How to avoid the 5 most common pitfalls when implementing a swift application
Payment Components have been a leading provider of SWIFT financial messaging solutions to financial institutions, banks and software companies for over eight years. And we have served many clients who have come to us after first experiencing problems with their initial attempts at implementing a SWIFT related application.
So in the interests of any financial institution, bank or software company who is considering implementing a SWIFT application and are perhaps wondering if there are potential issues to avoid we have set out the 5 most common problems when implementing a SWIFT application in this article.
The 5 Most Common Problems When Implementing a SWIFT Application
1. Seeing the implementation of your SWIFT application is a technology only challenge
When implementing a SWIFT application one needs to take account of the wider strategic business needs and have a thorough understanding of all the flows of the SWIFT message exchanges. Choosing a strategic SWIFT business partner, rather than just hiring a talented programmer who can build a good parser and validator for the SWIFT messages will ensure you achieve this.
2. Underestimating the amount of time you will need to implement a SWIFT application
This typically occurs as a result of the first problem detailed above, because SWIFT developers working alone are unlikely to understand the full implications of the business deliverables and underestimate the amount of rulebook research required.
3. You do not give enough consideration to the SWIFT application’s ongoing maintenance needs
SWIFT messages change continuously, so it is essential that your team keeps uptodate with every change by subscribing to the relevant authority and ensuring that they implement the necessary changes long before they become operative.
4. You underestimate the level of SWIFT specialization needed
Your SWIFT developer and analyst team will need continuous professional development to ensure your SWIFT application is maintained correctly for its lifecycle. And you will need to reinvest in the same level of training and professional development for any new or replacement team members.
5. You hard code the SWIFT message generation logic and tie it in with the overall workflow
You will either need the flexibility to alter the workflow or appetite to enhance functionality with new or updated (as part of the annual SWIFT), messages in the future. And you will need a proper decoupling approach such as the one third party libraries provide.
If you represent a financial institution, bank or software company and are considering the implementation of a SWIFT application, I hope this article will help you avoid the common problems that some of our clients experienced prior to partnering with Payment Components and ensure your SWIFT application is implemented correctly, the first time. And that your chosen SWIFT team is prepared and capable of looking after your future SWIFT requirements too.
And of course Payment Components would be delighted to help you avoid all of these problems and provide you with a comprehensive quotation for your specific SWIFT financial messaging project, which would include ongoing maintenance.