Having completed the proof of concept, the project is due to go live by the end of 2008 and will enable a timely transfer of settlement instructions and receipt and reconciliation of messages from The Bank of New York Mellon. Coupled with a reduction in the number of parties involved in the transaction, these methods are expected to transform ING Investment Management’s securities and payments processing to provide an efficient message processing structure, said Microsoft.
Using Microsoft BizTalk Server including BizTalk Accelerator for Swift, ING is expected to gain the ability to exchange the complete set of ISO 15022 securities and payments messages directly from their internal applications to increase straight-through processing, support compliance needs and reduce risk.
In addition, by using Microsoft BizTalk Server, ING will be able to transmit information to and from a newly established, centralized data storage system. This system will allow the firm to handle the expected increase of transactions that the business will face in the future as part of its expansion plans.
Thomas Schreier, senior vice president of IT at ING Investment Management, said: We were looking for a solution where we could maintain our existing ING architecture, and one that was cost effective, easy to implement and offering more control and visibility of our business processes. Microsoft’s BizTalk Accelerator for Swift achieves all of this without adding complexity or causing disruption to our existing business operations. Microsoft’s solution provides us with the required interoperability, reliability and flexibility for rapidly creating and deploying Swift-based financial messaging solutions as well as meeting our customers’ needs more efficiently and effectively.
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