SimCorp Proves Readiness to Process SWIFT ISO 20022 MX Messages
SWIFT and SimCorp have completed a proof of concept (POC), which demonstrates that SimCorp Dimension, SimCorp’s solution for investment management businesses, can accept, process and transmit SWIFT ISO 20022 MX messages. MX messages are increasingly used in the securities industry, with adoption extending beyond Europe to Asia and the US.
MX messages offer more clarity and have wider application than earlier protocols, so their use enables investment managers to improve straight-through processing (STP) rates. Consequently they can drive down costs, reduce operational risk and readily accommodate increased volumes as their businesses grow.
MX messages usage on SWIFT is steadily increasing for mutual and pension funds flows automation, while new MX messages to support corporate actions and securities settlement will go live later this year. The POC involved bringing together SWIFT’s Alliance Integrator, the configurable SWIFT-specific integration platform, and SimCorp Dimension. This combined solution will be complemented in future by one based solely around SimCorp Dimension.
Patrik Neutjens, head of partner management at SWIFT, said: “SimCorp is a longstanding member of SWIFT’s partner programme and geared up to position itself as a front-runner software provider in terms of MX adoption. We value our partnership with this leading-edge investment management software provider and are confident that our partnership will translate into tangible added value for SimCorp users.”