Treasury Management Internation Logo

Misys urges confirmation matching service transition ahead of SWIFT Accord retirement

Published 

London – Today at Sibos 2016, Misys is urging banks to think now about transitioning their confirmation matching processing ahead of the retirement of SWIFT Accord. With the service due to cease in October 2017, making provision to transition as early and as painlessly and as cost effectively as possible is absolutely vital for business continuity.

Misys is already seeing encouraging take-up of its FusionCorporate Confirmation Matching Service (Misys CMS), with Bankinter having just made a seamless transition to the solution in only eight days. The Spanish bank was able to continue processing its post-trade confirmations for FX and money market transactions with no interruption as a result of the ease of integration with existing processes and proven Software-as-a-Service (SaaS) model delivered by Misys CMS.

During the phase-out of SWIFT Accord, Misys is working closely with SWIFT. Misys CMS utilises SWIFT’s message copying service that allows for copies of confirmation messages exchanged between companies to be delivered in real-time to Misys CMS service for automated matching. This ensures no changes are required to message formats or internal processes, removing the risk of disruption in service during the transition phase.

Keith Tippell, Managing Director, Head of Securities and FX Markets, SWIFT, said: “We’re committed to assisting our Accord customers and are keen to partner with forward thinking vendors like Misys to facilitate the migration process. Customers can be confident that the migration can be completed painlessly by utilising the existing SWIFT messaging network, with no change in message formats or processes.”

Misys CMS provides a cost effective replacement for SWIFT Accord in all sizes of organisation. The SaaS delivery model lends itself to a speedy and pain free transition, saving time and avoiding other costly replacements on the market which demand licenced provision.

There are significant numbers of banks, investment managers and corporates using SWIFT’s Accord service. These will need to find an alternative solution before the end of October 2017.

Boris Lipiainen, Global Head of Product Management at Misys, said: “With little over a year until SWIFT Accord is decommissioned, it is imperative organisations make the move in good time. We are in active discussions with a number of Accord users and with SWIFT, our primary objective is to ensure continuity of service – delivering an innovative, like-for-like service that can be implemented quickly, cost effectively and without any disruption.”

Most recent episodes

HSBC’s Sibos Spotlight: Investing in the Future – from Diversity to Green Deposits

In the final instalment of HSBC’s Sibos Spotlight, Eleanor Hill (TMI) invites Nadine Lagarmitte and Suraj Kalati (HSBC) to consider how corporates’ attitudes to...

25:12

HSBC’s Sibos Spotlight: The ESG Landscape – what every treasurer needs to know

In the third edition of HSBC’s Sibos Spotlight Podcast series, TMI’s Eleanor Hill invites Farnam Bidgoli (HSBC) to provide an in-depth overview of the current ESG...

16:24

The Path to Transformational Global Cash Visibility

Davina Bradley (CEVA Logistics) and Conor Deegan (CashAnalytics) join TMI’s Eleanor Hill to explore how treasurers can transform their cash visibility and forecasting within their business in a matter of weeks using a...

33:16

HSBC’s Sibos Spotlight: Embedding ESG in Trade and Supply Chains

In the second podcast from HSBC’s Sibos Spotlight series, TMI’s Eleanor Hill speaks to Surath Sengupta (HSBC) about embedding ESG into trade and supply chains....

20:58

Lost in Transaction: Overcoming Payments Pitfalls

From simple errors to duplicates, fraud and sanctions violations, there are a number of areas where payments can go wrong – especially in the real-time environment. In this podcast, TMI speaks to Andrew Ferrao...

34:25

HSBC's Sibos Spotlight: Central Bank Digital Currencies

The first edition of HSBC’s Sibos Spotlight series sees TMI’s Eleanor Hill joined by Mark Williamson and James Pomeroy (HSBC) to discuss the hot topic of Central Bank Digital Currencies (CBDCs). Our guests discuss...

25:48

Payments Vision 2025: The Inside Track

Wim Grosemans, Steven Lenaerts (BNP Paribas) and Wim Raymaekers (SWIFT) join TMI’s Eleanor Hill to outline their vision for the payments landscape in 2025. Our guests consider how recent developments such as instant...

28:21

Stepping Out from the Shadows

“Treasurers needs to step out of the shadows and into the sunshine in terms of their strategic contribution.” claims Zitah McMillan, Co-Founder and CEO, Predictive Black. In this podcast, hosted by TMI’s Eleanor Hill, our guest declares that the...

16:54

Why the ‘One Size Fits All’ Approach is Outdated - A Cash Segmentation Treasury Masterclass

With the ongoing low interest-rate environment and increasing regulatory change, it’s more important than ever for treasurers...

23:55

Instant Payments: Instant Rewards

TMI’s Eleanor Hill sits down in the virtual TreasuryCast studio with J.P. Morgan’s Global Head of Real-Time Payments, Cyrus Bhathawalla, to discuss how treasurers can capitalise on the evolving nature of real-time payments. Our guest contemplates the elements...

23:55