On the Money Newsletter: Autumn 2006
SWIFT Phase 2 Testing Wraps Up
In preparation for the upcoming switch to SWIFT Phase 2 standards, BankServ International's development team is concluding pilot programs that tested an updated version of TurboSwift and a new plug-in named TurboRMA.
The updates will keep TurboSwift users current with the SWIFT Network's new set of requirements set to debut in early 2007. Under the new rules, the present Bilateral Key Exchange (BKE) system will be retired and replaced with a Relationship Management Application (RMA) platform for exchanging messages.
Initial pilot tests were carried out at Helaba Bank in the U.K. and DSK in Eastern Europe. BankServ is finalizing the FIN and RMA qualification test with SWIFT, after which a mandatory 90-day customer certification process will begin.
Banks still operating in a BKE environment will be able to use their current TurboSwift system for several months while SWIFT completes the migration to RMA. TurboRMA and the next edition of TurboSwift are scheduled for release well ahead of that window, giving client banks plenty of time to prepare.
In addition to the RMA protocol, the new software will support TARGET2 standards and all other new messaging requirements.