Securities Industry Moves to ISO 15022 Sooner

Apr 11, 2001, 01:00 ET from SWIFT

    BRUSSELS, Belgium, April 11 /PRNewswire/ -- SWIFT today announced that it
 has moved up the start date for testing of its new ISO 15022 message types by
 six weeks, enabling its member-community to implement the new messages sooner.
 The decision, which was prompted by requests from the industry, will enable
 the securities community to begin testing the ISO 15022 message types against
 the 2001 Standards Release as of June 2, 2001.  At the same time, testing
 against the 2000 Standards Release will continue.  This ensures that existing
 levels of Straight Through Processing (STP) will be maintained throughout the
 transition to ISO 15022.  The ISO 15022 message types will be released for
 general use in November 2001.
     "Many of our securities customers are already implementing programmes to
 adopt ISO 15022 within their institutions," said Nadine Limbourg, Head of
 Standards Deployment, SWIFT.  "For those that are not, we've taken an active
 step to ease the testing timeline so that they can better benefit from
 testing, both with us and with their counterparties, ultimately providing them
 with a more flexible approach to implementing the new messages."
     With the support of key communities including the Securities Market
 Practice Group and the Network Managers Forum in the UK and the US, SWIFT has
 established a three-step approach to facilitate testing of the new ISO 15022
 messages.  The process will simplify implementation and roll-out of the new
 messages.  SWIFT has also created a simulated testing environment, which
 provides STP quality analysis for individual firms and institutions.
     SWIFT users will now commence testing for ISO 15022 on June 2, 2001, which
 was initially slated for July 16, 2001.
     In addition to bringing forward testing availability, SWIFT is working
 with a number of its vendor-partners to ensure that necessary upgrades to
 interface software will be made available to those customers wanting to take
 advantage of earlier testing.  IBM's MERVA ESA software, which is used by many
 securities firms and institutions to interface with SWIFT, is the first to be
 made available sooner and will be accessible on SWIFT's vendor test-bed as of
 June 2, 2001.
     "IBM and SWIFT work closely together to meet the needs of customers," said
 Ken King, Software Development Manager for Financial Services, IBM Software
 Group.  "With recent customer requests for accelerated delivery of this year's
 new ISO 15022 message types, IBM plans to have an early version of the MERVA
 ESA changes for the 15022 message types available for testing on June 2nd,
 with an updated version later in the summer."
     "The migration to ISO 15022 is a key milestone for our community and a
 major step toward enhancing STP throughout the industry," said Francis
 Remacle, Head of the Securities Industry Division, SWIFT.  "SWIFT has been
 dedicated to the initiative from the outset and will continue to increase its
 support and commitment to ISO 15022 as the 2002 deadline approaches."
 
 

SOURCE SWIFT
    BRUSSELS, Belgium, April 11 /PRNewswire/ -- SWIFT today announced that it
 has moved up the start date for testing of its new ISO 15022 message types by
 six weeks, enabling its member-community to implement the new messages sooner.
 The decision, which was prompted by requests from the industry, will enable
 the securities community to begin testing the ISO 15022 message types against
 the 2001 Standards Release as of June 2, 2001.  At the same time, testing
 against the 2000 Standards Release will continue.  This ensures that existing
 levels of Straight Through Processing (STP) will be maintained throughout the
 transition to ISO 15022.  The ISO 15022 message types will be released for
 general use in November 2001.
     "Many of our securities customers are already implementing programmes to
 adopt ISO 15022 within their institutions," said Nadine Limbourg, Head of
 Standards Deployment, SWIFT.  "For those that are not, we've taken an active
 step to ease the testing timeline so that they can better benefit from
 testing, both with us and with their counterparties, ultimately providing them
 with a more flexible approach to implementing the new messages."
     With the support of key communities including the Securities Market
 Practice Group and the Network Managers Forum in the UK and the US, SWIFT has
 established a three-step approach to facilitate testing of the new ISO 15022
 messages.  The process will simplify implementation and roll-out of the new
 messages.  SWIFT has also created a simulated testing environment, which
 provides STP quality analysis for individual firms and institutions.
     SWIFT users will now commence testing for ISO 15022 on June 2, 2001, which
 was initially slated for July 16, 2001.
     In addition to bringing forward testing availability, SWIFT is working
 with a number of its vendor-partners to ensure that necessary upgrades to
 interface software will be made available to those customers wanting to take
 advantage of earlier testing.  IBM's MERVA ESA software, which is used by many
 securities firms and institutions to interface with SWIFT, is the first to be
 made available sooner and will be accessible on SWIFT's vendor test-bed as of
 June 2, 2001.
     "IBM and SWIFT work closely together to meet the needs of customers," said
 Ken King, Software Development Manager for Financial Services, IBM Software
 Group.  "With recent customer requests for accelerated delivery of this year's
 new ISO 15022 message types, IBM plans to have an early version of the MERVA
 ESA changes for the 15022 message types available for testing on June 2nd,
 with an updated version later in the summer."
     "The migration to ISO 15022 is a key milestone for our community and a
 major step toward enhancing STP throughout the industry," said Francis
 Remacle, Head of the Securities Industry Division, SWIFT.  "SWIFT has been
 dedicated to the initiative from the outset and will continue to increase its
 support and commitment to ISO 15022 as the 2002 deadline approaches."
 
 SOURCE  SWIFT