UK-based FIBI Bank, a subsidiary of the First International Bank of Israel, has selected SunGard’s MINT solution to manage its migration from SWIFT’s X.25 network to the new SWIFTNet IP network.
FIBI Bank is a long-time SunGard customer, and its selection of the MINT SWIFT solution was no unexpected, since it already uses MINT Knowledge Broker technology.
“We were looking for the most cost effective and least risky way to make the mandatory migration to SWIFTNet FIN” says a FIBI spokesman. “By selecting SunGard’s solution we have achieved this.”
SunGard says FIBI also wanted to consolidate its operations and support structure, to reduce costs, streamline its internal workflows, and raise STP rates. “The MINT SWIFT solution delivers an infrastructure that helps to future-proof FIBI from further major changes, as SWIFTNet requirements develop to support other services,” says SunGard. The FIBI spokesman adds: “Taking a consolidated operations approach extends the SWIFTNet “single window” idea logically into the internal business environment. It provides a helpful single view of network operations for all users. We find that this promotes enhanced management control and higher efficiency while reducing effort, hardware and skills duplication.
Under the mandatory migration of SWIFT users to SWIFTNet, all existing customers will need to migrate to SWIFTNet by the end of 2004, when FIN access via X.25 will no longer be supported.
“We are delighted that FIBI has selected the MINT SWIFT solution to facilitate its migration to SWIFTNet,!” concludes Danny Barsella, president and chief executive officer at SunGard Business Integration. “Many institutions now realize that migration is not a painless exercise, and by adopting the MINT SWIFT solution as part of their SWIFTNet migration plans, organizations are now realizing significant economies of scope and scale, driving increased business flexibility and securing their future information agility. We look forward to working further with FIBI Bank in the near future.”
FIBI Bank (UK) plc is a wholly owned subsidiary of the First International Bank of Israel, one of the five largest Banks in Israel and part of the worldwide Safra Banking Group. The Bank started its operations in London as a Licensed Deposit Taker in 1981. In 1988 it was granted the status of an Authorized Bank under The Banking Act of 1987. The bank provides personal and business banking services