Immediate support ensures Volante clients can avoid the non-compliance challenges of mandated standards change in cross border payments and trade finance
Volante Technologies Inc., a global provider of software for the integration, processing and orchestration of payments and financial messages, today announced support for the latest SWIFT Standards Release 2018. The implementation of the new standards has been thoroughly tested by Volante and is available immediately for clients.
On the 23 February 2018, SWIFT issued its latest standards release which includes a number of significant changes to SWIFT messages used in payments, trade finance and securities. Notably, SWIFT 2018 mandates that payment messages must now implement the Unique End-to-end Transaction Reference (UETR) regardless of whether they are members of SWIFT gpi, or not. There have also been further major updates to other message categories, the most significant of which will affect every user of the MT7nn category messages with major changes to existing messages and the introduction of 3 new messages relating to Documentary Credits. These are the biggest changes introduced in trade finance in over a decade and represent the first wave of changes which will be completed in 2019. Additional updates have also been made to the Treasury and Securities categories to support MiFID II related rules on transparency of fees. Furthermore, use of SWIFTRef BIC Plus is now mandatory, as support for the old BIC Directory has been dropped.
Volante’s technology has been enabling clients to adopt every major SWIFT migration over the past fifteen years by leveraging in-built tools that help insulate core systems from the complexity of ever-changing standards. Volante’s products include access to a growing library of hundreds of international and domestic standards plug-ins and transformations which are constantly updated as changes occur within the industry.
Venkat Malla, VP, Product Management, Volante Technologies, Volante Technologies, commented, “Volante is dedicated to helping firms overcome integration and messaging challenges in the complex world of changing message standards in payments and other business domains. We continuously track and implement changes to standards so that clients can remain focused on their business rather than being unnecessarily distracted by the challenges of support and implementation of new messages and standards.”
Malla continued, “We take great pride in the fact that we can provide support for SWIFT 2018 within a matter of days. The speed with which we can react to new standards means that we give our clients ample time to adopt and test standards within their own environments so they can minimize the impact on originating and receiving systems and avoid rejected messages.”