Buyers' Guide to SWIFT bureau services by gtnews.com

2010

a buyerâ&#x20AC;&#x2122;s guide to

SWIFT Service Bureaus

How to choose a SWIFT service bureau S

WIFT connectivity offers corporates a single pipeline to many banks - yet many corporates still believe it is expensive, too complex to manage and very cumbersome to join. As SWIFT changes to make it easier for corporates to access the network, service bureaus are stepping in to shoulder the technical and administrative burden. The service bureau proposition is too good to ignore, even for the largest of corporates. A service bureau invests in specialist technology development and personnel with SWIFT expertise in legal documentation and service level agreements, process re-engineering, upgrades and technical interfaces, all of which are identified as significant stumbling blocks for many treasuries with limited IT resources. When choosing a SWIFT service bureau, corporates need to assess the scope of services that it offers - some offer only connectivity, while others offer a fully-managed hosting service and optional products, such as cash reporting, funds transfer, electronic bank account management (eBAM), reconciliation, payment exceptions and investigations (E&I), anti-money laundering (AML), etc. But the most important question to ask is does the service bureau meet the same parameters as SWIFT in terms of availability, security, resilience, non-repudiation, and guaranteed message deliveries? Joy Macknight, editor, a buyer’s guide to SWIFT service bureaus

Contents

3 Debunking the SWIFT myth As SWIFT opens up and makes it easier for corporates to access SWIFTNet, service bureaus are stepping in to ease the technical and administrative pain.

5 Moving to SWIFTNet One of the most difficult hurdles corporate treasuries must overcome when planning a move to SWIFTNet is developing a solid business case, particularly in the current environment when infrastructure budgets are tight.

8 Expert opinion Fraser Lee from Vodafone and Dr Markus Warncke from Villeroy & Boch explain why they chose to outsource their SWIFT connectivity to service bureaus.

9 Choosing a service bureau SWIFT service bureaus fulfil an important role by offering SWIFT connectivity without major and recurring investment in technology, infrastructure and specialist personnel. How can corporates differentiate between them?

Plus a comprehensive listing of SWIFT service bureaus on page 26.

Editor: Ben Poole benp@gtnews.com Section editor: Joy Macknight joym@gtnews.com Section editor: Anne Petrie annep@gtnews.com Publishing manager: Mia Leaning mial@gtnews.com Chief executive: Mike Hewitt mikeh@gtnews.com Art and design: Keith Sellick keiths64@btinternet.com Client relationship director: Adela Buglass adelab@gtnews.com Business development manager: Katharine Christian katharinec@gtnews.com All photos on front cover and pages, 2, 3, 4, 5, 6, 7, 9 and 26 from Istockphoto.com

2 a buyer ’s guide to SWIFT service bureaus 2010

10 Directory of service

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Debunking the SWIFT myth SWIFT offers a single, secure connection to multiple banks, but it is still only used by a minority of corporates. Joy Macknight examines how SWIFT fits the needs of today’s corporate treasury

he financial crisis has ramped up pressure on corporate treasury to increase efficiency and straightthrough processing (STP), as well as improve cash visibility, reporting and payment reconciliation. There is now a much greater focus on working capital and the cash conversion cycle. Treasury needs to centralise its operations by consolidating and rationalising connectivity to its banking partners in order to reduce inefficiencies, streamline processes and save money. Counterparty risk has also gained an importance not seen before the crisis as some ‘too big to fail’ banks did actually fail and others were eaten up in the mêlée. After years of treasurers trying to reduce the number of banking partners and centralise treasury operations, having all the eggs in one basket no longer

seems such a good idea, particularly if a company is locked into a bank’s proprietary electronic banking (ebanking) solution. “Corporates want easy access to multiple banks,” says Elie Lasker, head of corporate market, SWIFT. “Plus, in order to mitigate counterparty risk, they need to have a flexible channel in case they need to quickly switch or add banks.” By providing a single, standardised and secure channel, SWIFTNet can help corporates: cash and liquidity l Optimise management. l Reduce operational and counterparty risk. l Improve security. l Improve STP and systems integration. l Reduce costs. Marilyn Spearing, global head of

SWIFT membership schemes A corporate can join one, several or all of these membership schemes

Treasury Counterparty (launched in 1998) The Treasury Counterparty (TRCO) model allows a corporate to exchange treasury deals confirmations (e.g. spots, forwards, currency options, money markets) with any financial institution on SWIFT (for example there is no need to register in a closed user group). This model can be used by both listed and non-listed companies. To register for this scheme, the corporate needs to be sponsored by eight financial institutions which are members of SWIFT. Note that the TRCO model does not cater for business needs other than treasury confirmations, for example sending payment instructions, receiving statements, buying and selling securities. MA-CUG (2001) The Member Administered Closed User Group (MA-CUG) is a bank-administered scheme where a corporate can communicate with its bank via SWIFT. In this scheme a company would contact each

of its banks separately to establish a SWIFT relationship. In this scheme the company’s access to the SWIFT network is controlled by the bank. Each bank defines and operates its own service over SWIFT. Corporates may join multiple MA-CUGs. SCORE (2007) In a Standardised Corporate Environment (SCORE) scheme, a single relationship with SWIFT is established which provides the link to many banks – it is in effect a many-to-many closed user group (CUG) administered by SWIFT. Corporates and banks join one CUG. It is for the exchange of single transactions and/or batches (files) of transactions. This scheme supports financial messaging for payments and reporting between eligible corporates and their banks or other financial institutions. Any corporate can now join the network, provided it is recommended by a bank located in a Financial Action Task Force (FATF) member country.

trade finance and cash management corporates, Deutsche Bank, and chair of SWIFT’s Corporate Access Group, says: “The first thing is STP, the second is the ease of switching, and then the final thing is the anticipation of added-value services, so an enriched linkage over time.” So if SWIFTNet holds the promise of making life a lot easier for corporate treasurers, why aren’t there more corporates signing up? To date, there are just over 600 corporates with direct access to SWIFT, out of a pool of possibly 20,000. Although this represents a steady increase from 108 in 2005, the tipping point for corporate adoption is far off.

Removing Barriers to Adoption Historically, most corporates perceived SWIFT as an inter-bank club with select mega-corporates, such as Microsoft, General Electric (GE) and DuPont, invited to join the party. Most still see SWIFTNet as expensive to run, over-complicated, difficult to access and maintain, and needing specialised knowledge. However, in recent years, SWIFT, banks, technology vendors and service bureaus have developed business propositions specifically aimed at corporates, which has changed the SWIFT corporate community’s demographics. It is no longer solely the domain of the largest multinational corporates, now that smaller corporates - i.e. with less than €1bn annual turnover - and even domestic players are looking to SWIFTNet connectivity for efficiency gains.

SWIFT As part of the strategy to expand its user community, SWIFT has made a number of changes to make access [continued on page 4]

a buyer’s guide to SWIFT service bureaus 2010 3

easier for corporates. In June 2009, SWIFT widened the eligibility criteria so that any corporate will be eligible to join the Standardised Corporate Environment (SCORE), provided that it is recommended by an existing SCORE bank located in a Financial Action Task Force (FATF) member country (see box on SWIFT membership schemes). Before that corporates had to be listed on a regulated stock exchange, effectively barring entry to privately-owned multinationals such as Ikea and Cargill. Earlier in 2009, SWIFT released a shortened version of the SCORE agreement, which made the whole legal process of onboarding banks much simpler. John Ballantyne, UK sales manager at SMA Financial, a UK-based SWIFT service bureau, explains that one of the major issues for a corporate joining SWIFT is the legal documentation. “This is something that is a necessary evil but it’s nevertheless quite time-consuming and I would always flag it up as a key risk because it is quite an onerous process,” he says. In December 2009, SWIFT announced a revised version of the service level agreement template to improve the quality of cross-border payments services. Importantly, SWIFT has taken steps to address the biggest barrier to corporate uptake - the cost. In September 2008, SWIFT launched Alliance Lite, touted as ‘SWIFT access on a USB stick’, which is a low-cost, plug-and-play solution (see box on SWIFT on a USB stick). According to Lasker, 30% of corporates that joined last year chose to connect through Alliance Lite. And lastly, SWIFT is also looking at additional services such as: l Exceptions and investigations. l Trade finance. l Secure e-mail. l SWIFT Secure Signature Key (3SKey). l Electronic bank account management

(eBAM). l Electronic invoicing (e-invoicing).

“Everybody is talking about electronic bank account management and e-invoicing - in other words really expanding what can be done through the same channel,” says Spearing.

Banks

4 a buyer ’s guide to SWIFT service bureaus 2010

Direct, low-cost access to SWIFTNet Alliance Lite is SWIFT’s internet-based connectivity product that provides direct, low-cost access to its network. Lite is a much less expensive way to connect in terms of its pricing model and the technology investment needed to connect. SWIFT established a new pricing model for Lite in which everything is included: the software, bank identifier code (BIC), SWIFT membership, SWIFT user handbook, online training, PKI certificates, standard support, and built-in reference data. Customers can choose between two models: a flat fee or pay-as-you-go. l A monthly flat fee standard pricing is €850 per month, or €10,200 per year, which includes up to 4,000 items sent or received per month. Above that, it is €1 per additional item sent or received. l For pay-as-you-go customers, SWIFT charges a flat fee of €200 per month for the service and €1 for every item.

Alliance Lite is accessible over the internet through a USB token, which is an identity token containing certificates issued by the SWIFT certification authority. The certificate supports basic public key infrastructure (PKI) principle scenarios.

