Misys and Swift have entered a partnership with the goal of improving the accuracy and consistency of payment transactions making their way through bank networks.
Misys, a London-based banking software provider, will increase its use of Swifts reference data throughout its entire banking application portfolio, the companies state in a Sept. 17 press release.
The Swift data, used in payments process validation and regulatory coding, will benefit Misys clients who use payment and messaging software. The data reduces manual exceptions, message failures and costly investigations into payment malfunctions, the companies say.
Under the agreement, Misys will receive greater access to Swift reference data to enhance its global banking and payments offerings, as well as support testing of its software. New York-based Swift will also provide access to its in-house experts to assist with the testing.
The agreement will ensure that Misys clients who source reference data from the Swift IBAN file will see minimal impact when Swift phases out the file at the end of this year, the companies say.
"We are excited by the benefits this partnership will bring to our clients, giving them greater access to accurate and up-to-date reference data to further drive efficiencies in their business," Barry Kislingbury, global solutions manager at Misys, states in the release.
Misys is a perfect partner for Swift because of the companys desire to maintain compliance with the latest Swift standards for its customers, Kislingbury adds.
The partnership between the companies has already resulted in Swift reference data being available through Misys core banking products, including Misys Message Manager, Misys Summit and Misys Payment Manager.
More than 1,900 banks and financial institutions use Misys software to run their businesses, Misys says.