13 Aug 2002: iWay Releases ISO 15022 Adapter for Swift

Information Builders’ iWay Software unit has released the iWay ISO 15022 Adapter for users of the Society for Worldwide Interbank Financial Telecommunication (Swift) network. The adaptor is based on iWay’s XML Transformation Engine and allows for the translation of a wide variety of Swift messages, using a data dictionary and XML.

Among the message types the adaptor is capable of handling are ISO 7775 and ISO 15022. The adaptor converts the message from its source format to the XML format, after which the message is passed through a second mapping process that converts it into the target format.

The adaptor has been selected by straight-through-processing solution vendor, Tessellate Business Solutions, which is using it as its primary tool for addressing Swift ISO 15022 migration.

“We were originally looking for a Swift-to-XML adaptor,” says Martin Jones, chief technology officer at Tessellate. “We reviewed a number of vendors, including Mercator, SeeBeyond, Sungard and Trace. We chose iWay as our partner because their Swift adaptor solution offers excellent functionality at a reasonable price.”

The iWay ISO 15022 Adapter enables financial institutions to comply with forthcoming industry initiatives, such as the move to SwiftNet or complying with the emerging Securities Market Practice Group (SMPG) requirements. “It can do this with minimal disruption to existing internal legacy systems, and at the same time offer the business considerable savings through increased STP rates,” says Jones.