ECS’ Swift Services

Global Message Exchange at your fingertip

Swift Message Administration,
Swift Message Capture & Distribution Services

Overview of ECS’ Swift Services

ECS offers a multitude of Swift products and services ranging from connectivity to message administration dashboards, interface for operations, transformation tools, workflow management, gpi, ISO 20022 migration, data storage, service support, consulting, CSP and so much more.

Gather messages from all internal applications in any format, protocol or schedule, subject them to validation, enrichment, transformation to Swift MT or Swift MX (ISO 20022) messages, approval cycles, release controls and distribute to all counterparties globally. Receive and process acknowledgements and responses, handle exceptions.

Receive messages from all external entities in Swift MT and MX formats, subject them to parsing, reformatting and delivering to all internal applications in any format, protocol or schedule.

Engage subscriptions through simple parameter settings for all interested parties to receive copies of any message in the platform in any format, protocol or schedule.

Extends interface and dashboard for departments, regions, branches, etc. by type, ownership, purpose communication channel etc. for complete visibility and control.

ECS’ PREMIER Certified Swift Service Bureau

Enjoy total freedom from a battery of hardware, software, tokens, network and specialized skills by adopting this one-window solution. Exchange messages via one or more of the Swift Messaging Protocols made available through the ECS Swift Service Bureau platform along with an Enterprise Swift Message Administration Platform.

Platform Features:

  • Support FIN, FINplus, FileAct, InterAct & WebAccess
  • Forms and Templates to create MT or MX messages
  • Dashboards to view all incoming and outgoing messages
  • Approval interfaces, Maker/Checker, 6-eye rule
  • Message/File exchange globally via Swift Fin/FileAct
  • RMA Management, Interface to Initiate/Approve/Reject
  • Source System Integration and File Uploads
  • Route copies of messages to all interested parties
  • Encryption & Two-Factor Authentication (2FA)
  • Certificate Management and Administrative Tasks
  • Monthly Service Report
  • Swift Message Monitoring
  • ACK/NACK Reconciliation
  • Confirm/Statement Reconciliation
  • Content Based Routing
  • Workflow Management
  • Reach 100% STP

In addition to the Standard Features, ECS offers a series of functions, interface and dashboards addressing the need of every stakeholder, department and user.

Swift Message Dashboard

Manage and administer the entire Swift-based data exchange. Departmental views and controls with secured role-based access and entitlements by BIC, Branch Code, Department, Country, and Region. Track Message Status by monitoring delivery, success, failure, etc. Notify failures via email and extend interface for repair and reprocess.

Swift Message Creation
Create any Swift message using simple data entry forms through secured web access. Role-based access with user entitlements for departmental view and segregation of duties.

  • Forms and Smart Forms
  • Templates and bulk uploads
  • Real-time feeds
  • Reference Data Support
  • Minimize keying of data
  • Format validations
  • Network validations
  • Approval Cycle
  • Release Controls
  • Account Usage Rules

Internal Security
Enhance internal security by defining roles and entitlements for users. Lockdown standing instructions to ensure that each beneficiary account that receives large amounts is controlled by predefined usage rules.

Event Management
Messages that require manual intervention result in events that get generated and routed to users that own such messages. A copy of the message header is placed in the Notifications Dashboard until the message is taken care of through the necessary action/s.

Swift Notifications Dashboard
The IMS Notifications Dashboard is an accountability service that lists all messages anywhere in the platform that require manual intervention. It also lists messages that are waiting beyond tolerable limits for anticipated responses.

Swift Repair Station
ECS offers an interface and dashboard for handling exceptions. The type of actions includes updating reference data followed by reprocess, repair format-related items, or cancel and request recreate from the source system depending on the type of exception.

ECS Data Capture, Storage, and Distribution System

ECS offers an efficiently engineered data capture, storage, and distribution system that addresses the entire range of data exchange between internal applications, external entities, and all interested parties.

Swift Message Validation
Validates messages by usage rules, market practices, network rules, as well as preferred operational rules desired by each department. Validates against the current status of counterparties to minimize NACKs.

Swift Message Routing
Messages coming via the Swift network can be routed to any number of interested parties in any format, protocol, and schedule preferred by the interested party. Each subscription can be metered for internal or external billing.

Content Based Routing
Message routing decisions can be made based on values in the header as well as values in one or more fields.

