By using their existing infrastructure to connect to Fundtech's ServiceBureau, BT Radianz customers will realize significantly improved operational efficiencies and cost savings. Fundtech's ServiceBureau is part of a growing range of back-office solutions available over the BT Radianz Network. By leveraging their existing BT Radianz infrastructure, banks that are not currently SWIFT members can more easily join SWIFT and send messages through SWIFT using the Fundtech ServiceBureau.
Fundtech's Swiss subsidiary, Biveroni Batschelet Partners AG (bbp), which operates the world's largest SWIFT service bureau, will provide the access to SWIFT Services. The service bureau offers financial institutions an economical alternative to directly connecting to interbank payment and processing services globally.
Per Trifunovic, CEO of bbp, said: "Through the new BT Radianz relationship, we expect to considerably extend the market reach of our SWIFT Service Bureau and build upon the significant success that we have already realized in providing economical and reliable access to SWIFT Services to the financial services community."
Reuven Ben Menachem, CEO of Fundtech said: "The relationship with BT Radianz is further evidence of our corporate strategy of expansion into the capital markets segment of the financial services industry. We look forward to working with BT Radianz to bring added value to their customer base."
Brennan Carley, chief strategy officer and chief technology officer at BT Radianz said: "This is an important enhancement for any firm that is critically reviewing the total cost of ownership of post trade messaging. The combination of BT Radianz and Fundtech will allow market participants to leverage their existing BT Radianz infrastructure to reach a full range of counterparties. Customers can now use the combination of BT Radianz and Fundtech's Service Bureau for accessing SWIFT Services including secure SWIFT FIN messaging."
Axel Pierron, analyst with Celent said: "This agreement will enable a larger group of financial institutions to access counterparties on the SWIFT network. By linking to SWIFT with an alternative channel financial institutions will benefit from operational efficiency, low cost processing and direct access. This deal represents a critical step in the move towards standardization of messaging solutions."