FIN-X-SIDE sa, LAUNCHES SWIFT SERVICE BUREAU FOR EUROPE
FIN-X-SIDE sa is a joint venture between SIDE International - the SIWFT Business Partner for France and Benelux and Comesa Financial Exchange (FIN-X) - the first recognized SWIFT Service Bureau in Africa.
FIN-X-SIDE sa will enable Banks, Broker Dealers, Fund Managers, Market Infrastructures and other Financial Institutions to effectively complete their mandatory migration to SWIFT’s new IP-based messaging system (SWIFTNet) timely, cost-effectively and securely.
SWIFTNet is SWIFT’s comprehensive and integrated set of messaging services for the financial services industry. The migration from FIN over X25 to FIN over IP and SWIFTNet began in August 2002 and will continue through the end of 2004, when S.W.I.F.T. will discontinue the support of the X25 connection. The first migration window starts in February for Belgium, Italy, the Netherlands and Austria. Other European countries will follow.
Based in Rixensart, Belgium within close proximity to SWIFT headquarters, FIN-X-SIDE sa aims to become the dominant player in Europe in the Service Bureau arena. FIN-X-SIDE sa will offer all European SWIFT users, the possibility to outsource the migration and management of the new SWIFTNet messaging service through its bureau service. FIN-X-SIDE sa will assist users in migrating from their existing connection to the new SWIFTNet mandatory standard while focusing on their core business.
FIN-X-SIDE sa will significantly benefit from the strength of its founding partners. SIDE International is the first European accredited SWIFT application Development Provider, with well-established SWIFT plug-in software products such as e-Side©, Reporting©, Viewer©, Watchdog© and e-Messaging©. SIDE is also the SWIFT Business Partner for France and Benelux. FIN-X is the first recognised SWIFT bureau service in Africa, with 26 financial institutions spread over 7 countries currently outsourcing their SWIFT application to its bureau.
Financial institutions using the service bureau to connect to SWIFTNet will enjoy a seamless migration to the new IP-based protocol, reduced maintenance, system support and connectivity costs and guaranteed level of service and performance.
In addition, the Bureau mitigates Business Continuity Risks and Disaster Recovery Risks by maintaining a full backup and a Disaster Recovery site (DRP) and will provide a help desk and hotline, the handling of any technical problems, updates and support for all SWIFT modifications, daily administration of the communication lines, operation of authentication devices as well as carrying out an monitoring back-up systems.
The Bureau option enables financial institutions to outsource their connectivity to the SWIFT network and to focus on their core business while enjoying significant costs savings.