More NewsSWIFT Updates Financial Industry’s Operating System

SWIFT Updates Financial Industry's Operating System

SWIFT, a provider of global financial messaging services, has announced Release 7.0 which will affect both messaging (SWIFTNet) and connectivity (Alliance and third- party interfaces). This new release, which will be rolled out in 2011, is the first mandatory release from SWIFT since 2007.

Release 7.0 features are designed to meet customers’ needs and will translate into benefits such as reduced cost and risk, better control and more value. For the Alliance interfaces, this means:

A more modern, web-based graphical user interface (GUI) framework for the entire Alliance family.

  • Automated operations.
  • A customer-hosted database.
  • Support for disaster site recovery.
  • Easier installation/configuration management.
  • Easier integration of FileAct flows.
  • New web services to query the messages and events in Access.

Fabien Vandenreydt, head of product management, SWIFT, said: “SWIFT functions as the central nervous system of global financial services. This update is the equivalent of an upgrade to global finance’s OS [operating system]. Underlying the whole project is our commitment to reduce the total cost of ownership for SWIFT users and deliver improved interoperability.”

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