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Management Strategies

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SWIFT and FIX agree to converge respective messaging protocols; NACHA's Project ACTION draws interest from financial institutions; Java-dedicated conference for financial services to debut in London.

SWIFT and FIX Protocol Limited (FPL) have agreed to convergence their respective messaging protocols.

The agreement, which leverages the expertise of FPL in the pre-trade/trade domain and SWIFT in the post-trade marketplace, centers on the adoption of ISO 15022XML as a common industry standard. This protocol will provide a tangible link between the front and back office operations of securities institutions, thereby enabling the seamless flow of data across the entire transaction chain.

"Achieving interoperability and convergence of standards from the front to the back office is an industry prerequisite if higher rates of STP are to be achieved," said Francis Remacle, head of the Securities Industry Division for SWIFT. "Unless everyone is speaking the same language, communication will compromised, irrespective of other effort toward automation."

FPL is a non-profit organization that owns the intellectual property right of the Financial Information Exchange protocol (FIX). SWIFT is the industry-owned cooperative supplying secure messaging services and interface software to 7,000 financial institutions in 192 countries.

For more information on this agreement, contact SWIFT at


A host of financial institutions have become members in Project ACTION, a program to develop a payment product for Internet transactions utilizing Automated Clearing House (ACH) credits.

The latest institutions to join the Project ACTION, an independent membership program within NACHA, the Electronics Payments Association, include J.P. Morgan Chase, State Employees' Credit Union, SunTrust Bank and Toronto Dominion Bank Financial Group.

The main objective of Project ACTION is to develop a detailed business case for a core product to support consumer-to-business payments, consumer bill payments, and business-to-business payments. This case will include business and technical requirements; requirements for ACH operating rules and business practices; fee structure and revenue model; framework for dispute resolution and chargebacks, enrollment requirements and legal framework.

The target for completion of this business case is January 2002

To help prepare the business case, Project ACTION has formed a committee that is chaired by Charles B. Bretz, senior vice president of Compass Bank and includes representatives from across the financial services spectrum, including companies such as BB&T Corp., Wachovia Bank, T. RowePrice and the U.S. Postal service.

"ACTION can solve the authentification, security, and privacy issues associated with authorizing payments on the Internet," Bretz said. "The ACTION model provides compelling benefits for buyers and sellers on the Internet, and represents new business opportunities for financial institutions."

For more information on Project ACTION, contact NACHA at


City on Java, the first London-based event dedicated to Java technology, will take place October 8th at The Brewery on Chiswell Street.

The conference will concentrate on the practical ways in which Java/XML technology can overcome some of the real world challenges facing players within the financial marketplace. Featured speakers at the event include Duncan Johnston-Watt, managing director of Enigmatec Inc., and Richard Kilsby, vice chairman of Virt-X.

For more information on this event, contact City on Java at

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