SWIFT or the bank’s proprietary channel was the corporate’s choice. But now we promote SWIFT access. If a corporate is changing its environment, whether the enterprise resource planning (ERP) system or treasury management system (TMS), etc, we think that it should join SWIFTNet because this is the way everything will move in the future.” But won’t many banks hesitate before abandoning hugely expensive

“Everybody is talking about electronic bank account management and e-invoicing expanding what can be done through the same channel.” proprietary ebanking systems? “You can sense a concern - and some banks are questioning whether it is a good idea to endorse SWIFT, particularly some of the major players with large installations,” says Spearing. “But on the other hand, everyone is saying that we have to make it easier and do what we can do to communicate better.” Franklin Van Weezendonk, senior vice president, Axletree Solutions, a US-based SWIFT service bureau, agrees that banks’

attitudes are changing. “Previously, a bank liked having its proprietary platform because it helps to create a sticky relationship. But now banks realise that SWIFT has a value for corporates and they can’t remain on the sidelines from a competitive standpoint, particularly the larger banks.”

Technology vendors SWIFT has reached out to the vendor community, particularly ERP and TMS solution providers, to develop standards that will help to drive adoption and make it easier for corporates. These vendors are also finding benefits for themselves. “TMS providers are actually supportive of systems limitations in their own right,” says SMA Financial’s Ballantyne. “Integrating an application with the SWIFT gateway, rather than five or six electronic banking platforms, actually reduces the complexity on the TMS side and within the corporate back office, and also reduces cost.”

SWIFT service bureaus SWIFT service bureaus offer SWIFT connectivity on an outsourced basis so that corporates do not have to make major investments in technology, infrastructure and specialist personnel. Lasker estimates that about 70% of corporate users are connected via a service bureau instead of maintaining the SWIFT infrastructure in-house. Van Weezendonk highlights another benefit: “With a service bureau, a corporate doesn’t have to reinvent the wheel - a service bureau will have the resources in terms of hands-on experience, expertise and certified technicians.” Such experience is crucial when onboarding banks and also when upgrades are made available for SWIFTNet. Deutsche Bank’s Spearing believes that developing service bureaus will be an opening point for greater corporate adoption of SWIFT, mainly because this will be a cost-effective alternative for most corporates. “The first companies were major corporates that spend a lot of money on treasury technology, but the average corporate doesn’t. It costs a lot of money to operate an in-house platform, if you take into account hardware investment, software investment, personnel, etc. “A service bureau already provides the whole package, as well as value-adds, and almost at a pay-as-you-go price. Plus, a service bureau will be able to get a corporate up and running much faster and more efficiently,” she adds.

Banks are beginning to take a different attitude towards SWIFT for corporates, particularly those involved with the Corporate Access Group, which Spearing chairs. Speaking from a Deutsche Bank perspective, she says: “Historically, Deutsche Bank was agnostic on the channel - whether a corporate chose

SWIFT on a USB stick

Moving to SWIFTNet One of the most difficult hurdles corporate treasuries must overcome when planning a move to SWIFTNet is developing a solid business case, particularly in the current environment when infrastructure budgets are tight

hen creating a business case, a SWIFT project should be part of an overall drive towards treasury centralisation. According to Elie Lasker, head of corporate market, SWIFT, the hardest part of the project is what comes before, for example centralising enterprise resource planning (ERP) systems or treasury management systems (TMS), or re-engineering treasury processes. The ‘icing on the cake’ is then to be able to connect efficiently and easily to the different banks via SWIFT. “A treasurer doesn’t wake up one day and say ‘I want to connect to SWIFT’. There is no significant benefit for a corporate if there isn’t a project aimed at streamlining behind it,” says Lasker. But once a centralisation project is in the pipeline, where does a treasurer start when putting together a business case for SWIFT connectivity that stands up to budget pressures?

Developing the SWIFTNet Business Case A business case should answer the following questions: 1. Which SWIFTNet schemes are available? Which is the most suitable for your business? 2. Will SWIFTNet meet the objectives of increased reliability, control and cash visibility? 3. What are the costs and benefits of the SWIFTNet schemes? 4. How do the SWIFTNet schemes (plus required middleware) fit in the contemplated treasury technology ecosystem, particularly in terms of integration? 5. What are the main risk factors of any

SWIFTNet scheme? 6. What does a SWIFTNet scheme implementation plan contain: steps, duration and legal documents? Let’s explore each question in more detail. 1. Connectivity options: SWIFTNet schemes Private infrastructure: a SWIFTNet connectivity infrastructure which is established, owned, operated and managed by a company’s own technical team. Shared infrastructure: a SWIFTNet connectivity infrastructure which is established by outsourcing to a third party vendor, commonly called a service bureau, who owns, operates and manages it on behalf of the company. Alliance Lite: a simplified, internetbased secure connectivity to SWIFTNet. It is a low-cost, low-volume solution but may not be optimum for central treasury but might be useful if a company wishes to give direct access to SWIFT to its smaller subsidiaries. It is more usual for corporates to go down the shared infrastructure route, which has a number of advantages including: Technical interfacing issues are handled by the service bureau. Removes the complexity of managing SWIFTNet environment in-house, while saving costs on IT and SWIFT specific personnel. Future-proof access to SWIFTNet services. Some companies will see disadvantages as well, including the fact that an additional external party adds an element of risk, particularly around the area of storing sensitive data.

Reassurance from the service bureau around the handling of this data will be required. 2. Reliability, control and increased cash visibility Many companies express concerns about the reliability of current electronic banking (ebanking) systems and the possibility of disruption in delivery of information. The SWIFTNet schemes are reliable and form a negligible risk: SWIFT publicly states its availability goal is 99.995%. In addition, SWIFT offers a guaranteed delivery mechanism for payments for messages once the sender has received an acknowledgement (known as an ACK) from SWIFT. They are also financially liable for non-delivered messages. When using a service bureau, a company will be dependent on the middleware of the service bureau, which might also be seen as adding an element of risk. One of the major benefits of SWIFTNet is that central treasury can gain better control through having all banks report through SWIFTNet, thereby gaining global visibility of bank statements and information. In addition, payment authorisation can be left at a local level, with the possibility of adding a regional signature as required. SWIFT enables corporate treasurers to achieve greater cash visibility by: Enabling them to collect balance and transaction data daily (and intraday) in a standardised form from a corporate’s various banks around the world. There is no need to log-on to separate e-banking portals. Central treasury receives this information directly from the banks in the regions rather than relying on the [continued on page 6]

a buyer’s guide to SWIFT service bureaus 2010 5

Cost considerations Things to consider for project budgets

“A treasurer doesn’t wake up one day and say ‘I want to connect to SWIFT’. There is no significant benefit for a corporate if there isn’t a project aimed at streamlining behind it.”

No project will get off the ground unless there is a budget estimate. Here are a few things that a corporate will have to look at in terms of possible costs.

day totals are then converted to a yearly amount that could, for example, result in a yearly cost of €7,665. File transfer costs 0.1 eurocent per payment (anywhere).

The registration cost for SCORE/MA-CUG is a yearly fee of €2,000 for both options. Business entity identifier (BEI) costs €1,250 a year. The private infrastructure costs for direct connectivity are a one-off fee of €43,800 and a recurring yearly cost of €14,000 for traffic volumes of more than 1000 messages per day (September 2009). For service bureaus, the amount can vary depending on the extent of the offering, but an example of a one-off fee is around €1,675 and a yearly fee around €2,800.

A company should also take into account non-SWIFT costs, such as:

The traffic/messaging costs are a result of the amount of FIN and FileAct files that are being sent per day. For example, the FIN messaging costs are calculated by multiplying the amount of domestic files per day (200 x 70%) times the cost per domestic file of €0.06 plus the amount of foreign files per day (200 x 30%) times the cost per foreign file of €0.21. The cost-per-

[continued from page 5]

Message file formats

subsidiaries to report. Standardised data formats means cash balances can more easily be integrated into a TMS or ERP system to create a consolidated view. Adding or deleting banks from the list is made easier due to the bankindependent nature of SWIFTNet.

FIN (individual messages) ● Typically used for single transactions,

e.g. high-value payments, deal confirmations and reporting. ● Store and forward delivery of highly

structured messages in strict SWIFT FIN (MT) format. ● Messages are validated by SWIFT on

transmission. FileAct (file transfer) ● Typically used for bulk payments (e.g.

salaries, commercial payments, direct debits, etc) and reporting. ● Secure file transfer over SWIFTNet. ● Delivered in real time or store and

forward mode. ● Files can be in any format - payments

● Not validated by SWIFT.

6 a buyer ’s guide to SWIFT service bureaus 2010

4. System fit For many companies, their TMS will become the gateway into SWIFT. Most or all data and associated security profiles will be stored in the TMS. The main issue is to ensure that there is an interface between both the TMS and SWIFT with flows both outbound for payments and inbound for balance and

the order of two full-time equivalents (FTEs) for up to two months over the duration of the project. ● Servers and operations or service bureau

- for direct connectivity, two servers may be required for a ‘very large’ corporate, which entail a one-off cost of potentially €20,000 per server and maintenance fees. For a service bureau, no servers are needed but a fee will be charged for hosting services. This could be in the region of up to €30,000 per year. ● The costs for middleware are similar both

options - it is worth potentially budgeting up to €100,000 and also remember that there will be yearly support costs of up to 20% of this amount.

transactions statements. Another issue that will need to be decided relates to payment processing. A company may wish to leave local payment processing in the local countries. However, central treasury may want to retain some control over the authorisation of local payments. There are many ways this can be achieved. One way involves making the TMS the central conduit for all flows but this will require a link between the TMS and the local subsidiaries. This could be achieved by giving the subsidiaries limited access to the TMS payment input module. Another approach would be to provide the local subsidiaries with SWIFTNet access through a product called Alliance Access. This is a view into SWIFT and allows users to input, verify and authorise payment instructions. These different processes can be physically performed in any location. This means, for example, that a subsidiary could input and verify a payment instruction and then central treasury could authorise it. One of the problems with this approach is that it is outside the TMS and so issues such as bank reconciliation need to be addressed differently.

files, iDOC, ISO 20022 XML, domestic ACH formats, BAI, etc.

