Leading Nordic Fund Manager Selects Sun Microsystems for SWIFTNet Funds Integration
Boston, MA. Sibos Conference.-Sun Microsystems, Inc. (NASDAQ: JAVA) today announced that ODIN Fund Management, a leading Nordic fund management company, is using the Sun Java Composite Application Platform Suite (Java CAPS) as the integration framework for its adoption of the SWIFTNet messaging infrastructure.
The fund management industry today faces fiercer competition and increased investor expectations. To take customer service to new levels, market-leading firms are now embracing open standards and automating all stages of the investment transaction cycle, with SWIFTNet Funds increasingly seen as the de facto global standard for messaging to support efficient investment fund distribution.
“We are delighted that ODIN recognized the business value in working with SWIFTNet Funds. We look forward to helping ODIN achieve complete automation with their funds processing to bring customer service to a new level,” said Joanna Kennilä, Securities Specialist for the Nordics and Baltics countries, SWIFT.
Using SWIFTNet Funds and ISO20022 messaging, integrated via the Java CAPS software platform, ODIN will be able to take fast and full advantage of automated STP for funds--through account opening and order placement, through switches, pricing, statements and settlement.
“Sun’s long-standing commitment to the SWIFT community and its continued investment in SWIFT solutions helps financial services firms extend their capabilities in SWIFT communication and processing,” said Svein Carlsson, Director of Technology and Business Development, ODIN. “We have saved time and integration cost by using Sun’s SWIFT integration framework. The Java CAPS platform was easy to use and fast to deploy and offers flexibility for future enhancements.”
ODIN Fund Management selected Sun’s Java CAPS platform to provide support for real-time interactive message exchange— validating data flows in business transactions between back-office applications and SWIFT. Java CAPS was recently certified with the SWIFT Gold Label, for the ninth year in a row - confirming that the Sun solution is fully compliant with the 2007 SWIFT standards.
TietoEnator, based in the Nordic countries, is helping ODIN build a Java technology-based component, the Instruction Service Bus, to connect to TietoEnator’s Capital Markets Solutions for Funds for order and money settlement based on the ISO 20022 standard. This component will be integrated with Sun’s solution.
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