Swift announces today that Barclays and Navigators have successfully used the MyStandards Readiness Portal, a collaborative standards management platform that eases the client on-boarding process for financial institutions and their customers.
The MyStandards Readiness Portal allows users to test their messages against specifications and prove their ability to reach certain quality and straight-through processing rates, helping to improve the speed and accuracy of on-boarding processes.
“Barclays worked with SWIFT and a number of other banks to develop the tool,” says Nick Morrissey, Director, Cash Management Channels, Barclays Corporate. “Through MyStandards, our customers can adopt an automated, self-service approach to test messaging early on in the process, eliminating the need to rely solely on bank resources to complete the testing. It removes the bottlenecks and streamlines the on-boarding process to the point where we have enhanced the on-boarding time for new clients from months to weeks.”
Ellen Dion, VP and Corporate Treasurer at Navigators Insurance says, “MyStandards played a key role in helping to onboard Navigators Insurance with Barclays. It is a useful tool that provides one view into the testing activity across multiple parties, so you can see exactly where you are in the process. The testing provided great feedback that enabled us to progress the implementation more smoothly, it made the on-boarding with Barclays very quick and easy.”
Marc Delbaere, Head of MyStandards at SWIFT says: “I am very pleased and impressed by Barclays’ success in rolling out MyStandards for corporates on-boarding. Integrating MyStandards into day-to-day on-boarding processes can significantly reduce the implementation time resulting in a faster time to market on both ends. This will have a significant impact on the industry, particularly as adoption of this collaborative platform grows. At SWIFT, we want to make standards simple whether it’s for banks or corporates.”
Currently, there are 45 large global banks, corporates and market infrastructures documenting their detailed exchange formats on MyStandards.