The Cover Pages: Cape Clear Announces Web Services Integration For SWIFT Financial Network

Cape Clear Announces Web Services Integration for SWIFT Financial Network

Geneva, Switzerland. September 30, 2002.

Cape Clear Software, a leading provider of Web Services technology, today announced a Web Services-based integration solution for the SWIFT network. SWIFT is a messaging platform for over 7,000 financial institutions in 197 countries. Cape Clear will enable SWIFT's Members to bypass the traditional costly and complex integration approach, and instead use Web Services to integrate with the SWIFT network and provide Closed User Groups for their clients. SWIFT is migrating its existing X.25-based network to SWIFTNet, which uses Internet Protocol (IP) network technologies and XML. The first service provided by SWIFT utilizing XML is Cash Reporting. Cape Clear will be demonstrating a number of solutions for implementing Cash Reporting at the SWIFT Sibos conference in Switzerland this week, along with solutions for exposing the SWIFT Service as a Web Service and converting existing FIN messages to XML.

"The traditional means of integrating applications is difficult, proprietary, expensive, and time-consuming," observed David Clarke, executive vice president at Cape Clear Software. "The ability of Web Services to radically alter the economics of integration, while still solving the same problems, is a powerful proposition. We're committed to bringing the benefits of Web Services to SWIFT and enabling financial institutions and their clients to access the network and each other quickly, securely, and economically. This technology is already in place and we're demonstrating the Web Services enablement of SWIFT at the Sibos conference."

Cape Clear will expose SWIFT as a Web Service, making it easy for any participating organization to link its business applications to the network using the Web Services standards (XML, SOAP, WSDL, and UDDI). The result is a significant reduction in the cost of integration for any institution looking to link its applications with the SWIFT network and its clients. Cape Clear supports the creation and integration of Web Services from Java, J2EE, .NET, CORBA, COBOL, and all XML-supported applications.

Based on the XML standard, the next generation of SWIFT messages (XML for SWIFT, as described in ISO15022) is planned to be phased into general use. This is a fundamental change to the current SWIFT message standards and signals the move of SWIFT from X.25 to IP network technologies. The new messages are based on business elements relevant to the specific business process. Customers will benefit from these new messages, which will be easier both to update and use. These messages will also better embrace the principles of straight-through processing (STP), providing increased business functionality, along with the capacity for expanded use without any loss of efficiency.

SWIFT is a worldwide community with over 7,000 financial institutions in 197 countries. These institutions, which are active in payments, securities, treasury, and trade services, collectively exchange millions of messages valued in trillions of dollars every business day across the SWIFT messaging platform.

About Cape Clear Software

Cape Clear Software (http://www.capeclear.com) has one focus: creating Web Services technology that reduces the business costs of software development and integration. CapeConnect is a Web Services-based platform for enterprise integration that is simple, fast, and cost-effective to deploy and maintain. CapeStudio is an integrated Web Services development environment, simplifying the design, development, integration, and deployment of Web Services applications using XML, WSDL, and UDDI. Cape Clear's products link packaged business applications, such as ERP and CRM, and diverse technologies, such as Java, J2EE, CORBA, and Microsoft .NET, across intranets and the Internet. Founded in 1999, Cape Clear is a privately held firm with offices in Dublin, London, California, and Massachusetts.

For further information

Tom Murphy
Cape Clear Software
Tel USA: +1 (866) 219 5944
Tel International: +353 (1) 241 9937
Email: tmurphy@capeclear.com

[Source: http://www.capeclear.com/news/press_releases/reports/swift_integration.shtml]

Prepared by Robin Cover for The XML Cover Pages archive. See: "swiftML for Business Messages."

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