• "Transformer … has enabled our business analysts and Quality Assurance team to create and comprehensively test financial message transformations" Capital Markets Service Provider and Reporting Authority
  • "Transformer has … allowed us to use analysts rather than developers to build our mappings, improving our time-to-market, reducing cost and increasing the quality of our solutions" Integration Architect, U.K Investment Manager
  • "We implemented a SWIFT message in half a day; the programmer said it would normally take him five days " Tier One Global FI
  • "Transformer’s ability to elegantly handle complex financial messaging scenarios is proof both of its power and of Trace's depth of understanding of the standards" SWIFT
  • "With Transformer handling the complexity behind the integrations, our teams can concentrate on our payment product - instead of worrying about technical message transformations" Vivek Awashti, Chief Technology Officer, Currencies Direct
  • "We think Transformer is a fantastic product and it is an integral part of our Enterprise Messaging strategy going forward" Major American FI
  • "Transformer is the only messaging technology that we have found that really can be used by a business analyst" Major European Investment Manager
  • "From watching the demo I am able to use the product straight away and create and test complex messages and mappings quickly and easily" Regulatory Reporting Authority
  • "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" Vivek Awashti, Chief Technology Officer, Currencies Direct
  • "Using Transformer has simplified the process of working with multiple industry messaging standards" Integration Architect, U.K Investment Manager
  • "Transformer gives us more flexibility to support the diversity of our rapidly-growing client base, and to ease the integration process for new clients " Head of Product Management, Earthport
  • "We are very happy to be working with Trace Financial" Vivek Awashti, Chief Technology Officer, Currencies Direct
  • "Transformer is an integral tool within our technology infrastructure, helping to further accelerate the speed to market as we on-board clearing banking partners in new countries" Head of Product Management, Earthport
  • "With such a powerful tool in place we’re now thinking of extending our message conversion services to other business areas" Sergei Putyatinsky, CIO, NSD Moscow
  • "We were able to create, test and deploy mappings that took three months in XSLT within three business days" Latin American software company
  • "The in-built testing capabilities of Transformer have allowed us to validate the integrity of new message formats … much more quickly, and with greater confidence" Capital Markets Service Provider and Reporting Authority
  • "I am indeed impressed and have not experienced this level of support from a corporate vendor to date. Excellent choice!" Major South African FI
  • "Independent tests scored Transformer at 100% for message transformation" SWIFT

UK’s Open Banking expands scope

29 November 2017

As we reported in July, the Open Banking Implementation Entity (OBIE) was set up by the Competition & Markets Authority (CMA) in the wake of its Retail Banking Markets Investigation report (August 2016). This report, inter alia, required the 9 largest banks in Great Britain and Northern Ireland (the CMA9) to collectively establish an Implementation Entity through which they would adopt and maintain common API standards.

The OBIE has now been asked by Her Majesty’s Treasury and the CMA9 to create open banking standards for all payment account types covered by the European Union’s second Payments Services Directive (PSD2). Customers using e-wallets, credit cards and prepaid cards will also be able to take advantage of open banking services.

Imran Gulamhuseinwala, Trustee of the Open Banking Implementation Entity, said:

“This is a truly innovative project and the UK is leading the world in opening up the banking system to new services and, ultimately, re-shaping it around the customer.

Key to any innovation is the process of discovery and it became clear through the second half of 2017 that there is much more the OBIE could do to drive adoption of Open Banking and create a richer environment for new services.  These enhancements should give even greater confidence to the FinTech community to seize the opportunity to participate fully in the financial services ecosystem.

They will create standards for future dated, recurring and international payments as well as all the payment and product types covered by PSD2. These enhancements will maximise the benefits of open banking services for the customer. The OBIE will continue to work with the CMA, HMT, CMA9 and other stakeholders to drive this forward.”