New SWIFT channels launched by HSBC in Singapore
The bank is the first to send FIXML messages via SWIFT for clearing purposes.
The bank is the first to send FIXML messages via SWIFT for clearing purposes.
HSBC has successfully gone live with FIXML and ISO 20022 traffic on fintech messaging service SWIFT for domestic clearing and settlement on the Singapore Exchange (SGX).
This enables the bank to use a single channel for domestic and cross-border messaging.
HSBC is the first bank to send FIXML messages via SWIFT for clearing purposes. FIXML traffic is the international real-time exchange of information related to the securities transactions and markets.
Using SWIFT will allow HSBC to improve its straight-through-processing (STP) and efficiency as the bank will be moving from batch processing into messaging.
Using SWIFT as a single channel for all cross-border and domestic communications will provide HSBC with a single view on all their messages and a cost-effective infrastructure.
Tony Lewis, HSBC Singapore head of securities services, says: “Following a number of successful implementations in the region, it is a pleasure to work with SWIFT and SGX on extending our network to cover all domestic clearing and settlements in Singapore.
“The consolidation of inbound and outbound messaging traffic in Singapore through one channel has enabled HSBC to achieve straight-through processing across the entire post-trade execution flow for securities,” he said.
Lewis argues that the move will enable more timely reporting to clients. It also means that clients can leverage HSBC’s technology to make efficiencies by integrating their workflows with the bank.
Nico Torchetti, SGX head of market services, equities and fixed income, said: “In line with SGX’s efforts to introduce international best practices to the Singapore securities market, we are pleased that our securities post-trade modernisation initiative has translated into greater workflow efficiencies and more timely information for our members, including HSBC.”