SWIFT Announces Release 7.0

Global financial messaging services provider SWIFT today at Sibos announced its next major release, which will be rolled out in 2011.

Global financial messaging services provider SWIFT today at Sibos announced its next major release, which will be rolled out in 2011.

Release 7.0 will be SWIFT's first mandatory release since 2007, and will affect both SWIFTNet messaging and connectivity through Alliance and third-party interfaces.

"SWIFT functions as the central nervous system of global financial services," said Fabien Vandenreydt, head product manager, SWIFT. "This update is the equivalent of an upgrade to global finance’s OS. Underlying the whole project is our commitment to reduce the total cost of ownership for SWIFT users and deliver improved interoperability."

He added release 7.0 addresses new functionality requested by customers, aligns with new technology and messaging features.

Other benefits SWIFT says will come as a result of the new release include:

A more modern, web-based graphical user interface framework for the entire Alliance family

Automated operations

A customer-hosted database

Support for disaster site recovery

Easier installation/configuration management

Easier integration of FileAct flows

New web services to query the messages and events in Access