Sterci's Steform Funds Product Accredited by SWIFT
SWIFT has awarded Steform, the Sterci Intelligent message builder EAI, with the SWIFTNet Funds Ready accreditation. Steform includes the complete set of SWIFTNet Funds standard messages and can be used by any funds application for in-bound or out-bound flow of information with an extensive mapping facility. According to Sterci, the funds industry is a victim of its success and the distribution side is suffering from lack of standardization and manual processes. In the investment funds distribution process non-structured messages like the FAX represent an operational risk exposure for all actors. SWIFTNet Funds is SWIFT’s messaging service with a standard tailor-made to the needs of the investment funds distribution players. Based on the new ISO 20022 XML specifications, SWIFTNet Funds allows standardization and automation of the following business flows: account openings and maintenance, orders, statuses or cancellations of orders and order confirmations, transfers, statements (of holding and transactions), reporting on price, cash forecast, commissions and prospectus static data.