Microsoft announced on Tuesday a new BizTalk accelerator to help with emerging standards and regulations in the financial services industry.
The BizTalk Accelerator for Financial Services supports the financial services standard SWIFT [Society for Worldwide Interbank Financial Telecommunications] and will help financial organizations rapidly integrate financial messaging with internal systems and deploy straight through processing solutions.
SWIFT provides messaging and transaction processing—as well as a defacto transaction standard—to more than 7,000 financial institutions in almost 200 countries.
With its newest BizTalk accelerator, Microsoft aims to lower the cost of entry into the financial middleware market by providing software based on its BizTalk Server 2002 integration software, officials said.
The Accelerator for Financial Services provides industry-specific messaging capabilities that enable financial organizations to manage exceptions, rationalize reference data, detect and repair faulty messages and build new systems compatible with SWIFT and Financial Information eXchnage standards.
At the same time, the Financial Services accelerator provides tools to support further industry standards.
The first version of the Financial Services accelerator focuses on payments processing and capital markets trading, settlement and delivery processes.
The module comes with more than 90 document specifications, or schemas, that describe SWIFT, as well as ISITC [International Securities Association for Institutional Trade Communication] messages for payments, foreign exchange, securities trading and reporting.
This is the fourth accelerator Microsoft has released since the concept was announced in 2000. The others are RosettaNet for high-tech supply chain enablement and Suppliers, for supplier enablement.
Last week, the Redmond, Wash., company announced its BizTalk Accelerator for HIPAA 2.0. Like 1.0, this software utilizes the BizTalk Server to help health care organizations comply with the Healthcare Insurance Portability and Accountability Act (HIPAA).
The BizTalk Accelerator for HIPAA 2.0 includes a number of new features, such as support for all the new HIPAA standards just approved this month, support for future mandated transactions and an easy-to-use method for connecting to trading partners.