SWIFT says that Euroclear Bank is offering its 1,250 EUCLID PC/Server customers the choice to use SWIFTNet as part of its mandatory Internet Protocol (IP) migration plan.
The EUCLID PC/Server – which Euroclear has used to communicate with its clients for many years -is used by broker-dealers, global custodians, commercial banks and central banks in 80 countries to access settlement, custody, money transfer, securities lending and borrowing, and collateral management services at the ICSD.
Euroclear Bank has asked its EUCLID PC/Server clients to migrate from Euroclear Bank’s current X.25 provider by the end of 2005, and is looking to make use of the the SWIFTNet messaging platform that the entire SWIFT community migrated to in the course of 2003 and 2004.
Clients that choose to use SWIFTNet will be able to re-use their SWIFTNet infrastructure for EUCLID PC/Server applications, with the additional benefit of another mandatory migration at SWIFT: to the increased security of SWIFTNet PKI (Public Key Infrastructure).
“In response to client requests for greater SWIFTNet access, Euroclear Bank is now extending a new element of choice to our customers, many of which are already using SWIFTNet,” explains Martine Dinne, Chief Executive Officer of Euroclear Bank. “SWIFT’s support services will be an important asset during the upcoming migration phase.”
EUCLID PC/Server via SWIFTNet will be available in the third quarter 2005 (it is currently scheduled for July). A number of important clients have already committed to implementing the SWIFTNet option.
“We are pleased that Euroclear Bank and SWIFT have decided to offer SWIFTNet to Euroclear Bank’s EUCLID PC/Server users,” adds Francis Remacle, Head of Securities, SWIFT. “SWIFT has always been at the service of market infrastructures and their clients, helping them in their efforts to standardise communication platforms, offer new services and reduce costs International central securities depositories, such as Euroclear Bank, are important strategic entities to help extend the reach of SWIFTNet.”
Euroclear Bank is making the SWIFTNet infrastructure for clients available through an MA-CUG (Member Administered Closed User Group) utilising SWIFTNet InterAct and FileAct for settlement instructions and reporting.