3. Cost/benefit analysis Many companies are using SWIFTNet as part of a programme to centralise their treasury operations into one location. The main cost benefits will come from a reduction in staff numbers. They also want to improve reliability, gain greater cash visibility and introduce greater control within the treasury structure, which is more difficult to quantify.

● External help - typically this might be in

Implementing SWIFT for a corporate: project milestones Analysis and design

Implementation

Testing

Live

 Join SWIFT

 Connectivity with banks

 Define functional specifications

 Order and implement SWIFT connectivity (direct or bureau)

 Interfaces with applications

 Explore SWIFT channel with banks

 Interface to back office applications

 Identify tools and integration requirements

 Train personnel

 Define business requirements

2-6 months

2-5 months

 Backup infrastructure and procedures

1 month

Implementation to live: 3-6 months Source: SWIFT

5. Risks When a company stops using its bank’s ebanking system, this may impact its relationship with that bank. It is advisable for companies considering a SWIFTNet approach to involve their main cash management banks in the process. Although the method of receiving information the bank will change, the actual number of transactions being processed by the bank will not. Therefore, the risk is negligible. Many banks already have clients using SWIFTNet and are used to this approach. 6. A SWIFTNet implementation plan There are then five main stages in planning and implementation:

Define the scope What services are needed - payments, balance and transaction reporting? What banks will be involved and are they SWIFTNet-compliant? What type of connectivity is required? Formats and messaging - FIN, FileAct, etc (see Message file formats box). Contact the banks The company will need to let the

banks know that it intends to use SWIFTNet. New bilateral agreements may need to be put in place with the banks involved. Agree service conditions. Get copies of legal template if available. Software and connectivity Contact SWIFT and/or service bureau. Define schemes required. Pilot period Join SWIFT. Install software and connect to SWIFT. Run test pilot. Roll out - per bank Kick-off meeting. Setup and test live environment. Go live. Revisit and ensure that objectives have been met. SWIFT estimates that a project of this size should take between three and six months to complete if a service bureau is used and six to nine months if a direct connection approach is chosen (see Implementing SWIFT box).

MA-CUG versus SCORE A ‘very large’ UK corporate currently has more than 300 bank accounts with more than 20 banks. It currently uses in excess of 15 local electronic banking systems. Treasury has approximately 200 payments per day. This results in approximately 4000 payments per month. The number of payments done by the local entities is approximately double that per month. Presently, payments are sent to the banks by the local entity. The company is currently centralising its payments into a payments factory. With such a large number of banks SWIFTNet is an ideal consideration. The company plans to use its TMS and ERP system in conjunction with SWIFTNet to create and transmit the payment files to its banks and then collect the bank information. When comparing MA-CUG and SCORE, SCORE is seen as the preferred route for a company who is looking to perform payments and reporting through SWIFT. Given the multiple banks involved, the MA-CUG route would necessitate the establishment of connections with each of these banks separately. This in itself would be a time-consuming and onerous task. The SCORE approach on the other hand provides a single channel to multiple banks allowing the company to operate accounts payable (A/P), accounts receivable (A/R) and treasury-related activities (if required) through the SWIFT network. In this case the corporate used SCORE and a local SWIFT service bureau to connect because it did not feel it had sufficient in-house expertise to build the connection.

a buyer’s guide to SWIFT service bureaus 2010 7

Expert opinion

Fraser LEE, treasury systems manager, Vodafone Group Services

Dr Markus Warncke, treasurer, Villeroy & Boch

The original switch to SWIFT was a result of a far wider treasury vision project to identify and implement a mechanism to consolidate the various bank communications channels we had in treasury. The goal was to ensure as few systems as possible were used and communication channels were standardised to reduce the complexity of controls and the resources needed to run and maintain multiple systems.

We use SWIFT for bank and dealer confirmations for all types of financial transactions and payment transactions. Previously, we used fax or email for treasury confirmations, which then had to be manually matched. Now we have an automatic tool connected with SWIFT. Also with just one IT platform, we only pay for maintenance cost on one platform. In addition, SWIFT delivers the highest security level available.

What method did you use to connect: Standardised Corporate Environment (SCORE), Member Administered Closed User Group (MA-CUG) or Treasury Counterparty (TRCO)? What were the advantages of your chosen method?

Originally we moved onto SWIFT using the MA-CUG method, as at that time it was the only option for a corporate looking to do this. This has now grown to include SCORE agreements with our three other main treasury banks. This enables us to have a direct connection to each of our primary banking partners, each independent from the other, with full access to all SWIFT services and products.

We started as a TRCO member. When we decided to switch, we could use either a MA-CUG with each bank or SCORE. We qualified for SCORE under the rules set out by SWIFT and it was bit of an image thing to be a SCORE partner. But the main benefit of SCORE was one standardised contract for all banks. In reality, the standard contract was a bit different for each bank, but basically it was more standard than a MA-CUG contract.

Why did you outsource the connectivity to a service bureau?

Our SWIFT infrastructure has been maintained in-house for the past three years. In that time, SWIFT’s corporate offering has matured and expanded, as have the available service bureau offerings. The SWIFT infrastructure requires a high degree of specialised knowledge to implement, maintain and develop. This was causing resource issues and hampering our attempts to drive forward our use of SWIFT functionality. With SMA Financial’s Service Bureau, we are able to maintain control but allow the day-to-day connectivity and problem solving to be the responsibility of the service bureau, also using the bureau’s disaster recovery (DR) capabilities.

The IT department made the decision to outsource to Broadridge’s Service Bureau. In the end, it was a cost issue because it is not just the investment in hardware but also staff training in terms of SWIFT-specific expertise. They decided it would be more cost effective to outsource the connectivity to a service provider, following the example of most corporates and a number of banks. The 90-person IT department customises and maintains the worldwide IT systems out of Germany. It could have been possible to do it ourselves, but the resource and cost issues led us to outsource.

Were there specific hurdles that had to be overcome?

I have over three years experience with using SWIFT to make payments, confirm trades and receive bank reports. The main hurdle when looking to move to a service bureau was to convince senior management that a current in-house solution should be outsourced to a third party. The actual SWIFT database we use was simply restored at the service bureau and the bureau infrastructure connected, maintaining our current control structure and helping the setting up of the new platform.

Yes, the contractual agreements were a hurdle. Even though there is a standard SCORE contract that has to be initiated with each bank, there are also differences. Additionally, in 2008 when we started payment transfers, we felt that the banks were also learning how to connect corporates via SWIFT. It wasn’t just a plug and play exercise for the banks - I felt that they didn’t have much experience. So it was a learning process on both sides.

Are there plans in the pipeline to expand your use of SWIFT?

We are currently looking at several SWIFT projects, including utilising new message types for triparty repo transaction and collateral monitoring, and also for receiving information on money market fund size, rates and trade confirmations. We are also exploring the use of the SWIFT Gateway to access Euroclear’s new Common Communication Interface (CCI) interface, as well as monitoring electronic bank account management (eBAM) development and how banks are choosing to implement this.

Next year, we will switch to SEPA Direct Debits (SDDs). We have started the project because there is homework to do in terms of new mandates, etc. Another SWIFT-specific implementation concerns letters of credit (LCs). The LC is drafted by a foreign bank and usually goes via a domestic bank that gets the information via SWIFT - then they print it off and send it to us by mail. This is a break in the connectivity and straight-through processing (STP). Therefore, we have started a project with two banks here in Germany.

8 a buyer ’s guide to SWIFT service bureaus 2010

What made you decide to switch to SWIFT connectivity? Specific market drivers?

Choosing a SWIFT service bureau B

efore SWIFT service bureaus came along, the only way that a corporate could connect was by going direct. There are still reasons why a corporate would choose to host SWIFTNet connectivity in-house, such as the desire for full control or to avoid the risk of an intermediary between themselves and their bank. But even for corporates with sizable IT departments, maintaining SWIFTspecific expertise in-house would entail training up their own IT personnel and security officers, as well as sending them on SWIFT courses just to maintain the system, which are all costly and time consuming. “When we set up our service bureau, we certainly thought that it was going to be for the smaller end of the market those companies that couldn’t justify the expense of the direct route. But what we quickly learned that it was more down to company culture,” says John Ballantyne, UK sales manager at SMA Financial. “Very large corporates have made the decision to outsource the infrastructure simply because they didn’t want the hassle and expense of running it inhouse.” He says that less than 5% of the corporate implementations that SMA Financial has done over the past two to three years have been direct implementations. SWIFT service bureaus fulfil an important role by offering SWIFT connectivity without major and recurring investment in technology, infrastructure and specialist personnel.

Differentiating Between Service Bureaus Not all service bureaus are alike: some solely provide the connectivity while others offer a fully-managed outsourced solution, which includes hosting the infrastructure and supporting technical operations. This reduces the cost because corporates are linking into a shared environment across multiple clients. In addition, many service bureaus are

developing value-add services, such as such as cash reporting, funds transfer, electronic bank account management (eBAM), reconciliation, payment exceptions and investigations (E&I), antimoney laundering (AML) filtering, etc. When selecting a service bureau, the most important part is to ensure that the link is not weaker than SWIFT itself - does the service bureau meet the same parameters as SWIFT in terms of availability, security, resilience, nonrepudiation, and guaranteed message deliveries? Ballantyne says that the first port of call is SWIFT certification. SWIFT lists in which areas the service bureaus are accredited, as well as the certification level of the consultant teams, etc. Elie Lasker, head of corporate market, SWIFT, says that a service bureau should exhibit corporate-specific experience and expertise. “What we see now is that many service bureaus have gained more experience with corporates - and clearly some service bureaus are more specialised in the corporate market. One of the typical questions that a corporate should ask is how many corporates does the service bureau already work with?” In addition, ensuring that the service bureau has a disaster recovery site is critical to maintaining the 99.995% reliability and resiliency that SWIFT pledges.

