SAP links with Swift for financial messaging

SAP and the Society for Worldwide Interbank Financial Telecommunication (Swift) have announced plans for new software that will link SAP electronic resource planning systems directly to the SwiftNet finance house messaging platform.

SAP and the Society for Worldwide Interbank Financial Telecommunication (Swift) have announced plans for new software that will link SAP electronic resource planning systems directly to the SwiftNet finance house messaging platform.

SAP Integration Package for Swift will be designed to let companies communicate with a range of banks through a single connection, allowing real-time exchanges of payment messages through SwiftNet, which links nearly 8,000 financial institutions in more than 200 countries.

The open, standards-based package will remove technical barriers to communications between corporate finance departments and banks. This will bring savings for businesses on the cost of proprietary bank interfaces and improved cash flow transparency, SAP said.

The SAP Integration Package for Swift will be built to cover the entire pay-to-reconcile business scenario. It will initially support FIN and FileAct messaging services, enabling companies to send and receive both MT- and MX-based messages. The software will provide technical message mappings for positive and negative acknowledgements and delivery notifications.

The package will also support the new ISO 20022 payment standards, to ensure compatibility with the Single Euro Payments Area (SEPA), which comes into operation in 2008.

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