AFP Annual Conference, Boston – October 22, 2007 — GXS™, a leading provider of business-to-business (B2B) e-commerce solutions, today announced support for the new ISO 20022 standard for financial institutions and their corporate clients. The objective of the ISO 20022 standard is to enable communication interoperability between financial institutions, their market infrastructures and their end-user communities. ISO 20022 provides the financial services industry with a common platform for the development of financial messages using a standardised syntax. Developed by the International Organisation for Standardisation, ISO 20022 is being adopted rapidly throughout the banking sector as a common canonical XML format for financial messages. In addition to its deployment by corporate treasury organisations, ISO 20022 is being utilised by the industry-owned co-operative SWIFT and in market infrastructures supporting the Single European Payments Area (SEPA).
One of the major obstacles to communication and B2Bank interoperability has been the multitude of overlapping standards including TWIST, RosettaNet, EDIFACT, ANSI X12 and several others. ISO 20022, also known as the Universal Financial Industry message scheme (UNIFI), provides a single standardisation approach that includes the methodology, process and repository to be used by all financial standards initiatives. While convergence into one standard is the long-term objective, ISO 20022 now provides financial companies and their customers with a tool to integrate and support all standards and message types. ISO 20022 is now part of the solution set for GXS Managed Services for Financial Institutions. This specialised service enables financial institutions to become better integrated with their corporate clients and support a diverse range of B2B integration technologies. GXS Managed Services also can increase the competitiveness of a financial institution’s cash management product.
“Treasury organisations at many of the world’s most innovative companies are re-architecting their business processes to simplify and standardise processes for payment initiation and account balance reporting. ISO 20022 will aid in these re-engineering efforts by greatly reducing the effort necessary to achieve straight through processing between corporate ERP systems and banking platforms,” said Steve Keifer, vice president of industry and product marketing at GXS. “To remain competitive, banks need to expand or enhance their cash management product lines to include support for ISO 20022. Using GXS Managed Services which includes features such as document mapping and transaction management, banks can accelerate their adoption and time-to-market for ISO 20022.”
GXS Managed Services for Financial Institutions leverages GXS Trading Grid® for secure, scalable, high-performance transaction exchange and electronic integration between financial institutions and their corporate clients. One hundred percent of the Fortune 500 banks and more than 250 of the world’s leading financial services institutions leverage GXS technology to support their cash management, trade finance, commercial cards and lending products. With direct operations in 18 countries throughout the Americas, Europe and Asia-Pacific, GXS can provide client delivery support to connect corporations with their banking partners around the world, enabling them to optimise supply chain finance initiatives. Using GXS, financial institutions can exchange purchase orders, commercial invoices, payment instructions, account statements, p-card transactions, letters of credit and post-export financing requests electronically. GXS supports a wide variety of B2B technologies including ISO 20022, BAI, SWIFT, ANSI X12, EDIFACT and SAP IDOC document standards.
GXS Trading Grid is a global B2B e-commerce and integration services platform that supports the creation and adoption of on-demand supply chain management solutions for companies of any size. As the world’s largest electronic business community, GXS Trading Grid is used by more than 35,000 customers to exchange goods and services, gain visibility into global logistics operations and to synchronise product data. Trading Grid helps customers automate global trading communities by shielding complexity from rapidly changing standards, eliminating manual and duplicative processes and enabling the highest levels of B2B integration and collabouration.
About ISO 20022
ISO 20022 Universal Financial Industry message scheme, UNIFI, is a globally registered set of universal standards that gives the financial industry a common platform for developing financial messages in a standardised XML syntax. The Payment and Cash Management standards were developed under the auspices of the International Organisation for Standardisation (ISO), a non-governmental organisation of national standards institutes that facilitates industry-wide standardisation through global consensus on a reference framework, or common technological language.
The ISO 20022 Payments Standard Evaluation Group (SEG) brings together country representatives, clearing channels, banking industry organisations, and other standards groups that address the exchange of corporate-to-bank and bank-to-bank financial messages. SWIFT has been an active participant in the initiative, given its role as a standards organisation involved with defining and developing financial messages and its interest in enabling the financial community to communicate with its corporate customers using a standard message language, either on SWIFT’s secure network and infrastructure or on other transport networks.
GXS is a leading global provider of B2B e-commerce solutions that simplify and enhance business process integration, synchronisation and collabouration among trading partners. Organisations worldwide, including 75 percent of the Fortune 500, leverage the GXS Trading Grid® to extend supply networks, optimise product launches, automate warehouse receiving, manage electronic payments and gain supply chain visibility. With an unmatched global presence, proven trading partner management and B2B outsourcing services, GXS’ on-demand solutions maximise the benefits of integration for businesses.
Based in Gaithersburg, Md., GXS’ extensive global network serves customers throughout the Americas, Europe, the Middle East and Africa and Asia Pacific regions. GXS can be found on the Web at www.gxs.co.uk.
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For further information please contact:
Denise Oakley, Director, Marketing Programmes International GXS
Tel – +44 (0) 1932 776408 / +44 (0) 7768 537 481 Email: email@example.com