An Enterprise Integration Engine has messaging and reporting capabilities that include payments for FX, Treasury, Market Infrastructures, and others. For corporations, this connection allows for streamlined access to your financial data using the ISO20022 and MT formatted messages. Benefits of using an Enterprise Integration Engine include:
- Receiving intraday balance reporting,
- Importing/exporting letters of credit, and
- FX confirmations.
For financial institutions, this integration allows for you to exchange ISO20022 and MT formatted messages with your clients, opening a far greater reach for your products.
Most companies outsource their non-core business activities. This is where Axletree’s Symmetree Integration Engine can step in to help you.
The Symmetree Integration Engine not only focuses on SWIFT connectivity but also on additional value-added services. Integrating your message formats with an enterprise integration engine is one of the value-added services for:
- Enhanced Straight Through Processing (STP)
- Minimizing maintenance costs
- Enabling any-to-any financial message or file format translation
- Ease of migration from other platforms
- Full visibility to your cash and payments for effective liquidity management.
The three key functions of an Enterprise Integration engine are:
- System Integration: This provides customers with SWIFT compliant any-to-any format integration and validation. It supports CSV, XML, ISO 20022, ISO 15022 and any other proprietary format.
- Transport: This seamlessly and securely transports files, messages, and transactions across all processing nodes, protecting the integrity and confidentiality of customer data.
- Reporting: Provides enhanced reports of the financial transactions, enabling intelligent and strategic decision making.
Here are some of the use cases being implemented:
- Pipe Separated Values (PSV) or Comma Separated Values (CSV) to SWIFT MT
These two file formats are simple text files with different delineators making them easy to work with. Integration with these files can come from a variety of different sources such as an Enterprise Resource Planning (ERP) platform or accounting system, and can be translated into the correct SWIFT MT formatted message.
- BAI2 to SWIFT MT
BAI2 is a legacy standardized format for US based banks. While transacting internationally, these files need to be converted into a SWIFT MT formatted message. Cash management is a vital function and needs to be format-agnostic.
- Proprietary XML to SWIFT ISO20022
Proprietary XML file formats from in-house or legacy systems can be tricky to integrate with standardized or modern systems. An enterprise integration engine must be able to read whatever format is thrown at it and map it to a SWIFT formatted message.
An Enterprise Integration engine enables customers to exchange financial data over numerous systems, without worrying about the process of transportation, translation and reporting. Straight Through Processing (STP) enables you to be more efficient and effective by reducing the time elapsed in manual interventions and risk of errors.
September 24, 2021
