Payments technology vendor Fundtech is launching its SwiftNet ServiceBureau - which provides financial firms with outsourced SwiftNet services - in the US.
Fundtech says the service is mainly aimed at US financial firms that currently access financial messaging network Swift through a correspondent bank but would rather use a non-bank partner, or banks that need a SwiftNet connection but have been unwilling to make the financial investment required for operating in-house. The service will also enable banks to avoid the cost and operational disruption resulting from Swift changes and upgrades says the vendor.
The ServiceBureau is based on Fundtech's inter-bank gateway, IGTplus server, a Java-based multi-network financial message hub able to route and queue messages, monitor and log events and convert message formats. It also features automated alerting, intelligent routing and back-up.
Fundtech currently operates a SwiftNet service bureau in Europe through its Swiss subsidiary bbp. Mike Sgroe, Fundtech President and COO, says the move to the US is a natural progression: "Our customers in the US will benefit from the expertise gained servicing the 70 clients we already have."