Initiatives in financial messaging
Public and industry-wide initiatives of many kinds create high-priority projects that often override the internal needs of the business. Regulation has been the outstanding driver in recent years, and has consumed the lion's share of firms' IT budgets.
Financial messaging requirements are often central to these initiatives, but the complexity of today's message structures can be a major source of cost overruns and delays. Trace Financial has the products, experience and expertise to help businesses to master these issues:
PSD2 - the revised Payments Services directive
PSD2 is forcing banks to move to open APIs - and these must use ISO 20022. Here's how Transformer can help.
Transformer empowers analysts and developers to create, validate, transform and process payments messages far faster than any other method.
MX messaging initiatives
The coexistence of SWIFT MT and MX messages is becoming a real issue for many financial institutions. Transformer offers a complete MT-MX solution.
TARGET2 migration to MX payments
TARGET2, the eurozone's overall RTGS, with more than a thousand participant banks, will migrate its payments messages to MX - and Transformer can help
SWIFT Funds Migration to MX
Under SWIFT's Funds Migration Programme, funds players who are still using ISO 15022 (MT) messages for funds are migrating to the ISO 20022 (MX) equivalent messages. With its powerful capabilities and ready-built MT-MX mappings, Transformer is the ideal solution.
Target2-Securities (T2S) uses ISO 20022 (MX) messaging, but as with all projects based on global standards, the T2S implementation specifies many restrictions and variations - along with some completely new message types. Transformer is ideal in this 'standard-with-variation' scenario.
Dodd Frank, EMIR and a rapidly growing roster of Asian jurisdictions now require complex OTC trade data to be reported to approved Trade Repositories (TRs).
Transformer has helped major financial institutions to create high-quality, easily maintained mappings that convert in-house data to fully compliant OTC trade reports.
CREST Funds Settlement
Funds administrators, transfer agents and distributors are connecting with Euroclear UK & Ireland's CREST in increasing numbers, and Trace Financial's CREST Bridge is their first choice for integration.