Data Subscription
Subscription-based model to allow customers or interested parties to purchase or subscribe to specific data. Messages and reports can be delivered to any interested party in desired format, language, or protocol. Usage-based reports can be delivered for internal or external billing. Automates delivery through schedules controlled by Gateway settings for desired service hours. Subscription reports generated for usage-based billing.

EOD Reports
The service generates an end-of-the-day report that details the statistics on messages received, accepted, rejected, processed, delivered, flagged, etc. The end of the day reports help each department take accountability for the data exchanged for its various activities.

Integration with Internal Applications

Integrate with internal applications supporting any format, protocol, and schedule. Convert between proprietary formats and Swift MT/MX standards. The platform offers the ability to reach 100% STP with all internal applications while exchanging data with the outside world using FIN for ISO 15022, InterAct for ISO 20022, and FileAct for non-validated messages.

Swift Message Library
The platform is rich with a series of message libraries for parsing, formatting, and validating Swift and other messages. Formats include Swift MT/MX, CSV, Excel, XML, Fixed Length, etc.

Swift Message Mapping/Conversions
Convert messages from one format to another using one of the 3 methods offered by ECS.

  • Traditional Drag/Drop method
  • The XML Method
  • Persist Subscribe Model

The Persist Subscribe Model is a proprietary method used by ECS that gives a lot of flexibility in adding complex processing rules while converting data between formats. This method also allows users to interface and make decisions as and when needed for handling exceptions or for adding conditional rules.

Complex Mappings
ECS supports one-to-one, one-to-many, and many-to-many type of message conversion from one or more source systems to one or more target entities. Inter-message processing, batch headers, and trailers regrouping multiple batches are also supported.

Workflow Management
Create end-to-end data flow from entry point to delivery. Supports calls to shared resources like message libraries, mapping objects, validations, compliance, etc. Visualize, define, simplify, and engage complex message processing workflows using GUI tools. Automate end-to-end processing of messages from connectivity to delivery.

Reach 100% STP
Reach 100% STP with all internal applications through conversion of proprietary messages to Swift formats and vice versa. Convert the data on each communication channel to the preferred format of the receiving service.

  • CSV to MT/MX
  • MT to MX, MX to MT
  • Excel to MT/MX
  • XML to MT/MX
  • Any format to MT/MX
  • MT/MX to any format

STP Controls & Conditional Release

Extend interface and dashboard for each communication channel to appropriate owners or departments for complete visibility and control. Messages that do not conform to expected thresholds may be flagged, held temporarily, and email Notifications sent to appropriate owners for further action/release to downstream applications or upstream entities.

ISO 20022 Readiness

As financial institutions and corporates are moving toward a global standard for engaging in message-based communication, disruptions in the transaction processing space seem inevitable.

ECS believes that the adoption of ISO 20022 messages does not have to be disruptive. Legacy systems and business processes of an enterprise should not be affected by changes in the languages and protocols used for exchanging information with customers, service providers, counterparties, and all interested parties.

Adopting ISO 20022 can be a major initiative for organizations that utilize traditional data transformation tools. However, for ECS’ customers, it’s simply a preference setting that can be dynamically assigned to every counterparty’s credentials.

MX Message Library
ECS offers MX Message Library that allows messages to be created in MX formats and also aids in converting messages from/to MX formats.

MT/MX Converter
Widely used messages can be readily converted from MT to MX and vice versa. There may be some configuration work required when institutions deviate from the recommended usage of MX fields.

Preserving Surplus Data
Excess data in the ISO 20022 messages are never lost. Downstream applications can be catered using subsets of data. Golden copies of original data are stored for audit purpose while its parsed components can cater to the needs of other interested parties.

MX Message Conversion as a Service
ECS offers conversion of messages from/to MX standards as a service. The service can be utilized in a hosted or SaaS model.

Certifications
ECS is certified by

  • Swift for CBPR+ Readiness
  • Federal Reserve Bank for Fedwire

A Note of Appreciation/Case Study
For taking an ACH/Nacha file that arrived past cut-off time, converting it to ISO 20022 messages and sending them out via Real-Time Payment Rail overnight.

– Group COO, AmBank

Business Application

ECS offers a series of business applications that involve the utilization of Swift Messages and Swift Message Network for exchanging with international counterparts as part of transaction processing/maturing activities.

