CASE STUDY: Currencies Direct enhances payments processing with Trace Financial’s Transformer
Currencies Direct, the global money transfer specialists, are using Transformer’s powerful message and data transformation capabilities to streamline the handling of inbound and outbound SWIFT messages.
As part of a strategic drive towards full end-to-end STP, the firm decided that more automation was required in the process of reading and storing inbound messages as well as the construction of outbound payment instructions to correspondent banks.
Currencies Direct selected Transformer on the basis of its proven track record in delivering high quality, fully maintainable mappings in very short timeframes as compared with other available methods.
Since the contract signing, the firm’s in-house project team has already completed the first phase of this project; converting inbound intraday statements and credit/debit advices into a database readable by various downstream business applications - such as the payments platform and AML systems – to process directly.
Currently the team is working to process SWIFT’s Query and Investigation message types. The next major phase of the project will then use Transformer as the core of a ‘payments factory’ constructing all of the firm’s outbound payment messages.
Vivek Awashti, Chief Technology Officer at Currencies Direct commented: “We are very happy to be working with Trace Financial. Transformer has brought a great deal of agility to the development of our next generation of payment frameworks, and also made it much more efficient.
“With Transformer handling the complexity behind the integrations, our teams can concentrate on our payment product - instead of worrying about technical message transformations.”
John Murphy, Managing Director of Trace Financial said: “We are very happy to see Currencies Direct using Transformer at the heart of its drive to enhance the processing of payments, and we welcome Currencies Direct into the global user base of Transformer clients dramatically reducing the time-to-market for their messaging projects.”
About Currencies Direct
Currencies Direct is one of Europe's leading non-bank providers of currency exchange payment services. Since its formation as the UK’s first non-bank foreign exchange broker in 1996, Currencies Direct has evolved from being an innovative service provider of foreign exchange for consumers and high net worth individuals into a dynamic and pioneering 'business to business' fully integrated treasury solution service provider.
Headquartered in the City of London (United Kingdom), Currencies Direct has operations in eight countries throughout Europe as well as in Africa, Asia and the USA.