Menu
Banking Exchange Home
Menu

New SWIFT portal helps customer onboarding

Cloud application tests message format integration

New SWIFT portal helps customer onboarding

SWIFT launched a new cloud-based application that eases the client onboarding process for financial institutions.

The MyStandards Readiness Portal, developed in collaboration with the industry, builds on the success of MyStandards, a collaborative platform for standards management. The portal allows users to test their messages against specifications and prove their ability to reach certain quality and straight-through processing rates, helping to improve the speed and accuracy of onboarding processes.

Customer onboarding is a complex process with a significant part of the complexity coming from the integration of messaging formats. Through the MyStandards Readiness Portal, new and existing clients of financial institutions and market infrastructures can test against specific messaging formats and guidelines. In parallel, the onboarding team at the bank can monitor the client's progress in real-time checking for issues that can be resolved right away. These short feed-back cycles early in the process can significantly decrease project risks and overall costs.

"The client onboarding process has been a long-standing business challenge. One significant part of the risks and costs involved is coming from the lack of standardization and the prevalence of piece-meal solutions," says Marc Delbaere, head of MyStandards, SWIFT.

The portal fully integrates with MyStandards, making it possible to test against all specifications defined in this collaborative industry platform. Launched in June 2012, MyStandards has 32 large global banks and market infrastructures using the application to manage all their standards-related information.

http://www.swift.com/about_swift/shownews?param_dcr=news.data/en/swift_com/2014/PR_mystandards_readiness_portal.xml

John Ginovsky

John Ginovsky is a contributing editor of Banking Exchange and editor of the publication’s Tech Exchange e-newsletter. For more than two decades he’s written about the commercial banking industry, specializing in its technological side and how it relates to the actual business of banking. In addition to his weekly blogs—"Making Sense of It All"—he contributes fresh, original stories to each Tech Exchange issue based on personal interviews or exclusive contributed pieces. He previously was senior editor for Community Banker magazine (which merged into ABA Banking Journal) and for ABA Banking Journal and was managing editor and staff reporter for ABA’s Bankers News. Email him at jginovsky@sbpub.com.

back to top

Sections

About Us

Connect With Us

Resources