For banks, transmitting messages from a proprietary format to the SWIFT MT format and sending it to your client’s TMS via SWIFT can be a daunting task. Transporting and translating multiple messages with different file formats each day, becomes very frustrating.
An integration engine, which is secure, scalable and has the bandwidth of handling multiple business purposes plays a very vital role in managing the file formats. Following are the three use cases that we have implemented for our clients:-
Pipe Separated Values (PSV) or Comma Separated Values (CSV) to SWIFT MT
These two file formats are simple text files with different delineators making them easy to work with. Integration with these files can come from a variety of different sources such as an ERP or accounting system and can be translated into the proper SWIFT MT formatted message.
BAI2 to SWIFT MT
BAI2 is a legacy standardized format for US based banks. While dealing internationally, these files need to be converted which allows for easy translation into a SWIFT MT formatted message. Cash management is a vital function and needs to format agnostic.
Proprietary XML to SWIFT ISO20022
Proprietary XML file formats from homebrewed or legacy systems can be tricky to integrate with standardized or modern systems. An integration engine must be able to read whatever format that are thrown at it and map it to a SWIFT formatted message.
Integration engine enables customers to exchange financial data over numerous systems, without worrying about the whole process of transportation, translation and reporting. Straight Through Processing (STP) enables you to be more efficient and effective by reducing the time elapsed in manual interventions and risk of errors.
- Increased Business Effectiveness
- Straight Through Processing
- Reduction of Human Errors
- Minimize Maintenance Cost