After a year of development and a successful ‘parallel run’ between SWIFT FIN and XML messages conducted in collaboration with one of its main counterparts, the transfer agency arm of Dexia Fund Services (FETA) has begun using SWIFTNet Funds messages in XML for all counterparts’ orders in Dexia funds. The programme started on 8 August.
FETA is working with TietoEnator, which has provided the technical architecture for electronic exchange of SWIFTNet Funds messages with its counterparts. The architecture is based upon TietoEnator’s ProSwitch messaging application, which provides a fully automated exchange of SWIFTNet XML messages over the InterAct service from SWIFT.
FETA is the first Luxembourg fund administrator to build a platform is compatible with the SWIFT messages for redemptions, subscriptions and switches, order confirmation and order status.
This is the first deliverable of the Swift XML project FETA began piloting at the end of 2004. With the technical infrastructure from TietoEnator in place, FETA now wants to extend the use of Swift XML message standards with an increased number of distributors/concentrators and for as many funds under administration as possible.
FETA says the next step is to increase the volume of transactions using Swift XML and to develop order related messages such as information to fund managers, such as cash forecasts, requests for creation/modification of accounts, and statements of account.