HIFX Plc, the UK's premier provider of corporate foreign exchange and cash deposit services, has gone live with the SWIFTAlliance Bureau Service from SMA Software and Consulting, a completely managed system for funds transfer over SWIFT.
SMA, a leading SWIFT Business and Service Partner, working closely with HIFX and a large British high street bank, has connected HIFX to SWIFT via its Bureau Service, running on SWIFT's proprietary SWIFTAlliance systems and provided the company with the optimum secure interface between itself and their UK bank within the SWIFT environment.
Glenn Jones, Director of IT, HIFX, says: "SMA's approach to our implementation was excellent. They worked with us to develop a detailed project management plan and their experience and attention to detail ensured our approach was thorough and easy every step of the way."
John Ballantyne, Business Development Consultant, SMA Bureau Services, says: "At SMA we are focusing on connecting clients to SWIFT with the minimum of effort on their part. For HIFX it was vital that they could outsource to the right partner as they needed a completely reliable, managed and secure system for customer fund transfers. Confidentiality and security of financial transactions is paramount to HIFX's clients, but alongside that the system has to operate in a truly complex environment – this is where SMA, with all its proven expertise and experience in the SWIFT world, provide the best solution."
HIFX wanted to utilise the same secure funds transfer network as the UK bank using their SWIFT Member Administered Closed User Group (MA-CUG) and after investigating the infrastructure and resource requirements of a direct SWIFT Connection, became more attracted to the outsource model.
In discussions with SWIFT, several possible partners were identified, with HIFX finally choosing the SMA Software & Consulting Bureau Service as a cost effective, secure and proven solution. SMA already has five live customers connected, with two more in testing, and another three in implementation. Commenting on the process, Glenn Jones of HIFX concludes: "SMA handled all the complications involved, and presented a proposal that made total economic sense to our business. We are now in a great position and ready to begin using SWIFT from March 2005, which will improve our service to customers."