Axway Delivers Financial Exchange Solution to Support Changes in Global Financial Systems

PHOENIX – Recognizing the global financial industry is facing unprecedented upheaval, Axway announced the availability of its Financial Exchange solution to help organizations cope with the changing financial landscape. To manage increasing governmental oversight and reduce system maintenance costs, Axway enables banks, market infrastructures and corporations to streamline, consolidate and better manage their secure transmission platforms for multi-channel financial data and transaction processing.

Global changes such as Single Euro Payment Area (SEPA), Payment Services Directive (PSD), and the National Automated Clearing House Association’s (NACHA) new rules and new format for international ACH transactions (IAT) are driving forces behind platform consolidation for payment transactions. Global financial institutions will be forced to comply with regional regulations, resulting in increased costs in the near-term but long-term benefits.

“Changes to regulations governing payments will have a ripple effect reaching all international banks and corporate treasuries,” said Susan Feinberg, senior research director, TowerGroup. “As a result, the competitive landscape will change forcing US banks to move from short-term operational thinking to long-term strategic planning in order to take advantage of efficiencies and stave off new competitors.”

Going beyond simple file movement or translation, Axway’s Financial Exchange solution offers a broad range of functionality, including community management, multi-enterprise collaboration, analytics and process management. By providing visibility, security and control over transaction flows, Axway’s Financial Exchange solution lowers costs and reduces risks, allowing:

• banks to streamline operations and turn upcoming regulatory obligations into business opportunities – such as expanding their market reach to attract new corporate customers and to provide them more services
• market infrastructures to enhance efficiency of their transaction processing networks connecting banks and corporate treasuries
• corporations to master the schedule of migration toward these new regulations, by continuing to use existing internal infrastructure assets while translating data into compliant formats
• all three types of organizations to manage consolidation, to reduce maintenance costs and better absorb mergers and acquisitions.

“Financial services organizations will need to ensure their IT infrastructure is capable of securing and supporting what is arguably their most critical systems while preparing to meet mandates now being discussed by the international community,” said Joe Fisher, SVP, product and solutions marketing, Axway. “Both require financial services organizations to have greater visibility and control over transactions within and outside the organization. We have created Financial Exchange to help banks, market infrastructures and corporations deal with upcoming changes and consolidation needs.”

The Axway Financial Exchange solution powers business interactions within financial flow ecosystems, such as bank-to-bank, bank-to-market infrastructures, bank-to-corporates and corporate-to-banks. Those interactions require multi-channel consistency, multi-enterprise community management, and multi-service capabilities. The solution provides real-time integration, security and visibility into payment processes as they occur, to ensure high-value payment flows meet processing deadlines and service-level agreements (SLAs).

Axway has a long history of expertise in financial services infrastructure and security, having authored or co-authored such protocols as PeSIT, AS2 and Secure Sockets Layer (SSL). Axway’s solutions are certified as an Electronic Banking Internet Communications Standard (EBICS) provider, and are compliant with SWIFT, IS0 20022, SEPA, NACHA IAT, FIX and more.

Axway also offers managed services that allow banks to outsource activities such as customer enrollment, provisioning of the communication endpoint to the corporate customers, etc. For corporations, the solution also facilitates the secure Straight Through Processing (STP) of payment transactions through market infrastructure.

For more information about Axway Financial Exchange, please visit: http://www.axway.com/FEX.

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About Axway

Axway is the Business Interaction Networks company — the only provider in the market today to manage, run, secure, and monitor all of your business interactions, including email, files, messaging, services, events, and processes. Serving over 11,000 organizations in more than 100 countries, Axway facilitates the multi-enterprise transactions, processes and integration that accelerate business by eliminating the barriers between vendors, customers, departments, partners and suppliers. Axway's comprehensive offerings include business-to-business integration, managed file transfer, secure email, business activity monitoring, enterprise application integration, service-oriented architecture, business process management, track & trace and identity validation solutions. Axway provides professional and managed services, as well as cloud computing and Software-as-a-Service (SaaS) offerings. Headquartered in Phoenix, Arizona, Axway's global presence spans 20 countries.