Factors to consider when selecting a SWIFT bureau service 1. Accredited resources. 2. Depth and breadth of experience. 3. Scale up or down. 4. Long-term client care. 5. Proven track record. 6. Value-added services. 7. Disaster recovery. 8. Independent partner. 9. Location. 10. Financial stability. Source: SMA Financial

“Corporates should also ask about the service they provide in terms of onboarding banks. The process involves both technical and administrative aspects for which a corporate doesn’t always have the bandwidth. Therefore, it is usually better that a third party provides this kind of assistance. It will simply make onboarding faster,” says Lasker. Franklin Van Weezendonk, senior vice president, Axletree Solutions, adds that a corporate should check if the service bureau uses SWIFT products. “For example, SWIFT has a product called SWIFT Alliance Integrator, which a service bureau will pay a fee to use. Some service bureaus have developed an integration solution in-house - a proprietary product - which makes it cheaper. “But when SWIFT makes a major or minor upgrade - let alone a whole new SWIFT release - are those proprietary products going to meet the new requirements? Whereas if a service bureau uses SWIFT-approved products, then you don’t run that risk,” he says. Lastly, service bureaus distinguish themselves through value-added options, in terms of data enrichment, transformation, reporting, or light treasury applications to overlap with existing systems in the treasury back office to provide an overall solution. Ballantyne believes that although corporate treasurers like to hear about sophisticated additional options that a service bureau can provide, fundamentally they select their bureau based on the core function of simply connecting them to SWIFT. “Most treasurers already have this value-add within their trading applications and internal treasury products, and so I think it is a bit of a red herring, actually,” he says. “What the corporate treasurer really wants is to feel very confident that a service bureau can provide the core services.” a buyer’s guide to SWIFT service bureaus 2010 9

10 a buyer â&#x20AC;&#x2122;s guide to SWIFT service bureaus 2010

Axletree Solutions Axletree Solutions is a leading provider of fully managed end-to-end SWIFT connectivity solutions to customers globally. As a SWIFT regional partner, certified service bureau and accredited service provider, Axletree offers the entire scope of services related to SWIFT connectivity to banks, corporations and securities institutions. The company is headquartered in North Brunswick, New Jersey, US. Axletree believes that no two customers are alike; our marketplace is a one-stop shop solution to customers with multiple needs. Through us you enjoy the true benefits of straight-through processing (STP) with SWIFT and beyond. As part of our marketplace we provide the broadest range of value-added solutions in association with SWIFT-approved partner products that complement your SWIFT connectivity. All products are hosted, managed and supported by Axletree. Axletree was built on the principle of ‘Failure is not an

Option’, hence our fully-owned and managed primary and HOT disaster recovery data centres provide you 100% redundancy with ‘no single point of failure’. We are the only SWIFT-audited service bureau in the US with a SAS-70 Type II certification. Our services extend beyond the realms of just delivering exemplary SWIFT solutions with 24x7x365 global support by SWIFT certified engineers to address your technical issues. Our economical single window turnkey solution to the SWIFT network delivers complete ‘peace of mind’. Our SWIFTNet solution offers multiple connectivity options that best suit your needs.

Products and Services SWIFT Consulting Services for direct connectivity solution Companies that host the SWIFT infrastructure internally but are unable to dedicate staff with specialised SWIFT knowledge, resources, or time may need SWIFT consulting services. Axletree is committed to meeting the need to maintain your SWIFT environment by leveraging our expertise in SWIFT through SWIFT certified professionals. Axletree Solutions can design, implement, upgrade and provide ongoing maintenance for your SWIFT infrastructure.

SWIFT Service Bureau for indirect connectivity solution Our service bureau solution offers you an economical way to connect to the SWIFT network. Customers worldwide rely on the hosting and support services of the Axletree SWIFT Service Bureau to exchange their financial messages safely and reliably. Alliance Lite Axletree Solutions is a wholesaler for Alliance Lite, the new direct connectivity option for companies with a low message volume that does not justify major investments in technology, infrastructure or outsourcing to a service bureau. It provides an easy, straightforward access to the SWIFT network through a web browser. Value-added Solutions - The Axletree Marketplace Integration - format translation Axletree offers Alliance Integrator - a

SWIFT integration product to enhance STP in format translation. It integrates back office applications with SWIFT messaging solutions, manages the transformation to and from SWIFT messaging formats, as well as, the enrichment and reconciliation of acknowledgements. Axletree provides the technical expertise and offers integration as a value-added service to its customers. Regulatory compliance Regulatory compliance solutions are tailored to meet the requirements of the US Patriot Act and Office of Foreign Asset Control (OFAC). These solutions offer an automated way to filter and review customers’ transactions for sanctioned party violations and help detect suspicious activity. Axletree provides OFAC solutions to customers who wish to manage their compliance risks associated with SWIFT transactions. We offer integrated OFAC, FinCen 314 A, anti-money laundering (AML) and Know Your Customer (KYC) all through the hosted solutions model or as stand-alone products. Cash and balance reporting Cash visibility is critical for optimal liquidity and risk management. Cash reporting allows the exchange of real-time information on cash held in accounts worldwide. SWIFT customers can benefit from near real-time intraday cash reporting in a fully automated way through standardised statement messages from their banks. Customers can also build cash/balance reporting dashboards based on the statements received from

their banks through Axletree’s cash/ balance reporting solution. Exceptions and investigations (E&I) Axletree’s E&I solution is targeted at automating and streamlining the enquiry process related to payment initiations. By deploying our E&I solution you can lower costs, eliminate manual interventions and render better customer service through lower turnaround time. Electronic bank account management (eBAM) Axletree hosts the eBAM solution to meet the needs of customers who would like to streamline bank account maintenance and signatory management to reduce costs, risks and inefficiencies. By employing digital signatures you replace the traditional method of bank account communication through faxes and couriers. International Bank Account Number (IBAN) Our IBAN solution is tailored to meet your need to reduce bank charge backs and improve STP by enriching payment instructions to European beneficiaries with the correct IBAN data.

Contact information

Tel: +1 732 296 0001 Email: sales@axletrees.com Website: www.axletrees.com Address: 2 King Arthur Court, Lakeside West, Suite A-1, North Brunswick, NJ 08902 United States a buyer’s guide to SWIFT service bureaus 2010 11

9OU HAVE THE AMBITION WE HAVE THE CREDENTIALS

7E HAVE BEEN SPECIALIZED IN 37)&4 NETWORK CON NECTIVITY SOLUTIONS FOR OVER YEARS -ORE THAN FINANCIAL SERVICE PROVIDERS AND CORPORATE CLIENTS TRUST US 3O DO THE SUPERVISORY AUTHORITIES ""0Â´S 37)&4 3ERVICE"UREAU IS 3!3 4YPE )) CERTIFIED AND ACCREDITED WITH THE 37)&42EADY #ONNECTIVITY "EST 0RACTICE LABEL )F YOUR AMBITION IS COST EFFECTIVENESS SPEED AND SECURITY IN Â½NANCIAL TRANSACTIONS AND MESSAGING YOU KNOW WHERE TO GO

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12 a buyer â&#x20AC;&#x2122;s guide to SWIFT service bureaus 2010

BBP AG BBP was founded in 1984 and is a fully owned subsidiary of New Jersey headquartered Fundtech, one of the global leaders in the financial supply chain solutions market. BBP has its headquarter in Baden/Switzerland, with subsidiaries in Geneva and London/Nottingham. Since its foundation BBP has been specialising in the development and operation of financial messaging solutions. During these 25 years, BBP has acquired an excellent reputation as a dependable partner for banks, for financial institutions and since the late 1990s also for national and multinational corporates outside the financial industry, which are relying on BBP and its competence.

In 1994 BBP started with the operation of the world’s largest SWIFT service bureau (SSB). More than 200 banks, financial institutions and corporate customers in 30+ countries trust in BBP and its highly secure, reliable and highly available SSB solution. BBP SSB is SAS 70 Type II certified and has achieved the highest SWIFT accreditation for service bureaus, being one of only a very few in the world - the SWIFTReady Connectivity Best Practice label. In addition, BBP is audited on a yearly basis in compliance with regulations of the Swiss Financial Market Supervisory Authority regarding outsourcing of business areas within banks.

Products and Services SWIFT Service Bureau BBP, through its own SSB, offers both national and international companies rapidly deployable and cost-efficient outsourcing solutions to connect to the SWIFT network. Through the BBP SSB you can take advantage of transmitting the entire range of SWIFT messages and services over the SWIFT network and other services and solutions, without the drawback of having to implement and support your own environment.

Comprehensive implementation services BBP supports the customer throughout the whole lifecycle of the implementation of SWIFTNet connectivity. The implementation starts with the requirement analysis and definition, followed by the SWIFT registration process. A seamless integration into treasury, cash management and enterprise resource planning (ERP) applications (e.g. SAP, IT2, Sungard, Wallstreet System, ITS, Coprocess, SimCorp, etc) ensures a high degree of automation. Daily operations services With the operation of the SSB, BBP offers corporate customers an outsourced solution, which provides direct connection to SWIFTNet. The necessary infrastructure, on which the applications are operated in the name of the client, is located in the same premises as the Swiss National Bank interbank clearing systems. The Recovery Centre (active-active mode), the redundant system of the SSB, is located 27 metres underground at a different location. BBP is responsible for the operation and maintenance of the SSB (including the recovery centre and testing environment).

