SWIFTNet 7.2 increases Operational efficiency of the treasury unit can be improved by adding the FileAct feature to your SWIFT Messaging arsenal. This feature is useful for batch processing payments but is not limited to that. FileAct
provides the security, stability, reliability, and availability that businesses demand from enterprise level software. There are two functions of FileAct:
- Exchange File requests
- Handle File requests.
To access the enhanced SWIFT messaging services such as FIN, FileAct and Interact, SWIFTNet Link is used. It is designed in such a way that functionality is provided to access the SWIFTNet messaging services, enabling the ability to exchange information between the client and the requestor application. Using standard API’s, client’s investment is enhanced with the help of SWIFTNet Link; it is designed in such a way that it can evolve while maintaining its stability.
Here are some of the exciting enhancements for FileAct as part of the release SWIFT 7.2:
- Support of large files up to 2 GB, for both real-time, store-and-forward.
- An interrupted FileAct message will resume its file transfer, given that interruptions are not longer than 30 minutes. During interruptions longer than 30 minutes, the transfer is aborted.
- Unknown status is eliminated with a boost in the status of file transfers.
- The transfer efficiency is enhanced, with a new transport mechanism in place.
- Multiple file transfers can be performed simultaneously.
- Based on the availability of resources file transfers are automatically managed by FileAct.
- As part of SWIFTNet 7.2 release, HSM boxes have undergone a hardware refresh. Replacing the previous versions of both HSM cards and tokens, with a new version.
- Secure Socket Layers certificates (SSL) have been added to Alliance products and within some of the applications to secure TCP/IP connections between different applications. With the release of 7.2 all TCP/IP connections use Transport Layer Security v.1.2 because stronger protocols are needed to support cryptographic algorithms. SSL certificates will no longer be supported in release 7.2.
- Enhanced Certificate Password Policies have been introduced to meet industry best practices.
- A new tool Security Best Practice Toolkit has been introduced to help auditors and administrators monitor the security status of the system and collect evidence to comply with SWIFT CSP.
- The release also covers support for Process Whitelisting Tools and Support for SWIFTNet root key
renewal.
Note from SWIFT: FileAct customers migrating to Release 7.2 cannot exchange files with counterparties that are not running the minimum supported version of Remote File Handler 7.0.50 or higher.
The operational efficiency that version 7.2 brings makes this the best update to the SWIFTNet platform. Adding FileAct to your repertoire allows for bulk processing of files to your bank. When it comes to security, the treasury team is going to breeze through audits because of the Security Best Practices Toolkit. Don’t delay taking advantage of all the best features SWIFT has to offer, learn more about the upgrade by talking to the premier Service Bureau in North America, Axletree Solutions. Our team has the expertise to guide you through this changing of times.
Call us @ +1 732-296-0001 or you can email us: sales@axletrees.com
May 22, 2018
