FETA and TietoEnator Pilot for SWIFTNet Funds Completed
FETA, a wholly owned subsidiary of Dexia BIL, has begun issuing SWIFTNet Funds messages in XML. This follows a year of development and a ‘parallel run’ between SWIFT FIN and XML messages. All FETA’s counterpart’s orders in Dexia funds will now be issued using XML messages. FETA partnered with TietoEnator to provide the technical architecture for electronic exchange of SWIFTNet Funds messages with its counterparts. The architecture is based upon TietoEnator’s ProSwitch messaging application, which provides a fully automated exchange of SWIFTNet XML messages over the InterAct service from SWIFT. With the technical infrastructure from TietoEnator in place, FETA now wants to extend the use of SWIFT XML message standards with an increased number of distributors/concentrators and for as many funds under administration as possible. The next steps will be to increase the volume of transactions using SWIFT XML and to develop order related messages such as information to the fund managers (cash forecast), requests for creation/modification of accounts and statements of account.