Software provides translation solution for SWIFT messaging.April 14, 2008 -
Supporting SWIFT FIN users in transition to ISO 20022 standards, Volante MT-MX provides automated translation of any message type between 2 formats until internal operations are converted to MX format. Program includes SWIFTReady certified message library, predefined MT and MX messages for all categories with message format validation rules, and reusable translations across multiple message. Users can customize message translations if needed to support business specific requirements.
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Original Press release
Volante Technologies, Inc.
41 East 11th Street 11th Floor
New York, NY, 10003
USA
Volante Announces SWIFTReady Solution for MT-MX Coexistence of SWIFT Messages
Enables immediate support for ISO 20022 standards with no impact to current SWIFT applications
NEW YORK, April 8, 2008 /-- Volante Technologies, Inc., provider of accelerated data management solutions to the financial industry, today introduced the Volante MT-MX translation solution for SWIFT messaging. Designed to support SWIFT FIN users in their transition to ISO 20022 standards, Volante MT-MX provides automated translation of any message type between the two formats until internal operations are converted to the new MX format.
Volante MT-MX is being demonstrated at the Volante exhibit at the SWIFT Operations Forum Americas 2008, April 8 and 9, in New York.
"Too often, adoption of new standards, such as the shift from SWIFT MT to MX messages, lag because of the daunting chores of changing legacy systems to support the new formats," said Adam Honore, a Senior Analyst at the research and advisory firm Aite Group. "With the XML advantages associated with MX messages, it makes sense to have a coexistence strategy that enables immediate MX adoption for transmissions, but MT-MX translations to meet the requirements of legacy systems. This buys time for the enterprise to catch up, while encouraging faster implementation in critical areas."
With out-of-the-box support for bi-directional translations (MT to MX and MX to MT), the Volante solution enables users to take immediate advantage of the benefits of the new XML-based standard, while they continue to use existing MT-oriented applications and processes. Features of Volante MT-MX include the following:
-- SWIFTReady certified message library
-- Predefined MT and MX messages for all categories with message format validation rules
-- Translations implemented at the dictionary level for all business elements
-- Reusable translations across multiple messages
-- Ability to customize message translations if needed to support business specific requirements
"With our strong track record as a SWIFT Gold certified provider of message integration solutions, we are pleased to deliver an MT-MX coexistence solution that supports and will continue to support all message types and formats as they evolve through this transition," said Vijay Oddiraju, CEO of Volante. "We are committed to supporting the SWIFT community in implementing standards efficiently and quickly."
More than 50 financial institutions and utilities currently use Volante solutions to build, test and integrate SWIFT messages in all supported formats including MT, MX and FpML. As with all Volante data management solutions, Volante MT-MX also provides easy integration with existing systems, and works in any software, network or platform environment.
About Volante
Since 2001, Volante Technologies has been accelerating data management for the financial services industry, while slashing development time and cost of ownership. Volante provides integration solutions for low-latency environments, service oriented architectures, vendor data consolidation, complex event processing, SWIFT message integration and other complex data challenges. Its metadata-based technology also enables enterprise data governance and model-driven data initiatives.
Volante solutions are employed by buy-side and sell-side institutions around the globe, as well as industry utilities, including Brown Brothers Harriman, The Municipal Securities Rulemaking Board, and Broadridge. For more information, visit http://www.volantetech.com/.
Web site: http://www.volantetech.com/
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