HSBC selects SWIFT for T2S connection.

HSBC in Germany has selected SWIFT’s value added network (VAN) solution for its T2S connectivity purposes.

Under the VAN system, which went live in June 2015, T2S participants will be able to connect to the new pan-European securities settlement for the exchange of business information in ISO 20022.

Using the system for T2S connectivity will allow HSBC to implement a single window for ISO 20022, giving the bank an opportunity to reuse the platform for purposes such as fund distribution.

As part of the VAN solution, users will also be able to access a ‘MyStandards’ feature allowing users to test messages against criteria in a bid to improve the speed and accuracy of T2S messages.

As part of T2S preparations, HSBC has joined other banks and CSD’s including BNP Paribas, Citi, Deutsche Bank and Societe Generale in adopting SWIFT for T2S.

Gerd Goetz, Managing Director, HSBC Transaction Services GmbH, said: “SWIFT’s T2S solution gives us the best benefit in terms of resilience, price and low risk. Through SWIFT, we can seamlessly integrate the platform with HSBC’s systems, allowing for a streamlined and low-risk project.

“The value added services helped HSBC to focus on developing the best possible services for our customers, enabling them to capitalise on the opportunities T2S brings to the market.”