IONA SWIFTNet FIN Services

For SWIFTNet FIN Compliance and Coexistence

Global financial services firms have built extensive processing systems using legacy SWIFTNet FIN messages as critical messaging services components in the processing chain for payments, securities processing, treasury operations, real-time gross settlement and many other business critical transactions. New business requirements are putting pressure on IT to automate and modernize these systems, which have grown in size, number and complexity.

Efficiency is not the only important metric. The reputation of the firm is at stake if invalid data is sent. A rejected SWIFT message not only results in a capital loss, but can also lead to the loss of faith and future business with customers and partners. As firms continually move away from manual processing of transactions towards straight-through processing (STP), there is a better way to create, validate and share mission-critical SWIFTNet FIN messages.

IONA SWIFTNet FIN Services include Artix Data Services, an open, standards-based, model-driven development tool and runtime that improves developer efficiency while enforcing the integrity of data between applications. Financial messaging development and maintenance is simplified, making it easy to model, test and deploy reusable data services which parse, validate, transform and enrich messages.

With IONA SWIFTNet Fin Services, financial organizations can

  • complete messaging projects on schedule through reusable model-driven data services
  • minimize the risk of failed transactions and associated maintenance costs 
  • reduce the ongoing maintenance burden of keeping updated with standards by in-sourcing SWIFTNet industry standards and updates from IONA

To address requirements for coexistence of additional financial messaging standards, IONA also provides robust Artix Data Services Standards Libraries for SWIFTSolutions, SEPA, ISO20022/UNIFI, FpML, DTCC Deriv/SERV, SwapsWire, FIX, CREST, TRAX and others. Subscription to these Standards Libraries guarantees that financial organizations will be kept up-to-date with the latest validation rules as they are published by each respective standards body.