Value-added services and solutions In addition, BBP offers value-added solutions and complementary services such as: Authorisation module: large and international corporations in particular have additional needs for internal control and compliance (e.g. additional controls outside of the operational business units, which are responsible for the treasury and payment process initiation). BBP’s optional authorisation module supports these additional control processes and needs. In this module customers have the possibility to define which transaction type(s) (e.g. MT 101) can be sent to which bank(s) (BIC) and bank accounts. If such a transaction is not compliant to the defined rule, it will be filtered and requests an additional approval (foureyes principle) outside of the operational business unit (e.g. from compliance or internal controlling etc.).

●

Compliance and anti-money laundering (AML): two modules enable customers to implement the requirements of embargo and money laundering legislation. Both compare the data to be checked with sanction lists such as Office of Foreign Assets Control (OFAC), Worldcheck, Info4C, PEP Check, and other countryspecific lists. There are two modules available: the transaction filter module checks transactions and requests; and the name matching module checks customer information data.

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Reconciliation solution: in terms of business processes, settlement and reconciliation directly follow the trade initiation and confirmation stages of the transaction chain. Once a trade has been confirmed, it must be settled. The

●

settlement and reconciliation messages relate to one another and identify the main parties involved in sending and receiving the messages. Long-term message archive: this provides a simple and efficient solution for complying with the requirements defined by article 957 et seq. of the Swiss Code of Obligations (OR) and the Business Records Ordinance for the storage of business-critical data. Queries against the interbank archive are conveniently and efficiently processed online using the same GUI functionality, which is currently available for the monthly archive. The archive application allows online message retrieval for 10 years and exclusively supports read-only access; the modification of data is not possible.

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Data conversion, aggregation and mapping services: BBP’s Transformation Engine is a unique middleware application specifically designed for the financial messaging industry. The IGTplus Conversion Engine allows converting proprietary messages into SWIFT and other standard messages and vice versa.

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Contact information

Website: www.bbp.ch Email: christoph.stiefel@bbp.ch Tel: +41 (0)56 203 96 30 Address: Bahnhofstrasse 28, CH-5401 Baden, Switzerland a buyer’s guide to SWIFT service bureaus 2010 13

3HARING KNOW HOW IS OUR CORE BUSINESS

,EVERAGING THE EXPERIENCE WE HAVE ACCRUED SINCE OUR FORTE IS DEVELOPING AND OPERATING CUSTOMIZED AND OBSOLESCENCE PROOF CONNECTIVITY APPLICATIONS )N ADDITION TO THE GLOBAL Â½NANCIAL SERVICES COMMUNITY MORE AND MORE CORPORATE CLIENTS ARE DISCOVERING THAT THE KNOW HOW OF OUR 37)&4 3ERVICE"UREAU THE WORLDÂ´S LARGEST IS A GENUINE ASSET FOR THEIR Â½NANCIAL TRANSACTION AND MESSAGING NEEDS 7EÂ´RE EAGER TO SHARE IT WITH YOU

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14 a buyer â&#x20AC;&#x2122;s guide to SWIFT service bureaus 2010

Datasphère SA Datasphère was founded in Geneva, Switzerland, in 1983. Datasphère originally specialised in communication programmes that enable banks to get financial information from Telekurs. This established Datasphère as a leader in its segment in Switzerland. Datasphère then began to operate in the SWIFT environment and developed programmes allowing banks to connect to the SWIFT world. Since 2004, Datasphère has worked closely with BBP from within the Fundtech group. This helped to extend the portfolio to include

the service bureau operation - winning new banks and corporate customers. The BBP group of companies is the largest SWIFT service bureau in the world. The group is already a trusted partner for more than 300 financial institutions and corporations in 38 countries. In addition to the data centre in Atlanta, the group operates from pan-European locations, including Zurich, Geneva, London and Nottingham, offering cross border resilience with two data centres in Switzerland and two in the UK.

Products and Services Datasphère is currently gaining momentum and experience in helping corporates to enjoy the benefits of SWIFT connectivity. Datasphère forms part of the world’s largest SWIFT service bureau within the BBP group. A corporate serviced by Datasphère benefits from highly resilient connectivity systems located in different data centres in Switzerland and the UK. This eliminates the complexity of building and operating a SWIFT connectivity environment for corporate customers. Our operator team manages these tasks. Compared to other connectivity systems that offer only a subset of functionality, Datasphère’s Service Bureau enables you to benefit from the full range of services provided by SWIFT. Datasphère assists you with the administrative tasks related to becoming a SWIFT member and getting access to the SWIFT network. Our customers always appreciate this expertise. Connected Services Once connected to the Datasphère’s Service Bureau, a corporate will have access to the following: ●

IGTplus SWIFT application: as a SWIFT-

certified computer-based terminal (CBT), it allows to access the SWIFT FIN service. All types of MT messages are available. IGTplus RMA application: this SWIFTcertified relationship management application (RMA) application allows setting up authorisation to send or receive MT messages with correspondents. In the near future, RMA will also be required for the exchange of files within FileAct.

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Support of SWIFT MX messages.

FileAct: SWIFT Alliance Gateways managed by the Datasphère’s service bureau allows the exchange of files with correspondents through the secure SWIFT network.

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Compliance filter module: this module, which can be coupled with other modules, can check files and messages against lists of criteria provided by reference institutions (OFAC, Worldcheck, politically exposed person (PEP), etc). Suspicious messages can be blocked before being sent. This highly configurable module helps to prevent money laundering.

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Converter: where corporate

applications are not able to deliver SWIFT standard messages, the converter can translate a message from one format to another. The service bureau team manages it, so no knowledge in operating this programme is required by the corporate.

A corporate serviced by Datasphère benefits from highly resilient connectivity systems located in different data centres in Switzerland and the UK Datasphère’s team of consultants and specialists are able to build the entire whole solution. We are not limited to establishing connectivity between the corporate and the service bureau. Our expertise will assist you in the setup of the sometimes quite complex business relations with partners with whom you will need to exchange information.

Contact information

Website: www.datasphere.ch, Email: info@datasphere.ch Tel: +41(0) 22 884 03 00 Address: 16 chemin des Aulx, CH-1228 Geneva, Switzerland

a buyer’s guide to SWIFT service bureaus 2010 15

SWIFT Connectivity for Corporates

Made Simple

Outsource Your SWIFT Connectivity to EastNets

“ Through the EastNets en.Service Bureau, we

were able to be on the SWIFT network and do

”

live-messaging in a matter of a few weeks. EastNets Service Bureau Customer

EastNets provides one of the world’s largest networks of service bureaus – providing outsourced SWIFT connectivity to over 260 corporates and financial institutions worldwide. Contact: www.eastnets.com | info@eastnets.com Dubai: +971 4 391 2888 | US: +1 212-631-0666 Brussels: +32 2 656 00 60

Contact us today and learn how we can help you receive: • Fast and easy access to the SWIFT network without having to set-up and maintain your own connection • Reduced costs and increased security for payments and other international financial transactions • Value-added services for watchlist screening, real-time SWIFT trafﬁc reporting and the prevention of double processing of transactions.

EastNets EastNets is a leading provider of global compliance and payment solutions and services with over 1,000 customers in 120 countries. Founded in 1984, EastNets has over 25 years of experience serving financial institutions, corporates and government agencies around the globe. EastNets is headquartered in Dubai with 16 offices across continental Europe, North America, Asia-Pacific and the Middle East. Through its fully-managed SWIFT service bureau, EastNets provides SWIFTNet connectivity and add-

on services for over 260 corporates and financial institutions. In addition, EastNets provides anti-money laundering (AML), anti-fraud, payment and transaction management solutions, and SWIFT plug-ins to add value to SWIFT connectivity for improved risk protection, transparency and cost controls. What our customers are saying: “Through the EastNets’ en.Service Bureau, we were able to be on the SWIFT network and do live-messaging in a matter of a few weeks.” EastNets service bureau customer

Products and Services EastNets’ SWIFT service bureau offers corporates or financial institutions, on SWIFT or considering joining SWIFT, the ability to focus on their core business competencies, while outsourcing their SWIFT connectivity and infrastructure. With the en.Service Bureau, organisations can free up their internal resources, cut down costs and offload the risks and liabilities of maintaining and managing their own SWIFT infrastructure to EastNets’ SWIFT-certified service bureau. Global Market Leadership and Coverage Today, en.Service Bureau hosts the SWIFT infrastructure and connectivity of more than 260 corporates and financial institutions worldwide and has over four geographically distributed service bureau locations. en.Service Bureau is SAS 70 certified and is audited by SWIFT on a regular basis to ensure that its network and physical environment adheres to SWIFT guidelines and policies. Designed to maintain a high level of security and resiliency, en.Service Bureau maintains a live disaster recovery site for each of its prime site locations, ensuring that all services remain available and uninterrupted, at all times. Value-added en.Service Bureau Offerings Catering to the needs of small to large institutions, en.Service Bureau offers solutions and services that integrate seamlessly with SWIFT including: SWIFT Alliance Application Service: corporates can outsource their SWIFT connectivity and share access to EastNets’ Messaging Interface Server application, SWIFT Alliance Access (SAA). SAAS customers will only need to install SAA workstation or SWIFT Alliance messenger at their premises for message view and creation. ● FMHS (Fully-managed Hosting

●

Solution): corporates can outsource their SWIFT connectivity and host their SWIFT messaging interface servers (SAA/SAE) on the en.Service Bureau. en.Service Bureau will be responsible for maintaining and managing the hosted Messaging Interface Servers, while performing system health checks and upgrades. Gateway Connectivity Pack (GWCP): corporates can outsource their SWIFT connectivity to en.Service Bureau, minimising the investment required for purchasing and maintaining the mandatory SWIFT connectivity components that are essential for establishing a prime connection to SWIFT. GWCP customers will retain their messaging interface servers (SAA/SAE) at their premises.

