that has yet to make the change."
iWay’s JavaTM-based ISO 15022 Adapter, based on iWay Software’s XML Transformation Engine, enables the translation of a wide variety of SWIFT messages, including those of ISO 7775 to ISO 15022 (and vice versa), using a data dictionary and XML. Whichever direction a message is travelling, the message converts from its source format to the XML format, which is based on data and business definitions brought in from the schema. Once in XML, the message is then passed through a second mapping process that converts it into the target format, ready to be passed on to either the user’s back-office system for incoming messages or the external network for outgoing messages.
End-to-end STP solutions experts, Tessellate Business Solutions, have chosen iWay’s ISO 15022 Adapter as their primary tool for addressing the SWIFT ISO 15022 migration issue. "We were originally looking for a SWIFT to XML adapter," said Martin Jones, Chief Technology Officer at Tessellate. "We reviewed a number of vendors, including Mercator, SeeBeyond, SunGuard, and Trace. We chose iWay as our partner because their SWIFT adapter solution offers excellent functionality at a reasonable price. With over 200 additional data adapters, we believe they have the most flexible integration tool on the market."
The iWay ISO 15022 Adapter enables financial organisations to comply with arriving industry initiatives, such as the move to SWIFTNet or complying with the emerging SMPG (Securities Market Practice Groups) requirements, more cost effectively. "It can do this with minimal disruption to existing internal legacy systems, and at the same time offer the business considerable savings through increased STP rates," added Jones.
About iWay Software
iWay Software, an Information Builders company, is a market leader in middleware that accelerates business integration. With facilities to integrate systems in real time, near-real time, or on a scheduled basis, iWay provides a complete reusable infrastructure for EAI, B2B, e-commerce, and mobile business. iWay's experience with complex information systems led to the development of prepackaged intelligent adapters to connect to more than 140 packaged applications, transaction systems, legacy data, relational databases, and e-business formats, without writing custom code. iWay Software integration solutions significantly reduce the time, cost, effort, and risk of integration projects throughout the enterprise.
About Information Builders
Information Builders provides its customers with robust business intelligence, specialising in real-time information delivery over the Web. Headquartered in New York, Information Builders helps companies and government organisations improve their mission-critical operations by transforming data into usable information and delivering it to employees, managers, partners, and customers through the Internet. With the award-winning WebFOCUS solution, Information Builders delivers information for more than 11,000 global customer sites, including most of the Fortune100 and all U.S. federal government agencies. The company employs 1,900 people worldwide and generated revenues exceeding $300 million in 2001. For more information, visit http://www.informationbuilders.com
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