SWIFT Standards 2016 Update Supported by Volante Technologies
- Security , Compliance
- 29.02.2016 09:15 am
Volante Technologies Inc., a global leader in the provision of software for the integration, processing and orchestration of financial messages, today announced support for the latest SWIFT Standards 2016 update.
On 26 February 2016, SWIFT released its latest standards release which includes a number of significant changes to SWIFT messages used within the securities market. These changes will impact the entire trade lifecycle, from the trade orders through to confirmations and settlement.
SWIFT has also introduced a new version of SWIFTRef called ReachPlus, which will require firms to migrate to the new data directory in order to route transactions. SWIFTRef provides users access to reference data (BICs, IBANs, etc.), and the new ReachPlus directory will allow users to find the optimal routing details to their beneficiary bank. To accommodate these changes, Volante has introduced an update to its core SWIFT plug-in.
Volante’s technology helps firms manage the complex world of ever-changing message standards in payments and other business domains. Volante products include access to a growing library of more than 330 international and domestic standards plug-ins and transformations. These are being constantly updated in line with changes in the market, helping firms overcome integration and messaging challenges while insulating their core systems from the complexity of external change.
Venkat Malla, Vice President, Product Management, Volante Technologies, commented, “Volante has for many years now, been recognized as one of the go-to companies for access to the SWIFT messaging suite. Our research and development team are constantly working to ensure our clients have the latest financial message integration capabilities. This allows our clients to remain focused on being competitive in the business they do, rather than worry about standards compliance with the changes that are constantly taking place. The go-live date for the new standards is on November 20th, 2016, giving Volante’s clients nearly nine months to develop and test any alterations that they might need to do to internal systems. This enables businesses to be prepared well in advance of the deadline.”