SimCorp, a provider of software solutions for the financial industry and Swift have completed a proof of concept, which demonstrates that SimCorp Dimension, SimCorp’s solution for investment management businesses, can accept, process and transmit SWIFT ISO 20022 MX messages.
MX messages enables investment managers to improve straight-through-processing rates and helps them to drive down costs, reduce operational risk and accommodate increased volumes as their businesses grow.
The proof of concept involved bringing together Swift’s Alliance Integrator, the configurable Swift-specific integration platform, and SimCorp Dimension. The combined solution will be complemented in future by one based solely around SimCorp Dimension.
Patrik Neutjens, head of partner management at Swift, said: “SimCorp is a longstanding member of Swift’s partner programme and geared up to position itself as a front-runner software provider in terms of MX adoption. We value our partnership with this leading-edge investment management software provider and are confident that our partnership will translate into tangible added value for SimCorp users.”
Marc Schroter, vice president of SimCorp, said: “The range of MX messages of direct interest to the investment management community, notably for securities settlement and corporate actions, will broaden dramatically over the next year and beyond. We are very happy to have been able to work with Swift to show that we are ready to offer our customers the solution they will require as they move forward.”
Swift is a member-owned cooperative that provides the communications platform, products and services to connect over 8,500 banking organisations, securities institutions and corporate customers in more than 200 countries.