Styron Goes Live on Akshay SWIFT Service Bureau

PRINCETON, N.J., Aug. 25 2011 /PRNewswire/ -- Akshay Software International, Inc., a SWIFTReady Services Provider, SWIFT Service Bureau, and SWIFT Value Added Reseller, announced today that Styron LLC (Styron) went live on Akshay's SWIFT Service Bureau on 1 July 2011.  Styron is among a growing list of corporates that use Akshay for SWIFT services, whether in-house, outsourced, or both.

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"We had very tight deadlines and went live on schedule, something we could not have achieved without the support from the team at Akshay and Financeware," said Michael Rowan, Assistant Treasurer of Styron. "Akshay was very responsive and helpful throughout the process and willing to step up whenever needed. In particular, Akshay's knowledge and expertise in SWIFT messaging for corporates was a crucial factor in the project's success."

This was a global implementation with all of Styron's treasury centers in US, Europe and Asia going live on SWIFT at the same time. The SWIFT applications had to integrate with both Styron's treasury as well as its ERP (SAP) applications.

The SAP integration involved multiple consolidations and segregations of MT940 statements by account and region and lookups to validate account numbers. SWIFT's Alliance Integrator product was used to achieve this functionality and also build a robust interface that had the capability not just to alert but also to recover from errors.

Somewhat unusually, Styron also had a requirement to process MT950 messages and since SWIFT does not support MT950 for corporates, Akshay and Financeware worked with Styron to find a way to make this implementation successful.

"When we made the selection, we chose Akshay because they appeared the most knowledgeable, took the time to understand our specific situation and came with excellent references from global corporates. Nearly two months after the go live, we are comfortable that we made the right decision and look forward to continuing our relationship," said Styron's Michael Rowan in conclusion.

B.V. Venkat, Senior Vice President of Akshay said, "We are very pleased we were able to play a role in the success of Styron's SWIFT implementation. Our partnership with Financeware played a critical role in our success giving us increased bandwidth in terms of resources and extended coverage in terms of geography and time-zones. This puts our partnership in a strong position as SWIFT drives toward significantly increasing the number of corporates joining, implementing, and utilizing SWIFT."

For more information contact:
Mr. B.V. Venkat
Akshay Software International, Inc.
+1 609 945 2963
[email protected]
www.akshay.com

About Styron LLC.

Styron LLC ("Styron") is a world leader in plastics, latex and rubber. Part of The Dow Chemical Company ("Dow") until 2010, Styron is a $3.7 billion dollar company with over 1,900 employees in 40 locations. It has two major business divisions: Emulsion Polymers (Latex, Rubber) and Plastics (Styrenics, Engineering, Thermoplastics).

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 (India), has offices in Dubai (UAE) and Princeton, NJ (USA) and is affiliated with representatives in Los Angeles, and Miami/Caribbean regions.

About Financeware

Financeware Comercio e Servicos Ltda. was incorporated in São Paulo, Brazil in 1993. Financeware's principal operations are consulting and delivering information technology services to the banking and finance industries.  Financeware employs a staff of professionals with deep industry knowledge and a diversity of experience.  Since 1997 Financeware has represented SWIFT in countries such as Argentine, Bolivia, Brazil, Chile, Paraguay and Uruguay.  Financeware became a SWIFT business partner in 2002, adding education and membership enlargement to its SWIFT roles.

SOURCE Akshay Software International, Inc.