Fundtech Launches SWIFTNet ServiceBureau in the U.S.

Tuesday 28 September 2004 17:39 CET | News

Fundtech has launched its SWIFTNet ServiceBureau in the U.S. Banks will be able to reduce their cost and simplify operations by outsourcing their SWIFTNet connection to Fundtech.

At the core of the SWIFTNet ServiceBureau is IGTplus (inter-bank gateway), a powerful software solution that enables application-to-application STP processing of SWIFT messages and connectivity to SWIFTNet. IGTplus also offers an advanced Java-based user interface for message entry, monitoring and control. Fundtech currently operates the world’s largest SWIFTNet service bureau through its Swiss subsidiary bbp. In the U.S., Fundtech will operate its SWIFTNet connection point through its established ASP operation in Atlanta, Georgia, where it currently supports numerous clients using its cash management and payments software. By outsourcing their SWIFTNet connection to Fundtech, banks will eliminate the cost and operational disruption resulting from SWIFT changes and upgrades. Banks will further benefit by having quick time-to-market to a full suite of SWIFT services. Fundtech believes that this value-added service will aid banks in competing for international payments business. IGTplus server software is a Java-based multi-network financial message hub able to route and queue messages, monitor and log message events and convert message formats. It provides highly automated operations such as alerting, intelligent routing and automated back-up among many other features. Fundtech is providing banks with its IGTplus Java client software to gain access to the IGTplus server in the ServiceBureau. Fundtech is focusing its marketing efforts on U.S. banks that either currently have access to SWIFT through a correspondent bank but would rather use a non-bank partner; or banks that see the need for a SWIFTNet connection but have been unwilling to make the financial investment to operating it in-house.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce