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SWIFT MT - Payments and Cash Management
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Technical Information
The SWIFT MT - Payments and Cash Management development tool enables any bank to consolidate its existing fragmented SWIFT MT messaging systems into one SOA compatible solution. The efficiency of the banks financial messaging can be greatly improved by this elimination of system redundancies and duplications.
The utilization of the SWIFT MT - Payments and Cash Management tool to handle all of a banks SWIFT MT messaging requirements, leads to a simplification of maintenance tasks, improved control and lower operational costs.
Some of the many benefits provided by this tool include:
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- Component based solution embraces SOA by providing interoperability with existing applications and systems.
- Simplifies maintenance by consolidating existing redundant and duplicated systems.
- Lowers operational costs.
- The Database Connector provides full connectivity between the SWIFT messaging component and a relational database. This component enables the storage, retrieval and update of incoming and outgoing messages.
- Innovative database design enables data mining of all SWIFT MT message traffic.
- Parses, creates and validates srg2009 compliant SWIFT messages.
The SWIFT MT - Payments and Cash Management development tool is a collection of Java classes that provide the following SWIFT (Society for Worldwide Interbank Financial Telecommunication) message functionality:
Parses, validates and constructs all FIN messages in the following categories
Customer Payments & Cheques (Category MT1xx)
Financial Institution Transfers (Category MT2xx)
Cash Management & Customer Status (Category MT9xx)
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The tool contains a collection of objects and methods that provide all the functionality necessary to build automatic payments and money transfer applications. It parses any incoming SWIFT MT message which can then be accessed via the message tags in the SwiftMsgObject.
Construct a perfectly formatted outgoing SWIFT MT message by simply calling a method. The SwiftMsgObject handles all of the cumbersome formatting details of a SWIFT MT message requiring only the data as input.
Validate a message for compliance with all relevant SWIFT MT rules and highlight any errors.
The tool is supplied as a library of java beans and fully supports any SOA implementation.
These components are fully compliant with the latest SWIFT standards release guide 2009 (srg2009).
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