Exploiting Financial Message Archives

Updated: Apr 29

Millions of financial transactions take place every day across the globe, with the vast majority of them communicated between financial institutions via SWIFT messages. SWIFT has a near monopoly over financial messaging, with their global network connecting most banks worldwide. Compliance in the financial sector dictates that these interbank financial messages must be archived for at least 10 years. To be compliant, it is relatively easy to store the messages, but the difficulty comes when you want to retrieve a message. Depending on how the messages are stored, finding the correct archive and then searching through it can take much longer than expected.

Bank acquisitions and mergers can complicate this matter further if respective banks wish to consolidate their archives. Likewise, if a financial group is partitioned into two or more banks, splitting archives can be a challenge without the right tool. The storage of interbank financial messages must be secure, and yet accessible.

Storing financial messages is a regulatory matter with technical applications. Taking into account fraud detection and auditing requirements, there are several channels a financial message must pass before ending up in an archive. Processing financial messages in real-time in conjunction with these sorts of satellite applications is necessary. Communicating between these systems calls for a middleware solution to channel the flow of data to each application. Furthermore, gathering statistical data on financial messages can be time consuming and laborious, especially if the archives are scattered and cannot be simultaneously accessed. Allowing a bank to easily analyse and monitor their trove of financial messages can yield insightful results that are directly related to a bank’s performance and position in the market.

A proficient management console to administer the system, to assign rights to members of staff and govern levels of accessibility envelops a packaged solution. An applicable financial middleware solution to efficiently manage and carryout multiple back office tasks and functions can greatly improve internal working procedures in any financial institution. The simplicity of using a web browser and the flexibility that that brings with it, provides agility and can be a real alternative to existing user interfaces.

Combining all these aforementioned aspects into a pragmatic and cost-efficient solution can facilitate successful digital transformation projects and associated business ventures. To that end, ALSEGO has developed Triple-S™, our Smart Solution for SWIFT message archive management. Thanks to the agile nature of our solution it can deployed rapidly, and without a limit on the number of users or entities, it can bring your entire team up to speed and make laborious tasks a cinch.