IBM is poised to launch a new product later this month, WebSphere
Business Integration for Financial Networks, which is designed to
help financial services organisations simplify finance-related
messaging and automate stock trade processing.
WebSphere Business Integration will enable companies to automate
trade processing over multiple external financial networks,
including the new Society of Worldwide Interbank Financial
Telecommunications (Swift) Internet Protocol (IP) network.
Swift, with 7,000 financial institutions as members, is a global
co-operative that handles securities messages and international
payments, including money transfers between banks, through its X.25
and IP networks.
IBM's offering will allow users to make a smooth and secure
migration to Swift's new network, SwiftNet Version 4, the company
said.
From a practical standpoint, the migration to SwiftNet Version 4
means that instead of accessing FIN, an older Swift network,
through an X.25 line using a modem and encryption box, access to
FIN will be through a SwiftNet Link account and an IP line. But FIN
functionality and message standards will remain untouched.
WebSphere Business Integration also works with IBM's Merva
software, the company's mechanism for handling Swift
messaging.
The software suite centralises administration, operation and
control functions for back-end payment messaging, as well as
providing a "one-stop shop" for connecting users to a variety of
financial networks and services, including InterAct, FIN and Trust
ePayments.
IBM is working closely with Swift to help customers make the
transition to the Swift IP Network. As part of that partnership,
IBM will resell the SwiftAlliance Gateway product in conjunction
with its WebSphere Business Integration for Financial Networks
offering.
SwiftAlliance Gateway is the hardware and software package
customers use to get on to SwiftNet.
IBM also announced that French bank Credit Lyonnais is in the
process of deploying an IBM WebSphere Business Integration software
product based on IBM CrossWorlds technology to manage its equity
capital market operations processes.