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Simplified message administration connectivity, reaching 100% STP
Today’s financial institutions and corporations handle millions of payments and financial messages worldwide. The key challenge lies in discovering a consistent, customizable solution for Swift Connectivity— one that enhances efficiency, mitigates risk, scales with business growth, and seamlessly integrates with diverse market infrastructures. This is particularly evident when a financial institution maps Swift messages to its enterprise message hubs. Find out how ECS Fin can help you with Swift message administration.
For so many years, a lot of critical factors remained overlooked, but are not limited to the following:
- Fragmented Processing of Data
- Data traveling between systems
- Dependency on multiple vendor products
- Inability to accommodate customer demands
- Lack of Data Accountability
- Limited Visibility or Control
Let’s explore some of the points in detail of Swift Message Administration:
Complexity Layers for integration:
However, now, it’s time for an advanced and efficient data capture, storage, and distribution system that addresses the entire range of data exchange between internal applications, external entities, and all interested parties. ECS delivers a suite of value-added features, optimizing and securing message processing while ensuring data accountability and customer satisfaction. Our solution aligns with market practices, accommodates diverse customer needs, and is ISO 20022 native.
Managing and Utilizing Reference Data:
The constant evolution in the volume and value of transactions has resulted in a complex challenge for managing reference data, including customer profiles, counterparty preferences, exchange rates, and compliance data. Without robust reference data management, essential functions like decision-making, fee calculations, settlement time estimation, routing, and validation are hindered.
ECS Fin’s Swift services offer a complete solution for managing financial messages across the enterprise. They gather messages from all departments, create golden copies of transactions, and handle everything from parsing and validating to enriching and approving messages. Once ready, these messages are securely transmitted through the Swift network to global counterparties. Incoming Swift messages are also processed, ensuring they are delivered to the right stakeholders, making financial communication seamless and efficient.
Bank roles, departments, regions, BICs, and business lines in the message flipped:
Move from a multitude of department-centric applications and embrace integrated platforms and transaction-centric applications.
- Organize and streamline all data exchange between internal applications and external entities.
- Engage in high levels of visibility, control, and security.
- Address the needs of every user/department/stakeholder, customer & counterparty
- Process efficiency ~ Shrink infrastructure and overheads by 60 to 85%
- Eliminate data mapping tools and unwarranted travel of data between systems
- Minimize outages and enhance data accountability significantly
- Rapid adaptation to market practices and regulatory/counterparty/customer needs.
