Wednesday, June 18, 2008

IONA develops beefed up capabilities for financial services, STP automation

Financial institution face competitive pressure to automate processes and move toward straight-through processing (STP), while ensuring compliance with multiple messaging standards. IONA Technologies today released a set of enhancements to Artix Data Services designed to reduce risk exposure and operational costs.

The latest release from the Dublin, Ireland-based IONA includes a comprehensive implementation of SWIFTNet MT Standards Release 2008, a new free online validation service, and new offerings for over-the-counter (OTC) derivatives processing and payments STP. [Disclosure: IONA is a sponsor of BriefingsDirect podcasts.]

Based on Artix Data Services, IONA’s open and standards-based development tool for building model-driven data services, the IONA Artix Data Services Standards Libraries include support for over 100 financial messaging standards implementations across 22 standards bodies, offering customers rich, out-of-the-box support for financial messaging data services requirements.

Enhancements within the latest release include additional SWIFTNet MX standards for proxy voting and cash reporting, additions of payments standards for STEP2 and TARGET2, and the addition of Depository Trust and Clearing Corporation(DTCC) Fund/SERV and MDDL. These standards libraries enable institutions to rapidly implement and incrementally deploy reusable financial messaging data services.

The standards library includes support for over 240 MT message types, 2,000 validation rules and 28,000 test cases. The new free IONA Validation Service for SWIFT provides an easy testing solution to verify compliance with SWIFT SR2008 syntax and semantics, allowing customers to model, test and deploy compliant messages today well in advance of the November 15, 2008 SWIFT-mandated deadline.

For automating OTC derivatives processes, IONA provides financial messaging data services tools with extensive support for FpML, (DTCC) Deriv/SERV TIW, SwapsWire and SWIFTNet FpML. IONA’s Payments Modernization solution offering provides support for SEPA (Single European Payments Area), ISO20022, SWIFTNet FIN, EBA STEP2 XCT and ECB TARGET2 payments standards.

More information on IONA’s Artix Data Services Financial Standards Libraries is available at the IONA Web site.

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