Sterci, an international software provider of service oriented architecture (SOA) solutions for straight-through processing (STP), has announced that SWIFT has renewed Steform with the highest award label for funds for the sixth consecutive year. Steform version 3.3 is SWIFTReady funds 2010; it means the SWIFT compliance recognition provides a comprehensive automation for funds using new SWIFTNet XML ISO 20022 messaging standards.
One of the key challenges for the fund industry is automation, especially in cross-border distribution. In 2001, the fund industry asked SWIFT for a solution to increase automation to reduce paper processing and risks involved. SWIFT applied a two-phase approach:
- Delivery of a tactical solution based on MT (ISO 15022 fund templates) to cover the most urgent needs in 2001.
- Delivery of a strategic solution based on MX (ISO 20022 fund messages) to fully comply with the industry’s requirements in 2004.
Both solutions are actively used and still growing. In 2009, over 27 million messages were sent. Today, it is time to start the migration project to MX as the MT templates will be phased out in 2012. Now MT-MX translation rules are published by SWIFT and available as libraries in the Steform product.