MessagePlus/OPEN
Solutions

Finance

Continuing high volumes of unstructured messages
Communication between banks and other financial institutions has reached very high levels of automation with straight through processing through the exploitation of structured messages via SWIFT, CHIPS, Fedwire, and other financial networks. However, there still remains a vast number of financial messages which are transferred between financial institutions each day using unstructured formats, and in particular as fax messages. These volume of these messages can be measured in the hundreds of millions each day. Typically, time consuming manual processes are involved in handling these messages and the associated cost is very significant at a time when there is an increasing focus on eliminating unnecessary costs.

Fax – secure and reliable
The IT director of a security firm states: “fax has proved a very secure and reliable communications method and we can easily reach all our business partner through this media”. This company sends out some 30.000 fax pages each day providing trade confirmations. Another financial firm employs some 60 people just to transform received fax images into valid business transactions and one of the largest banks in the world, prior to the introduction of MPO, used to operate some 25 different systems to handle the fax, email, and telex traffic complementary to SWIFT messages.

Financial Messaging – INTERCOPE’s core competence
INTERCOPE has specialized in financial messaging for more than 20 years and its latest SWIFT message processing system “Box for SWIFTNet” is built on the same technology and the same system kernel as MessagePlus/Open (MPO). Transactions between banks and brokers, credit card business, and automated notifications for customers are just a few examples of successful implementations of MessagePlus/Open in financial institutions around the world. High security and reliability are taken for granted through high-availability implementations just as bank specific functions including message authorization and even the old testkey functions and telex are still fully supported alongside fax, email and SMS messages.