SWIFT has been selected as one of Euroclear’s key providers of secure messaging services for its Common Communication Interface (CCI), which will serve as the single access point for Euroclear group clients to all Euroclear services.
With roll-out starting in 2008, the CCI will converge the various systems used by clients today when communicating with each of the Euroclear international and national central securities depositories.
Current SWIFT/Euroclear customers will be able to upgrade their existing SWIFT connection to access the CCI, thus enabling a simple migration process. New SWIFT users for the CCI will benefit from a pre-packaged offering, either through direct or service-bureau connectivity.
Euroclear’s CCI will include:
secure messaging based on ISO 15022 and ISO 20022 standards;
screen-based and fully automated STP communication channels;
standard interface packages available from SWIFT and other vendors;
a standardised environment, conforming to European market-practice harmonisation initiatives, including those specified by the Giovannini Group, MiFID, SEPA and Target2; and
security and resilience.
“This agreement reinforces our long-term relationship with SWIFT,” says Wim Claeys, managing director and head of strategic programmes at Euroclear. “It also demonstrates SWIFT’s commitment to meet Euroclear’s evolving messaging service requirements. Our efforts to harmonise client communications via the CCI, bolstered by improved use of SWIFT’s services, will provide opportunities for clients to achieve significant back-office savings while retaining the highest levels of security and client service.”