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Disaster Recovery Connectivity Pack (DRCP): the DRCP offering is tailored for customers that have a direct connection to SWIFT but are seeking a disaster recovery solution for better resiliency.

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Integration Services: with this service, EastNets offers a cost effective way for automating your business transactions in an outsourced environment, supporting MT FIN messages, FileAct, and new ISO 20022 messaging (XML based). Customers can now model, manage and integrate their payments, trade finance and securities business process flows with SWIFTNet standards on middleware technologies.

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Anti-money Laundering (AML): recognising the importance of meeting regulatory requirements and fighting money laundering activities, the AML module allows en.Service Bureau customers to stop suspicious transactions from taking place in real time. en.Service Bureau AML utilises en.SafeWatch

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Filtering, a SWIFT-certified product, that has been installed in over 350 banks worldwide and has been granted the ‘SWIFTAlliance Plug-in’ label for its seamless integration with the SWIFT environment. Corona Reconciliation Powered by SmartStream: with partner SmartStream, en.Service Bureau users have the option to benefit from Corona, a fully-managed online service designed to provide small to medium-sized firms with affordable and rapid access to its market-leading reconciliation solution.

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FIN and XML Traffic Monitoring and Reporting: with EastNets’ en.Reporting plug-in, SWIFT users can benefit from one central view to investigate, monitor and report all their FIN and XML traffic within one environment and receive alerts when events do not occur as planned.

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Duplicate Detection: with EastNets’ en.Duplicate Detection plug-in, SWIFT users can save significant time and money by preventing, in real time, duplicate transmission of payments or other FIN messages sent to correspondents. It also prevents duplicate instructions received from correspondents from being executed.

●

Contact information

Roy Sudeepto Sales Director – North America, 450 Seventh Avenue, Suite 1509 New York, NY United States Tel: +1 212-631-0666 Email: info@eastnets.com Website: www.eastnets.com a buyer’s guide to SWIFT service bureaus 2010 17

In turbulent times, you need a trusted partner who can keep you heading in the right direction.

• Payment message standards are designed by SWIFT for the benefit of the whole community; not to protect proprietary systems and or approaches.

With SMA you get the best of both worlds - a Service Bureau with the quality assurance of a recognised SWIFT Regional Partner, utilising the entire range of SWIFT Products and Services and the most accredited team of SWIFT skilled resources in the world. SMA’s Bureau Service can facilitate connection to any of SWIFT’s services; whether for standard FIN messages, CREST, FUNDS, or to transfer files over FileAct, or a combination of these; whether a full SWIFT member, SCORE or Closed User Group participant, all organisations can achieve benefits from utilising the fully managed services provided. SMA Financial is the only fully accredited SWIFT Regional Partner with an extensive experience of delivering ROI to Corporate Treasury departments. Through their proven SWIFT Service Bureau tangible benefits are being realised by Corporate Treasury departments of all sizes. “The SMA team were instrumental in this project, their depth of domain expertise meant they understood our problems from a business perspective and were able to deliver a technology based solution that would meet our demands for today and into the future. We are delighted with the outcome and continue to work with SMA as we step through additional initiatives that will support our needs as a Corporate,”

PacNet Europe.

• Reduce costs - Operating and maintaining multiple systems incurs high costs. By reducing the number of platforms (to one) corporates reduce their total cost of ownership. • Full validation of all messages ensures all instructions are unambiguous and therefore reduces the opportunity for error or misinterpretation • Standards create interoperability which allows for easier interchange of service providers, software vendors and even your banks. • Focus on business continuity – Reducing the number of platforms eases the technical and administrative burden of implementing a robust continuity plan. • This standardized approach lends itself to systems integration – which in turn reduces requirement for manual re-keying and re entry.

Corporate Treasury executives need to maximize liquidity positions, improve transaction processing rates, reduce operational and IT costs, enhance and streamline administration and security of interbank relationships, in short make their business more effective and cost efficient. SMA Financial clients are achieving all of these benefits today and you can too.

Tel : +44 20 7940 4200 Email : info@sma.co.uk

www.sma.co.uk a buyer ’s guide to 1SWIFT service bureaus 2010 18 2008-Nov11SMA_A4.indd

10/11/2008 22:03:22

SMA Financial Founded in 1995, SMA Financial has established its leadership as a source of specialist knowledge and expertise in the financial services industry providing SWIFT services, product and support. SMA Financial is the SWIFT regional partner for UK, Ireland and the Channel Islands. The company has over 300 successful implementations with banks, broker dealers, corporate, fund managers and other financial institutions including more than 100 active SWIFT service bureau users. SMA Financial is one of the most accredited SWIFT partners and maintains a number of SWIFT labels which support the investment in expertise of the team. The range of products and services offered range from SWIFT connectivity, business continuity, message filtering and

anti-money laundering (AML), cash management and many other valuedadded services. In addition, SMA offers training, consulting and SystemCare, a service to ensure customers are always kept informed and up to date on product information and changes that require attention. “SMA took good care of us from day one, and we could only hope that all projects went this smoothly.” Nick Cook, head of operations, Panmure Gordon (UK)

Products and Services “When making the decision to move to a SWIFT service, the size of the corporate eventually becomes irrelevant. Outsourcing becomes the only real choice because it makes sense to pass this on to a company that has the core expertise, security and a proven track record of delivering to large multinationals.

“A few of the early adopters - the mega-multinational corporates that joined SWIFT maybe five or six years ago - went direct through the MACUG route. But now they are taking the decision to outsource because maintaining that level of expertise is quite difficult. It is a niche area and many corporates only train up a few people, which then becomes a problem if they move on or retire, etc. In addition, the upgrades and patches that come out every year make it a complex system to upkeep.” John Ballantyne, UK sales manager, SMA Financial

Success Stories Here are some customer success stories from our website: Earthport doubled payments volumes while reducing admin costs.

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Envoy achieved greater straight-through processing (STP) and real-time reporting capabilities.

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Services SMA Financial provides the following services: ●

AML/Message Filtering

●

Business Continuity

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Consulting

●

SMA Alembic Cash Management

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SWIFT Connectivity

●

SWIFT Service Bureau

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SystemCare

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Training

The full list of products and services can be found at www.sma.co.uk.

Giant lowered costs and reduced operational risk.

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HiFX increased STP to 99% with the SMA SWIFT Service Bureau.

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Netbanx selected SMA’s SWIFT Service Bureau to reduce costs and increase payment automation.

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PacNet are processing higher payment volumes and reducing risk.

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SABMiller improved efficiency of cash management.

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TTT Moneycorp lowered costs and freed up resources with the SMA SWIFT Service Bureau.

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World First gained a high degree of payments automation and STP.

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Contact information

John Ballantyne SMA Financial, Bramah House 65 - 71 Bermondsey Street, London SE1 3XF United Kingdom Tel: + 44 (0) 20 7940 4200 Email: john.ballantyne.sma.co.uk, Website: www.sma.co.uk a buyer’s guide to SWIFT service bureaus 2010 19

2ELY ON THE WORLDÂ´S LARGEST 37)&4 3ERVICE"UREAU

/UR SMART CONNECTIVITY APPLICATIONS GIVE Â½NANCIAL SERVICE PROVIDERS AND CORPORATE CLIENTS IN MORE THAN COUNTRIES SEAMLESS ACCESS TO THE 37)&4 NETWORK #OUNT ON US TO BUILD THE INTERFACE THAT PUTS YOUR COMPANY ONLINE Â¯ WITH A SCALABLE SET OF SERVICES AND MESSAGING CAPABILITIES !ND SINGLE SOURCE CONVENIENCE IN SOFTWARE DESIGN TRAINING INTEGRATION AND SYSTEMS MAINTENANCE IS PART OF THE DEAL 'O LIVE FASTER THAN YOU EVER THOUGHT POSSIBLE

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20 a buyer â&#x20AC;&#x2122;s guide to SWIFT service bureaus 2010

Synergy Financial Systems Synergy Financial Systems, part of the BBP Group, is the UK’s leading SWIFT service bureau and financial messaging solutions provider. We have been operating within the SWIFT domain since 1992 and have gained an impressive customer base with an excellent track record for delivering quality services at highly competitive rates. An accredited SWIFT Service Bureau and Service Partner, Synergy is expert in providing resilient and secure hosting services to financial institutions and corporate clients. Our hosting solutions combined with value-added

services streamline multi-bank connectivity for corporate treasurers and improve their ability to maintain an accurate position of cash management and cash-flow. The BBP group of companies is the largest SWIFT service bureau in the world. The group is already a trusted partner for more than 300 financial institutions and corporations in 38 countries. In addition to the data centre in Atlanta, the group operates from pan-European locations, including Zurich, Geneva, London and Nottingham, offering cross border resilience with two data centres in Switzerland and two in the UK.

