The Realnets team has been supporting the financial services and bank industry for over 15 years. We have extensive experience with FFIEC, SOC and PCI compliance standards, and many of our team members have completed specialized education in these areas. We are experts in many of the core systems that run our country’s mission-critical financial systems, so we have made a point to stay on top of everything that happens in the banking industry. When we hear about a change that matters, we make a point of sharing it with you as quickly as possible. Here’s what is happening right now with the Society for Worldwide Interbank Financial Telecommunications (SWIFT):
SWIFT Announces a New Global Payment Initiative Service
Lately, our team has been primarily focused on the deprecation of several core product lines by major service providers. The Swift financial messaging system is at the heart of many of our clients’ core software profiles, and SWIFTNet and Alliance are approaching mandatory upgrades. The upgrade will apply to:
- Alliance Access
- Alliance Entry
- Alliance Gateway
- Alliance Web Platform Server-Embedded
- SWIFTNet Link product
Where this upgrade is concerned, clients are facing an upcoming deadline that cannot be extended.
What to Expect from the Swift Upgrade
This initiative has been in the works for over a year, and it has been designed to increase the speed and transparency of cross-border payments. Several banks are already actively using the services, and SWIFT representatives say that they expect several others to join very soon. Don’t get too used to things as they are, however, because SWIFT is already planning the next phase of this system, which includes what they are calling “rich payment data services”.
With the latest upgrade, there is a built-in feature that provides a real-time look at payment status, including confirmation of receipt by the beneficiaries. Current users appear to be very happy with added certainty and traceability. Obviously, though, this level of transparency is not without its risks, and we strongly encourage our clients to meet with one of the experts on the Realnets team to learn more about what this means for your institution.
Core Evaluation Services for Banks and Other Financial Institutions
Security and compliance dominate all conversations related to the banking world, and as such, institutions must evaluate the risk profile of every change. We would be happy to help you evaluate the details of this upgrade and how it will affect your institution.
Realnets proudly supports and implements financial solutions of all types. Swift, Fedline Encompass, DMS, credit union integrations and other similar technologies are all common, daily focal points for our team. Contact us today for a free consultation. Throughout June 2017, we’re offering a free external penetration test*, so don’t wait! Give us a call today at 773.631.6851.
*Conditions apply to the free external penetration details. Contact Realnets to inquire.
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