back Back

Finastra secures SWIFT Compatible Application label for Trade Finance

By Joy Dumasia

August 16, 2021

  • Europe
  • Finastra
Share

Finastra announced that they are the first technology provider to secure the SWIFT Compatible Application label 2021 for Trade Finance. The achievement proves that Fusion Trade Innovation, Finastra’s global trade and supply chain booking engine and processing solution, meets rigorous SWIFT industry standards.

Finastra’s Fusion Trade Innovation supported customers through the first wave of SWIFT changes in 2018; now, the solution is the first compatible and ready to support banks with this next stage. The solution is ready to support customers ahead of the SWIFT SR2021 go-live in November, impacting Category 7 Guarantees and Standby Letters of Credit messages.

Banks worldwide face many challenges due to the pandemic, which leads to greater intensity when navigating the changes needed to ensure compliance with the SWIFT SR2021 for Category 7 Guarantees and Standby Letters of Credit messages.

The new fields and message types, introduced as part of these upcoming changes, require banks and financial institutions to review existing business and operational processes for multiple trade finance products, domestically and cross-border, including the introduction of the new Undertakings functionality.

Anastasia McAlpine, Head of Product for Trade and Supply Chain Finance at Finastra, said, “SWIFT SR2021 completes the cycle of the most significant set of changes to the trade finance messaging interface in nearly 30 years, with the updated message structures and the introduction of new message types. We are delighted to have secured this SWIFT Compatible Application label as it demonstrates Fusion Trade Innovation’s strong capabilities to align with the extensive and complex SWIFT standards. It is also a testament to the solution’s ability to support customers as the industry evolves.”

Recently, IBS Intelligence stated that Finastra announced that the UK-based specialist building Society, Teachers Building Society, has selected Fusion Essence Cloud, its next-generation Software as a Service (SaaS) core banking solution, to deliver a new core and digital banking service.

Previous Article

August 16, 2021

SIX Digital Exchange appoints David Newns as the new CEO of SDX

Read More
Next Article

August 16, 2021

3 top Indian FinTech funding rounds in August 2021

Read More








IBSi Daily News Analysis

March 22, 2024

Europe

Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 28, 2024

5 Major FinTech Acquisitions announced in March 2024

Read More

March 28, 2024

Tempo France suspends classical remittances, to focus on DeFi

Read More

March 28, 2024

Sindhuja Microcredit secures $14.5m in Series C Funding round

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023