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FileAct for SWIFTNet: helping financial services gain savings from their network.

Article Excerpt
As in any vertical industry, there are business drivers in financial services that require automated and reliable movement of data between applications and between organizations. Repetitive credit transfers such as pension or salary payments, ACH processing, securities clearing and settlement instructions, reports sent to regulatory bodies, and cash management are a few examples. Maximizing profit on every exchange is gained by moving the transactions closer to real-time processing.

Automated transactions are often routed through the S.W.I.F.T. (Society for Worldwide Interbank Financial Telecommunications) network, an industry-owned cooperative supplying secure messaging services and interface software to 7,000 financial institutions worldwide.

SwiftML, or the S.W.I.F.T. Markup Language, is an XML vocabulary used to automate Swift messages. The design of SwiftML accounts for the interoperability issue between different financial XML implementations through the use of SWIFTStandards Modeling, This new standardization approach allows the separation of the business standard from its physical representation in XML syntax. All this information is stored in the SWIFTStandards Repository. This allows different languages, even those that are non-XML, to interoperate through the use of the common business model. SwiftML is in line with major XML standardization initiatives (e.g., ebXML, a global initiative to achieve common and predictable usage of XML cross-industry). Consistent and uniform SwiftML messages come from the...