International Payments
IMS Payments, addresses the end-to-end processing of payments via the Swift Network covering initiation, validation, compliance, intelligent routing, and pre/post-payment services. It extends role-based dashboards and interfaces to obtain greater visibility and control at the branch, department, region, and entity level. The platform supports taking roles as Sender, Receiver, Intermediary, and Correspondent.

Correspondent Banking
Receive and process MT202 Cover Payments and take necessary action. Create Debit/Credit Entries and send Confirmations (MT900/910) back or forward to Receivers Correspondent for further processing.

Swift gpi
Utilize Swift gpi for identifying all possible routing options available for settling payments. Minimize bank fee or settlement time as required by each payment instruction.

Swift go
Swift go allows cross-border payments to be completed with a nominal fee at a rapid pace. The customer will have the ability to make informed decisions on the total fee and settlement time prior to initiating the payment.

Money Transfer
Gather fund transfer requests from various internal applications and transmit payment instructions in preferred formats and protocols. Process Confirms & Statements. Prepare Notice to Receive (MT210 or equivalent) along with MT202 for counterparties to be forewarned about funding arrangements. Process Confirms (MT900/910) to manage the status of each transfer instruction.

Foreign Exchange
Automate workflows related to preparation and processing of MT300 series messages and provide real-time interface and dashboards for visibility, control, and operational support.

Trade Settlement
Collect copies of confirmed trades from OMS, ETC Services, Advisors, etc. Prepare Settlement Instructions in formats preferred by each counterparty and transmit via preferred network.

Trade Services
Prepare MT700 Series Message from Manual Entry, Templates, Message Components, or from proprietary messages. Engage any number of approval processes that may involve multiple entities globally. Forward to appropriate service provider. Process incoming messages. Wrap/Unwrap MT798 Messages for STP with Corporate Customers.

Statement Consolidation & Management
Gather statements from all service providers globally in Swift and other formats. Get them reconciled or delivered to your internal applications in a unified format for further processing.

Statement Reconciliation
Match 940s/950s against instructions that were sent out during the day. Identify gaps and raise email notifications and provide a facility for initiating investigations.

Swift Service Consolidation & Mergers

Eliminate redundant Swift connectivity services. Utilize a single Swift service as an Enterprise Swift Gateway that supports multiple BICs & Branch codes with logical separation of data.

Segregate data physically or logically by BIC, Branch Code, Department, or line of business. Role-based access by entitlement ensures access to data specific to the departments to which the user belongs or assumes specific roles.

Streamline and organize the entire Swift Message Traffic for efficiency in operations, management, and administration.

Save millions of $$$ in infrastructure cost, maintenance cost, operational cost, and various technology overheads associated with owning multiple Swift connectivity.

BICs & Branch Codes
The platform supports any number of BICs and Branch codes. Dashboards can be segregated by BIC, Branch Codes, and Message Types.

Department-wise Views
Additional dashboards can be exposed for each department to have complete visibility and control over messages it owns. A certain department may be interested in MT103, MT202COV, and all responses associated with those messages only like MT900, MT910, MT940, MT950, and all related responses, acknowledgements, request for status, queries, and answers. They can all be made visible, individually or linked by the underlying transaction for the administration of messages or transactions respectively.

Swift Data Warehouse

IMS acts as a custodian of enterprise transaction data. The platform safe-keeps all incoming and outgoing messages and the events that follow; Creating an audit trail of confirmations, repairs, responses, etc. The data elements are linked by transaction and categorized by BIC, Branch Code, departments, context, categories, ownership, and more. All SAA archives are restored, indexed, and made searchable online.

Golden Copies
Store copies of all outgoing and incoming Swift messages in well-organized relational database tables. Logical separation between BICs, Branch codes, types, Departments, and ownerships can be engaged.

SAA Archives
Migrate historical data from all SAA archives from the time of initiating data exchange via the Swift network.

Data Ownership
Dashboards and web-based interface to all stakeholders to own, monitor, track, and control their own data exchanged through Swift and other communication networks.

Message Audit
Audit trail on every message sent/received along with Acks/Nacks, including timestamp and ID of every user who has engaged in any operational activities like creation, acceptance, approval, rejection, repair, re-approval, etc.

Transaction Audit
IMS links all data elements (messages, acknowledgements, confirms, status messages, source messages, user activities, system events, attached documents, notes made by users, etc.) by the underlying transaction as a Transaction Audit.

