Daiwa Capital Markets America Inc. Goes Live on Akshay SWIFT Service Bureau

PRINCETON, N.J., Feb. 22, 2011 /PRNewswire/ -- Akshay Software International, Inc., a SWIFTReady Services Provider, SWIFT Service Bureau, and SWIFT Value Added Reseller, is pleased to announce that Daiwa Capital Markets America Inc. (DCMA) is live on Akshay's SWIFT Service Bureau.  DCMA joins a growing roster of clients relying upon Akshay's SWIFT Service Bureau for resilient, secure, and robust electronic financial messaging solutions and services.  With the addition of DCMA, Akshay's SWIFT Service Bureau, operated in partnership with Financeware Comercio e Servicos Ltda. of Sao Paulo, Brazil, now supports over 90 clients from 15 countries.  

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SWIFT-certified engineers from both Akshay and Financeware teamed-up to deliver the implementation services, installing both manual and automated interfaces connecting DCMA to Akshay's SWIFT Service Bureau.  To improve regulatory compliance capability and help prevent certain financial crimes such as fraud and money laundering, DCMA also implemented an optional OFAC scanning module which scans messages and checks them against government watch lists.  Go-live occurred on October 18, 2010.  "It was one of the most painless and trouble free migrations that I've been involved with in a very long time," said Bobby Cramer, FVP / Manager of IT Product Support at Daiwa Capital Markets America Inc.  "Both Akshay and Financeware personnel displayed very high levels of expertise and responsiveness.  We've previously experienced the high quality of Akshay personnel when we used their services to maintain our in-house SWIFT systems, and it's clear that Akshay's offering has been greatly enhanced through its partnership with Financeware."

DCMA mainly uses SWIFT Category 5 (Securities) messages.  "Akshay's knowledge of SWIFT Securities messaging was a key factor in the success of the implementation," said DCMA's Bobby Cramer.  "These are some of the most complex of the SWIFT messages and previously, we have had great difficulty with some of these message types.  Akshay worked diligently with our back office application team to make sure that we got the message structure right, and also helped our users with the manual entry of some message types.  We look forward to a long association with Akshay."

B.V. Venkat, Senior Vice President of Akshay added, "We're delighted to have Daiwa Capital Markets America Inc. on board.  Providing SWIFT services to an institution that uses the SWIFT Securities messages is something that we have had long experience with so this was a very good fit and we're very pleased that it worked out so well."

About Akshay

Akshay's US presence, incorporated in 1993, focuses on delivering consulting and professional services to all major communities of SWIFT users: Banks, Broker/Dealers, Corporates, Custodians, Investment managers, and Securities Market Infrastructures.  As a SWIFTReady Services Provider, SWIFT Service Bureau, and SWIFT Value Added Reseller, Akshay is positioned to deliver the full range of SWIFT products, services and solutions, including their implementation, maintenance, support and training.  Through proven performance, Akshay has earned a reputation for delivering and providing to its clients high quality value-added  SWIFT services on complex and innovative projects, often being among the first in the world to install and/or operate a certain or particular SWIFT component.

Akshay was founded in India in 1987.  Akshay is headquartered in Mumbai and has offices in Dubai (UAE) and Princeton, NJ (USA).  Akshay is affiliated with representatives in New York, Los Angeles, and Miami/Caribbean regions.    

About Daiwa Capital Markets America Inc.

Daiwa Capital Markets America Inc. (DCMA) is a corporation organized under the laws of New York, a broker-dealer registered with the U.S. Securities and Exchange Commission, a futures commission merchant (FCM) regulated as such by the CFTC, and a primary dealer in U.S. government securities. Its parent company is Daiwa Capital Markets America Holdings Inc. (formerly known as Daiwa America Corporation), which is a wholly owned subsidiary of Daiwa Securities Capital Markets Co. Ltd., a Japan-based Investment Bank and Broker Dealer. Daiwa Securities Capital Markets is a subsidiary of Daiwa Securities Group Inc.

SOURCE Akshay Software International, Inc.