|SunGard And Sun Microsystems To Launch Joint SWIFTNet Initiative |
Tuesday October 1, 9:08 am ET
GENEVA--(BUSINESS WIRE)--Oct. 1, 2002--At the Sibos 2002 conference in Geneva, SunGard Business Integration, an operating group of SunGard (NYSE: SDS), and Sun Microsystems today announced a joint initiative to offer a Global SWIFT Interface solution on the Sun platform.
SWIFT is the world's largest financial payments network, which this year is introducing SWIFTNet as its next generation IP-based messaging platform, comprising of a portfolio of products and future services.
The MINT Global SWIFT Interface (GSI) solution enables clients to connect to the FIN messaging service, SWIFT's secure, store and forward financial messaging service, over SWIFTNet and aims to replace in-house and legacy vendor solutions, for the world's top 300 financial institutions.
"In the drive towards hardened straight-through processing for the financial services industry, SunGard's clients must have the most secure and resilient platform on which to run," said Danny Barsella, president and chief executive officer, SunGard Business Integration. "We believe the right approach for institutions is to consolidate as much of their network operations through a single window, operating on the best possible infrastructure. SunGard Business Integration and Sun Microsystems together can offer our clients the best of both."
"The superior products and services offered by SunGard help financial services institutions to achieve higher straight-through processing rates, and Sun gladly continues the tradition of our close collaboration to help deliver a finely-tuned, highly optimized solution to financial customers," said David Littlewood, global director, financial services industry solutions, Sun Microsystems. "With the MINT GSI Solution residing on Sun infrastructure, clients are able to achieve operational cost efficiencies, with proven reliability, availability and unsurpassed scalability."
SWIFTNet creates a new "mega network" effectively consolidating the existing FIN network together with many other financial networks. This means significant architectural change and creates an opportunity to reduce connection and traffic costs. However, in order to harness this external consolidation opportunity for increasing operational efficiency, organizations need to re-examine their internal network operations for both payments and securities.