Products and Services

Why Choose a SWIFT Service Bureau? Automation of payments and reconciliation processes brings substantial advantages to corporate treasury teams. A rapidly increasing number of organisations are finding that outsourcing their SWIFT connectivity to Synergy provides all the benefits of SWIFTNet without the overheads and compromises inherent in a direct connection. Outsourcing the hosting of your SWIFT connection to Synergy’s SWIFT Service Bureau will save you money without compromising security, resilience, investment protection or cost. Why Choose Synergy? Synergy’s SWIFT Service Bureau, designed for corporates, ensures that your treasury automation project meets business objectives now and in the future. Synergy’s hosted service, where you access SWIFT through a complete SWIFT infrastructure that we maintain and operate in our fully resilient data centres, offers a secure, resilient and extremely cost effective option. Your management overhead and operational workload are substantially reduced. With the SWIFT environment bringing new obligations for routine and a mandatory requirement to maintain reliable connectivity for the duration of each business day, the hosted service will provide a more reliable service at a substantially reduced overall cost. Value-added Bureau Services ClaritySuite In addition, the Synergy Service

Bureau does a lot more than provide infrastructure and connectivity. With extensive experience in developing world-class SWIFT messaging solutions and integration, we help corporate treasurers to benefit from Synergy’s web-based SWIFT message management applications, collectively known as ClaritySuite. We enable to offer the organisation everything it needs for managing its SWIFTNet traffic from message creation, routing, archiving and transformation. ClaritySuite includes: ● MessageMaker for SWIFTNet message entry, repair, authorisation and release. ● ClarityInfo for SWIFT management information (MIS), reporting, archive and traffic analysis. ● ClaritySwitch for exceptions processing, message validation, routing and message transformation to ISO 15022 and 20022 formats. Synergy’s ClaritySuite is ideal in a bureau set up as users can access their application via a desktop browser as in the now familiar application service provider (ASP) model. As an ASP, the Synergy Service Bureau can provide a SWIFTNet message entry capability for FIN and MX messages and a sophisticated management information system to deliver a nonproprietary message repository for message investigations, SWIFT traffic reconciliation, a comprehensive reporting module and message archiving. An optional message transformation service enables proprietary back office data to be changed to SWIFTNet format

and back again. This minimises the costly impact of changes to legacy systems. In addition: Cash reconciliation: the reconciliation module, delivered as part of Synergy’s Service Bureau, automates end-of-day and intra-day cash reconciliations and helps corporate treasurers to run business critical processes with lower overheads, faster and with greater accuracy.

●

Anti-money laundering: Synergy’s Service Bureau is further enhanced by a comprehensive anti-money laundering (AML) solution. The AML solution automates the requirements of embargo and money laundering legislation. This enables corporate treasurers to eliminate manual transaction monitoring and the associated administrative cost.

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Contact information

Website: www.synergy-fs.com Email: marketing@synergy-fs.com Tel:+44(0)115 967 7990 Address: Synergy House, Highfields Science Park, University Boulevard, Nottingham, NG7 2RF United Kingdom

a buyer’s guide to SWIFT service bureaus 2010 21

tieto.com

Tieto Payment Factory â&#x20AC;&#x201C; the gateway to simplifying corporate payment traffic

Easy bank connectivity. Worldwide. Contact: Tieto, Value Networks www.tieto.com/fvc isp.sales@tieto.com

Knowledge. Passion. Results. 22 a buyer â&#x20AC;&#x2122;s guide to SWIFT service bureaus 2010

Tieto Tieto is an IT service company providing IT, R&D and consulting services. With approximately 17,000 experts, we are among the leading IT service companies in northern Europe and the global leader in selected segments. We specialise in areas where we have the deepest understanding of our customers’ businesses and needs. Our superior customer centricity and expertise in digital services set us apart from our competitors. Tieto, Value Networks is a leading business integration service provider in Europe with 200 integration experts in the Czech Republic, Finland, Germany, India, the Netherlands, Sweden, Russia and the UK. Tieto exchanges close to 1 billion business-to-business (B2B) transactions annually.

Tieto and its customers have received several international awards for work in e-invoicing and business integration services. Tieto is rated in the Gartner Group’s Magic Quadrant for Integration Service Providers. We are also a Contact information member of many Tieto, Value Networks, European and global financial cooperation Aku Korhosen tie 2-6 organisations playing P.O. Box 38. FI-00440 Helsinki, Finland a central role in the Contact: Markus Hautala, Director areas of trade and Tel: +358 40 182 4299 financial services Email: markus.hautala@tieto.com standardisation and Website: www.tieto.com/fvc facilitation.

Products and Services Tieto Payment Factory - the gateway to simplifying corporate payment traffic Corporations can generate significant savings by simplifying their bank connectivity and by using international standards. Concrete gains are realised through better funds visibility and substantially improved cash and liquidity management. Tieto Payment Factory helps corporations centralise their payment traffic and reach their banking partners worldwide through a single channel. Buying the functionalities as a service provides a wide range of additional savings, such as a decreased need for in-house IT infrastructure, manual labour intensive routines, technical competencies and capital investment.

Streamlined bank connectivity Tieto Payment Factory is an advanced bank connectivity service that allows corporate customers to centralise their bank connectivity globally into a single point of entry, leading to increased operational efficiencies and significant cost savings, as well as business continuity assurance benefits. One simple banking gateway Tieto Payment Factory with the SWIFT service bureau covers all the operational bank connectivity needs for globally operating businesses - payments, securities and trade finance, as well as other bank messaging needs. The service can be seamlessly integrated into any corporate enterprise resource planning (ERP) system and offers interactive browser-based access, for example initiation of urgent treasury payments. The service can also be expanded to include other areas of

supply chain messaging, such as purchase orders and invoices. Acquiring the functionality as a service provides numerous additional business benefits, such as a decreased need for in-house IT infrastructure, technical competencies and capital investment. The service enables direct connections to banks within the Nordic region and includes a SWIFT service bureau, providing access to over 8,000 financial institutions worldwide. The service combines a single point of connectivity with value-added services, such as message reformatting and data enrichment, which means that customers can continue using existing interfaces in corporate business systems. Corporations with a financial shared service centre or harmonised business systems can access the service through a single interface, while those with several business systems can be connected using parallel interfaces and multiple message formats. This allows corporations to further simplify their bank connectivity and gain additional benefits, such as improved visibility of all cash positions and improved automation. This leads to better cash and liquidity

management, as well as easier regulatory compliance and simpler bank connectivity auditing. A deep understanding of corporate processes Over the years Tieto has gained extensive and deep know-how of banking connectivity and messaging. We are constantly evaluating and researching the areas of banking standards and corporate connectivity, as well as other industry developments and their future impact on corporations.

a buyer’s guide to SWIFT service bureaus 2010 23

Broadridge Financial Solutions Broadridge’s international SWIFT Service Bureau provides fasttrack access to the SWIFT network for the full range of SWIFT messages. It includes a comprehensive range of market service connectivity including single euro payments area (SEPA), SAP, Euroclear and Target2, and is available on a 24x7 basis in line with global demand and reach. The SWIFT Service Bureau enables our clients to benefit from rapid access to the SWIFT network, reduced cost of ownership, and a professional, well-managed approach to market changes. Our investments in our service mean that we have highly rich functionality to offer our clients. Broadridge’s SWIFT Transaction Manager, a user-friendly workflow and business control product, is available within Broadridge’s SWIFT Service Bureau. It enables users to monitor the full lifecycle of their messages via a browser, and create, release and re-route messages in a controlled straight-through processing (STP) environment that minimises exposure to messaging errors and delays. Broadridge’s SWIFT Service Bureau is comprehensively proven on an international scale, and supports the needs of many types of operations including banking, brokerage, custody, fund management, corporate treasury and insurance. Broadridge’s SWIFT Service Bureau is managed centrally in a controlled and secure environment and backed by extensive

Contact information

W: www.broadridge.com E: info@broadridge.com Tel +44 20 7551 3000 (UK) The ISIS Building, 193 Marsh Wall, London, E14 9SG expertise in SWIFT messaging, finance operations, IT and client services management. Broadridge is a leading full-service outsourcing provider to the global financial industry, capable of meeting the most demanding requirements for efficient, secure and scalable operational support. Our reach spans the world, and encompasses an extensive array of services - from account opening and securities transaction processing to correspondent clearing to document management and investor communications, as well as full operational staff outsourcing. A steadfast source of processing support, we help financial services institutions and public companies increase productivity, streamline operations, enter new markets with new products more quickly, drive down back-office costs and better manage risk.

Decillion group

24 a buyer ’s guide to SWIFT service bureaus 2010

Entry, up to the customer. GlobalReach Access provides a fullymanaged solution including SWIFT connectivity, gateway, security measures and the Alliance Access messaging application. ● GlobalReach MAPS provides the fullymanaged solution of GlobalReach Access with the key value-add service being the provision of tools for automated workflow management, as well the intermediary message transformation processes allowing uninterrupted message flows between various back office systems and to/from a qualified SWIFT message format transmitted with Decillion’s MAPS system. ● GlobalReach Message Filter provides a quick and easy way to filter incoming and outgoing messages against selected watchlists and make the appropriate compliance decision. ● GlobalReach Trust provides a quick and easy way to screen against sanctions lists for politically exposed person (PEP) and financially exposed person (FEP) individuals and/or entities as well provide tools for reporting. ●

Contact information

Tel: +65 6508 8088 (Singapore) Tel: +61 2 9929 0655 (Australia) Email: info@decilliongroup.com Website: www.decilliongroup.com in state of the art facilities that offer exemplary security and resilience. All applications are managed and supported by qualified consultants and each application and device is duplicated, teamed or clustered to ensure our service is always available to the user. Under the GlobalReach umbrella three messaging and two filtering/screening services are offered as follows: ● GlobalReach Gateway provides all the benefits of a service bureau such as SWIFT connectivity and security but leaves the licensing, hosting and maintenance of the messaging application, such as Alliance Access or

