The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

SimCorp Proves Readiness to Process Swift ISO 20022 MX Messages

Swift and SimCorp have together successfully 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 are increasingly used in the securities industry, with adoption extending beyond Europe to Asia and the US.

MX messages offer more clarity and have wider application than earlier protocols, so their use enables investment managers to improve straight-through-processing rates. Consequently they can drive down costs, reduce operational risk and readily accommodate increased volumes as their businesses grow.

MX messages usage on Swift is steadily increasing for mutual and pension funds flows automation, while new MX messages to support corporate actions and securities settlement will go live later this year. The proof of concept involved bringing together Swift’s Alliance Integrator, the configurable Swift-specific integration platform, and SimCorp Dimension. This combined solution will be complemented in future by one based solely around SimCorp Dimension.

Patrik Neutjens, head of partner management at Swift says: “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 Schröter, vice president at SimCorp highlights the significance of the successful project: “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.”

Related content

WEBINAR

Recorded Webinar: Brexit: Reviewing the regulatory landscape and the data management response

With Brexit behind us and the UK establishing its own regulatory regime having failed to reach equivalence with the EU, financial firms face challenges of double reporting, uncertainty about UK regulation, and a potential exodus of top talent. The data management response is not easy and could stretch some firms to the limit as they...

BLOG

GLEIF Details Technologies Underlying Digital Version of LEI, the Verifiable LEI

The Global Legal Entity Identifier Foundation (GLEIF) has published issuance and technical infrastructure models for the verifiable LEI (vLEI) system it introduced back in December 2020. The vLEI is a secure digital attestation of a conventional LEI and is designed to extend the use of the identifier and, ultimately, enable instant and automated identity verification...

EVENT

Data Management Summit USA Virtual

Now in its 11th year, the Data Management Summit USA Virtual explores the shift to the new world where data is redefining the operating model and firms are seeking to unlock value via data transformation projects for enterprise gain and competitive edge.

GUIDE

Fatca – Getting to Grips with the Challenge Ahead

The industry breathed a sigh of relief when the deadline for reporting under the US Foreign Account Tax Compliance Act (Fatca) was pushed back to July 1, 2014. But what’s starting to look like perhaps the most significant regulation of the next 12 months may start to impact our marketplace sooner than we think, especially...