October 02, 2002, 9:22 AM — IBM Corp. this month will launch a new product, WebSphere Business Integration for Financial Networks, designed to help financial services organizations simplify finance-related messaging and automate stock trade processing, Big Blue announced Tuesday at the SIBOS Conference in Geneva.
With WebSphere Business Integration, companies will be able to automate trade processing over multiple external financial networks, including the new Belgium-based Society of Worldwide Interbank Financial Telecommunications (SWIFT) IP (Internet Protocol) network, IBM said in a statement.
Swift, with 7,000 global financial institutions as members, is a global cooperative that handles securities messages and international payments, including clearing money transfers between banks, through its X.25 and IP networks. IBM's offering will allow users to make a smooth and secure migration to Swift's new network, SwiftNet Version 4, IBM said.
From a practical standpoint, the migration to SwiftNet Version 4 means that instead of accessing FIN, an older Swift network, through an X.25 line using a modem and encryption box, access to FIN will be through a SwiftNet Link account and an IP line. But FIN functionality and message standards will remain untouched.
WebSphere Business Integration also works with IBM's Merva software, which is IBM's mechanism for handling Swift messaging, the company said.
The software suite centralizes administration, operation and control functions for back-end payment messaging, as well as providing a "one-stop shop" for connecting users to a variety of financial networks and services, including InterAct, FIN and Trust ePayments, IBM said.
IBM is working closely with Swift to develop processes for helping customers make the transition to the Swift IP Network. As part of that partnership, IBM will resell the SwiftAlliance Gateway product in conjunction with its WebSphere Business Integration for Financial Networks offering, the company said. SwiftAlliance Gateway is the hardware and software package customers use to get on to SwiftNet.
IBM also announced separately that French bank Credit Lyonnais SA is in the process of deploying an IBM WebSphere Business Integration software product based on IBM CrossWorlds technology to manage its equity capital market operations processes. The companies did not disclose any financial details of the deal.