Advanced Search
Historical messages can be searched by field values, range of values, greater than, less than, or specific strings. Search criteria can be preserved for creating views and reports.

Swift Audit Trails & Reports

Generates various types of views and reports required by operations, business, compliance, and customers. Executive dashboards with graphical display. Ad-hoc reporting and report scheduling.

EOD Reports
EOD Reports are accountability reports that would be of interest to each department to have a bird’s eye view of all the data received, transmitted, processed, rejected, modified, pending, etc. The EOD can be automatically delivered by the close of each business day to every department.

Message Statistics
Message Statistics is essentially an accumulation of the EOD Report that will cover a broader range of dates. It can be weekly, monthly, yearly, or for any desired range of dates.

Subscription Reports & Internal Billing
Subscription reports are created by the end of each month based on data requested by each interested party. This report can be used for internal billing or billing customers/subscribers.

Standard Reports
Generates various types of views and reports required by operations, business, compliance, and customers. Executive dashboards with graphical display. Ad-hoc reporting and report scheduling.

Data Analytics
Learn customer usage and preferences on spending, preferred channels for specific purposes, etc. that can be used to capture a bigger market share.

Risk Assessment
Monitor transactions over any period of time to identify suspicious activities, violation of usage rules, unusual movement of money, balance enquiries, deposits, withdrawals, etc. Establish profiles of payer and payee activities for tracking abnormal behaviors.

Swift Messaging Interface

IMS can directly connect with any number of SAG services to eliminate any dependency on SAA. The IMS Swift Platform offers message creation modules, reference data services, standing instruction management, message processing workflows, data storage, subscription, and reports.

Swift Platform Capabilities

  • Create MT & MX Messages using Forms, Smart Forms, Templates
  • Manage Reference Data & SSI Tables for Enrichment & Validation
  • Create related messages as part of same transaction (103/202, 202/210 etc.)
  • Reconcile with Ack and Update Status
  • Dashboards by BIC, Branch Code, Message Type, Department Ownerships
  • Message Visibility & Controls, Approval Cycle, Release Time
  • Gather from all source systems, validate and deliver via Swift
  • Gather from Swift for all BICs and Branch Codes
  • Keep golden copies of all outgoing and incoming messages
  • Deliver copies of messages to internal applications & interested parties in any format/protocol
  • Eliminate complex message routing rules, engage data subscription
  • Control message subscription using Schedules
  • Engage Message Gates that can be Opened/Closed for both Real-time and Batch intake/delivery

Swift Platform Benefits

  • Connect/Integrate directly with SAG
  • Minimize the Swift Message Fee
  • Eliminate the need for multiple Swift Services
  • Use a single SAG/SNL service for all BICs and Branch codes of the enterprise
  • Cater to all Departments by Branch, Region, Entity, Country
Swift Infrastructure Support

ECS offers architectural design, planning, implementation, maintenance and support of Swift messaging and all related services. A team of Swift certified engineers have been instrumental in re-engineering complex Swift messaging infrastructure of tier 1 banks and corporations removing unwarranted systems and services thereby making the process lean, efficient and highly reliable. Some of the services offered by our Swift certified engineers are listed below.

Platform Setup & Configuration

  • On-premise infrastructure
  • Alliance Connect Network
  • Alliance Gateway/SwiftNet Link
  • SwiftNet PKI
  • Hardware Security Module
  • Swift Messaging Interface
  • Alliance Web Platform
  • Routing Rule management
  • Relationship Management Application
  • Disaster Recovery Site & Business Continuity Planning

Messaging Protocols & Configure

  • FIN, FIN Copy
  • FileAct, InterAct
  • Swift Web Access
  • Swift Micro Gateway
  • API calls

Back-office Connectivity and STP

  • Files and sFTP
  • IBM MQ and Webservice

Workflow Management

  • Synchronous Messaging
  • Asynchronous Messaging
  • Request/Response
  • Transaction Processing
Swift CSP

ECS Fin is an entity certified as an Independent Assessment Provider and Cyber Security Service Provider. ECS conducts assessments of your environment and takes necessary actions for your applications and related services to comply with CSP controls.

Objectives

  • Protect your environment with security strategies
  • Knowing and limiting access to ensure security
  • Detecting and responding to Payment Frauds
  • Controls/reduce cybersecurity risks and cyber threats

Request our services or ask for a presentation by writing to info@ecsfin.com or demo@ecsfin.com.