Misys-IBS, SWIFT to deliver Treasury STP following integration of Accord with Meridian Link

Misys International Banking Systems (Misys-IBS) announces the successful completion of a joint development that delivers unparalleled STP rates for Misys-IBS customers. The development integrates SWIFT`s confirmation matching solution, Accord, with Misys-IBS` financial messaging solution, Meridian Link.

Meridian Link, a SWIFTReady GOLD accredited messaging solution, was developed by Misys-IBS to provide flexible message generation and sophisticated message management functions for both Misys and non-Misys applications. Meridian Link operates by extracting raw data from back-office applications and transforming that data into the required format for outgoing SWIFT messages.

Meridian Link-generated messages are routed through a number of user-configurable processing queues before being delivered to the SWIFT messaging platform. One such queue is the `Awaiting Match` node that holds generated payments until a successful match record is returned by Accord. Once this successful match status is achieved, the payment is automatically released to the SWIFT messaging platform.

Mick Fennell, Business Development Manager for Meridian Link at Misys-IBS, says: "The integration of Accord within the Meridian environment has allowed Misys-IBS` customers to dramatically increase their STP rates for Treasury transactions. From deal capture through to settlement and payment, no user intervention is necessary. Payments are released on time with accompanying audit trails to illustrate the successful matching event."

He adds: "This process is helping Misys-IBS` customers support higher transaction volumes within diminished settlement cycles. Ultimately, it is reducing the risk faced by banks in their day-to-day processing of treasury transactions."

Accord is a fail-safe matching and exception handling solution for foreign exchange, money market and derivatives confirmations. Providing a central matching service with almost 100% uptime and guaranteed matching results, Accord has proven itself to be a very popular product among SWIFT users, and hence among Misys-IBS customers.

SWIFTNet Accord, the Accord service accessible over SWIFT`s secure IP network, was launched in 2001 as one of the first SWIFTNet services. SWIFTNet is SWIFT`s advanced IP messaging solution comprising a portfolio of products and services enabling the secure and reliable communication of mission-critical information and transactional data. It turns Accord into an ASP-style service that can be accessed in real time, and from any location, by either operators or applications.

Jan Dings, SWIFTNet Accord Product Manager & Treasury Solutions Product Manager at SWIFT, says: "Through close co-operation, SWIFT and Misys-IBS have been able to develop the functions demanded by the market to support treasury STP, thereby reducing the settlement cycle and minimising risk. Accord users are able to focus on exceptions, secure in the knowledge that all validated transactions are being processed automatically."

Dings concludes: "The first Accord-Meridian user has already gone live with the new, integrated solution in London and is reporting a dramatic reduction in operational costs following automation of the bank`s daily transaction cycles."