Fortis Bank faced up to competitive pressures in its bulk payments business by implementing a new modern platform using SwiftNet FileAct messaging and Axway integration products.
In late 2003, Fortis Bank initiated a bulk payments project. This was to replace the magnetic tapes used for low-value cross-border payments, such as pension payments, with its correspondents.
In terms of volumes, Fortis Bank needed a solution which, in addition to 180 file transfers of up to 5Mb per month for Euroclear Bank and EBA STEP2 services, could also cope with files from 100Kb to 26Mb, and a monthly average of 500 file transfers per month. Fortis Bank initially planned to work with a handful of correspondent banks, but the solution needed to be scalable in order to allow for an increasing number of correspondents.
Using a combination of SWIFTNet FileAct and Axway XFB products provided Fortis Bank with a platform to rationalise file transfer mechanisms, replace obsolete tapes, automate file transfers and face up to competitive pressures.
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