IBM Corporate Treasury to Connect to Its Banks via SWIFTNet Using WebSphere
Corporate-to-Bank Link Will Boost Efficiency Through Enhanced Automation and Integration
SYDNEY, Australia - 11 Oct 2006: IBM (NYSE: IBM) today announced its intention to link its corporate treasury operations and payment functions with its banks, using the company’s own industry-leading middleware for connection to SWIFT’s IP-based messaging network (SWIFTNet). IBM intends to use the newly-announced IBM Enterprise Payments Platform to integrate SWIFTNet with the company’s internal systems -- from accounts payable right through to travel, benefits and expenses systems. Full integration with these systems is expected to result in multi-million dollar savings as IBM enhances its level of automation and moves further towards corporate-wide Straight Through Processing within its finance and corporate treasury departments.
The combination of WebSphere Business Integrator (WBI) for Financial Networks and SWIFTNet, as used by many of the world’s leading financial institutions, will continue the automation and transformation strategy IBM has invoked over the last several years.
“IBM WBI for Financial Networks and SWIFTNet are a powerful combination which will complement our global approach to common financial systems and processes. Greater visibility to our global financial data will facilitate enhanced risk management and operational efficiency,” said Daniel Zuchelli, director of IBM Global Treasury Operations. “In addition we will have the added benefit of reduced transactional costs in a highly secure environment.”
The enhanced security and reliability provided by SWIFTNet will complement the added interoperability and ease of integration provided by WBI for Financial Networks.
“For years IBM has helped its customers, banks and other large corporates, to streamline their financial systems and their payments processes,” added Zuchelli. “IBM will use the same systems and methods to streamline transactions from its own corporate treasury and finance departments.”
IBM has already automated many of the internal systems that support travel, benefits and expenses within the corporation. It is now keen to extend the level of Straight Through Processing and link directly with its banks.
“IBM has always been a great solutions partner and it is now providing further proof about the benefits of using SWIFTNet and the SWIFT payments standards. I predict this will be one of SWIFT’s biggest growth areas in the next few years,” added Leonard H. Schrank, CEO, SWIFT.
“We welcome IBM’s intention to use SWIFTNet. This further confirms the attractiveness of the SWIFTNet offering for corporates and will create additional traction in the corporate community,” added Marilyn Spearing, Chair of SWIFT Corporate Access Group.
IBM is an active partner of SWIFT, the industry owned co-operative supplying secure, standardized messaging services and interface software to financial institutions and corporates. IBM holds a SWIFT EAI Gold certification for WebSphere Business Integration for Financial Networks (WBI-FN) and a SWIFT Ready Gold certification for WebSphere Transformation eXtender (WebSphere TX).
For more information on IBM, please visit www.ibm.com.
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