The client was looking for a solution that could connect them with Euroclear via SWIFT messages. In response to that need, FNX enhanced its SWIFT module to support sending and receiving MT500 series messages and to update the database accordingly. The system includes monitoring and reporting tools to allow users to manage the message exchange.
What is exciting about this enhancement is that the functionality was designed in such a way that it does not matter which clearing or settlement institution is sending the message. Jill Hocking, FNXâs Back Office Product Manager commented. "It is FNXâs philosophy to design functionality to be as flexible and independent as possible. Incoming messages are managed in the system based on the type of message, but not the source. In addition to that, the processing of the messages can be configured based on the banksâ internal processing workflow.
Farid Naib, FNXâs CEO and Founder commented, "This is an exiting development for the Sierra System. Now we can provide our clients with a single solution to manage their clearing and settlement needs. This functionality will not only provide them with connectivity, but will also help them reduce IT and transaction costs."