Decillion Group was established in 1995 and is a systems integrator and solutions provider focused on providing both stand-alone and software-as-a-service (SaaS) solutions to the financial industry in the Asia-Pacific region. Decillion has been a SWIFT partner for several years and opened its first SWIFT service bureau in 2004. Decillion now operates two SWIFT service bureaus, branded as ‘GlobalReach’, with the first located in Singapore providing service for southeast Asia and the second in Australia providing service to Australia and the south Pacific. Both service bureaus act as disaster recovery sites for each other which deliver and inherently provide intercontinental resilience. GlobalReach allows you to connect to the SWIFT network and send and receive messages with Decillion Group managing the infrastructure. This provides peace of mind and alleviates the need to worry about complex implementation and ongoing maintenance. All GlobalReach services are hosted

VocaLink VocaLink pioneered electronic payments in the 1960s and has been at the forefront of transactions innovation ever since. We supply the processing power behind the revolutionary UK Faster Payments service, which enables single interbank payments to be made immediately. Many of the world’s top banks and their customers rely on VocaLink services. Each month our payments platform processes over 500 million payments and last year we processed over 9 billion transactions in our data centres. Recently we launched the first phase of our implementation with BGC to undertake the processing of Sweden’s electronic payments on our platform. All our services run on never-fail technology, 24 hours a day, to meet our customers’ needs for 100% reliability and availability. Now, in partnership with Gold Standard SWIFT Experts in mainland Europe and the UK, we are using our experience to deliver banks and their clients secure and reliable SWIFT connectivity. The VocaLink SWIFT Service Bureau offers a smarter, proven solution that optimises cash flow and improves liquidity management, while mitigating

operational risk and relieving the ongoing burden of maintaining SWIFT connectivity. Banks that subscribe to the service can offer their customers a richer experience without the ongoing risk and expense of an in-house development as well as instant and ongoing legislative compliance. Gain fast-track access to the SWIFT network and the full range of SWIFT messages including securities, treasury, derivatives, payments and corporate actions. It offers the ability for banks to manage all SWIFT payments and reporting through a single connection. The fully-managed service allows messages to be received from a broad range of input channels, routed to multiple global destinations. Other benefits include: ● Support of all common message formats across the widest range of SWIFTNet infrastructure, technology platforms and value-added business solutions. ● A strategic solution to emerging technical and message standards, such as ISO 20022. ● Sanctions checking on incoming and outgoing messages in real time against

embargo lists. Comprehensive reconciliation services based on Smartstream Corona cash and securities reconciliation and investigation. ● Multiple routing options enable you to submit in your own format and deliver payments to any destination worldwide. ● Management information, with all message data history archived for 10 years and accessible online. ● Improved straight-through processing (STP), systems integration and overall efficiency. Many international financial institutions and their clients have already saved up to 30% on operational costs as periodic investment expenditure is replaced by smooth revenue expenditure. Users of our SWIFT bureau benefit from our economies of scale, expertise and continual investment in technology. Choose VocaLink and you leave nothing to chance. ●

Contact information Tel: +31 20 7997 618 or + 44 (0)207 831 4085 Email: info@vocalink.com Website: www.vocalink.com

AvantGard SunGard AvantGard is designated as a preferred global partner to SWIFT. As such, the two entities work in close co-ordination to develop solutions that can not only provide connectivity, but also to deliver value added services to both the corporate and banking members of the SWIFT network. In a broader view, SunGard’s AvantGard delivers liquidity management solutions for corporations, insurance companies and the public sector including receivables, treasury and payments management. As part of this solution set, AvantGard offers the EcoSystem Communication Service, a technology infrastructure with an embedded SWIFT service bureau, the solution links the participants of the corporate commercial ecosystem. Today AvantGard is servicing many multinational and domestic clients via its service bureau. With SunGard’s AvantGard offering, organisations can gain a single point of connectivity along with a set of value-added services to help facilitate communications between corporations and banks, such as bank account statements, wire transfers, treasury payments, accounts payable payment execution (including a variety of formats such as SWIFT, automated clearing house (ACH), cheque to ACH converted) and cheque printing via a global payments network contained within the service. The service also manages deal confirmations and matching (ACCORD), electronic bank account management (eBAM), bank fee reporting (TWIST), and mutual fund reporting. AvantGard also offers corporations options when it comes to connecting to the SWIFT Network: to connect through

the SunGard Service Bureau as a standalone entity, or to connect through the service bureau but leverage the member concentrator programme whereby SunGard acts as the administrator of your SWIFT account. The comprehensive solution offers integration, security and audit compliance, as well as delivering the back-end infrastructure and interfaces necessary to participate in the SWIFT network. Using the Member Administered Closed User Group (MA-CUG) or Standardised Corporate Environment (SCORE) membership, users are able to easily gain access to the SWIFT network via the AvantGard EcoSystem Communication Service with SWIFT embedded inside. For corporations, the AvantGard EcoSystem Communication Service helps deliver lower total cost of ownership, increased transparency and ease of operations leveraging the SWIFT service bureau. It also provides banks with more streamlined access to their corporate clients helping banks provide them with faster delivery of value-added services. It operates directly with receivables, treasury and payments solutions allowing for the delivery of services around corporate to bank connectivity.

Contact information www.sungard.com/avantgard avantgardinfo@sungard.com Tel: +1 800 825 2518

a buyer’s guide to SWIFT service bureaus 2010 25

SWIFT Service Bureaus Listing

Allied Engineering Group Verdun - Rashid Karameh Str. Assaf Center - 8th floor Beirut Lebanon PO Box 113-6005 Tel: +961 1 791002 AnaSys Rautistrasse 12 8047 Zürich Switzerland Tel: +41 444 96 9798 Atos Origin Tour les Miroirs - Bat C 18 avenue d’Alsace 92926 Paris La Defense 3 Cedex France Tel: +33 1 55 91 2000 Avatar Partners 20422 Beach Boulevard Ste 325 Huntington Beach CA 92648 United States Tel: +1 (714) 969 0573 Axletree Solutions 2 King Arthur Court, Lakeside West, Suite A-1 North Brunswick, NJ 08902

United States Tel: +1 732 296 0001 BankServ 4 Royal Mint Court London EC3N 4HJ United Kingdom Tel: +44 (0) 20 7562 7820 BBP AG Bahnhofstrasse 28 CH-5401 Baden Switzerland Tel: +41 (0)56 203 96 30 Barclays 1 Churchill Place London E14 5HP United Kingdom Tel: +44 (0) 20 7116 1000 Bellin Treasury Services Tullastr. 19 77955 Ettenheim Germany Tel: +49 (0) 782244600 BNP Paribas 16, Boulevard des Italiens 75009 Paris France Tel: +33 (1) 40 14 4546 Broadridge The ISIS Building 193 Marsh Wall

London E14 9SG United Kingdom Tel +44 20 7551 3000 Datasphère SA 16 chemin des Aulx CH-1228, Geneva Switzerland Tel: +41(0) 22 884 03 00 Decillion 1 Finlayson Green 18-01 Singapore 049246 Tel: +65 6508 8088 (Singapore); +61 2 9929 0655 (Australia) Diamis 6-8 Boulevard Haussmann 75009 Paris France Tel: +33 (0) 173 030800 EastNets 450 Seventh Avenue, Suite 1509 New York, NY 10123 United States Tel: +1 212-631-0666 Fides Badenerstrasse 141 PO Box CH-8036 Zurich, Switzerland Tel: +41 44 298 6580

26 a buyer ’s guide to SWIFT service bureaus 2010

Fundtech 42 New Broad Street London EC2M 1SB United Kingdom Tel: +44 (0) 20 7588 1100 Jason Informatique Domaine de Ferrals 11400 Saint Papoul France Tel: +33 (0) 4 68 94 0032 Nile Information Technology & Dissemination 117 El-Thawra St, Heliopolis, Cairo 11341 Egypt Tel: +(202) 23995400 OekB Am Hof 4 and Strauchgasse 3 1011 Wien, Austria Tel: +43 1 53127 2050 RBS ½ Devonshire Square London EC2M 4BA United Kingdom Tel: +44 (0) 20 7672 5678 SMA Financial Bramah House 65 - 71 Bermondsey Street, London SE1 3XF United Kingdom Tel: +44 (0) 20 7940 4200

Simplex Super Bureau Becket House 36 Old Jewry London EC2R 8DD United Kingdom Tel: +44 (0) 20 7776 6400 Sterci Sa 33, rue des Bains CH 1205 Geneva Switzerland Tel: +41 22 708 02 15 Sterling Commerce (America) 4600 Lakehurst Court PO Box 8000 Dublin, Ohio 43016-2000 United States Tel: +1 (614) 793 7000 SunGard 25 Canada Square London E14 5LQ United Kingdom Tel: +1 800 825 2518 Synergy Financial Systems Synergy House, Highfields Science Park Nottingham NG7 2RF United Kingdom Tel: +44(0)115 967 7990 Syntesys France 17 rue du Quatre-Septembre

75002 Paris France Tel: +33 (0) 1 44 86 03 47 Syscom Holiday Building (3rd Floor) 30, Tejgaon I/A Dhaka-1208 Bangladesh Tel: +880-2-9124917 TAS S.p.A. Via Benedetto Croce, 6 - 00142 Rome Italy Tel: +39 06 7297141 Tieto Value Networks Aku Korhosen tie 2-6 P.O. Box 38 FI-00440 Helsinki Finland Tel: +358 40 182 4299 VocaLink 5th Floor 60 Gresham Street, London, EC2V 7BB United Kingdom Tel: +44 (0)207 831 4085 Wall Street Systems 160 Queen Victoria Street London EC4V 4BF United Kingdom Tel: +44 (0) 20 3170 3100

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