SWIFTNet Users Must Meet Real-Time Challenge
The combination of greater demand for real-time data and an ever-shrinking settlement window is posing stiff challenges for both service providers and their clients, delegates were told at a SunGard eProcess Intelligence seminar, ‘Leveraging Your SWIFTNet Investment’. Richard Pattinson, Senior Director, Settlement Strategy and Systemic Risk, Group Treasury at Barclays, said physical delivery of real-time data by service providers would be ‘useless’ if the customer has no means to receive the data. Pattinson, who chaired the event, added that real-time reporting had to be a priority for SWIFTNet, ‘The industry truly is moving to real-time reporting for transactions. Whereby, the payment value date is becoming less important now than the actual time on the value date.’ Claudia Cassinari, responsible for cash reporting initiatives at SWIFT, told delegates that the SWIFT-facilitated Real-time Nostro Account Information Working Group is working towards an industry solution for cash reporting based on common market practice and standards over the SWIFTNet network. Over the next two years, S.W.I.F.T.’s membership of 7,000 financial institutions will migrate to the financial messaging consortium’s new IP network SWIFTNet, which is designed to provide a more flexible messaging infrastructure, access to cheaper bandwidth and a reduction in overall messaging costs.