Most of the activities taking place on both the money and capital markets are carried out by the banks. SWIFT (the Society for Worldwide Interbank Financial Telecommunication) is the backbone of the payments messaging system. Up to today the transactions through SWIFT were performed in a “mechanical” way in which all the transactions need to be read and confirmed one by one by suitable personnel in order to decrypt (“translate” the SWIFT code into a real payment from sender to recipient) the information in each payment. The task is to reach the highest level in security, yet the efficiency and easiness in use are somehow neglected.
dat.swift is an integrated solution that handles incoming and outgoing SWIFT messages of every type. It fully automates the expensive and time consuming handling process by using advanced identifying and validation procedures. dat.swift is used also as an intermediate programme between SWIFT and the banking software applications. Thanks to the high level of parameterisation it is possible to integrate dat.swift with the existing procedures of the bank. The use of the product result in minimisation of the time needed for handling a SWIFT message and as a consequence achieves a dramatic cost reduction, ensuring competitive advantage to the bank.
The basic characteristics include the following:
• Input and handling of ongoing messages
• Supervision and handling of incoming messages
• Workflow for automatic forwarding to appropriate users
• Automatic processing for incoming messages using predefined rules for STP (Straight Through Process)
• Creation of accounting entries
• Integration with other banking applications
A significant characteristic is the compliance with the ISO 15022 standard. dat.swift is not only compatible with the new standard but also gives the opportunity to the banks to adapt their current applications according to the new standard with no extra cost. The system checks the messages as they are entered by the user and in this way it guarantees the correct forwarding even before they are checked by the SWIFT network.
Apart from the capabilities described above, the user has additionally two options. First to add modules that expand the handling capabilities of the SWIFT messages; support alternative channels for message input like Internet, ATM (Automated Teller Machine), standing orders, batch etc; building an order entry subsystem with very simplified tasks so that input of SWIFT message can be possible even from the teller or other non-SWIFT experts. The second option has to do with the control engine of the messages that is being offered separately on demand and thus giving the chance for greater flexibility according to the particular demands.
• Integrated solution. Covers the whole process of banking payments, with regard to SWIFT.
• Makes the STP (straight through process) goal a possibility.
• Enables creation of the complex SWIFT messages even from inexperienced users.
• Creates accounting entries as soon as the messages are accepted or sent.
• Handles all message types. The user is free to decide which messages will be included
• Higher productivity due to automation of the procedure
• Significant cost reduction, since it minimises human intervention
• User-friendly interface and excellent control combined with extensive communication with other departments and software products within the bank or the corporation
• Developed with open architecture (Java) and integrates easily into any platform. It also works with almost any database
• It needs no special hardware or software
• Sends and receives messages from SWIFT Alliance or other SWIFT interfaces
• Suitable for both small and large banks and institutions
• Compatible with the new SWIFT standard: ISO 15022