In particular, the asset management industry in Germany (KAGs) has adopted SWIFT messaging as a communication standard and now requires FIX (Financial Information eXchange) protocol messages to widen standardised communications to the international broker market.
In order to support these market initiatives, ADP Wilco’s SWIFT Service Bureau will offer a range of FIX message types in addition to the established SWIFT messages currently in use. These new messages include SWIFTNet FIX Indication of Interest, SWIFTNet FIX New Order Single and SWIFTNet FIX Execution Report.
The SWIFT Service Bureau enables user firms to communicate via multiple standards through a single, seamless channel from pre-trade messaging in FIX format through trade confirmations and post-trade communications using the established SWIFT standards.
Users will benefit from an integrated solution which covers the required standards, increasing efficiency and simplifying management within a defined cost structure. Furthermore, the SWIFT Service Bureau offers user firms the possibility of converting proprietary data formats to SWIFT format and reformatting incoming SWIFT messages to the relevant proprietary format. This enables users to easily integrate an automated messaging solution with their internal system environment. Users are supported in these activities by ADP Wilco’s in-house securities operations and IT experts.
"With the FIX protocol in our proven service bureau model, we are in a position to offer the market an additional service that enables firms to reach and communicate with a wider circle of counterparties via the SWIFT network," said Jens R. Staneke, Head of Product Management with ADP Wilco (Germany) GmbH.
The ADP Wilco SWIFT Service Bureau provides fast track access to the SWIFT network for a full range of SWIFT messages including securities, treasury, derivatives, payments and cash management, all in an outsourcing environment. The service is backed by ADP Wilco’s in-depth expertise that spans both SWIFT processing and securities operations, and includes central provision and management of IT infrastructure.
