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Last updated on April 17, 2014 at 11:49 EDT

Akshay Automates BIC Directory Updates

June 20, 2012

PRINCETON, N.J., June 20, 2012 /PRNewswire/ — Akshay Software International, Inc., a SWIFTReady Services Provider, SWIFT Service Bureau, and SWIFT Value Added Reseller, announced today that it has automated the BIC directory updates for SWIFT’s Alliance Access and Entry using Web Services. This has already been implemented and is live in Akshay’s Service Bureau.

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SWIFT’s BIC directory gets updated every month. Normally it is a manual process to download these directories from swift.com and then update them into the Alliance Access and Entry.

Akshay has developed the capability to automate the download of the BIC directory download using SWIFT’s Web Services functionality. This downloaded file will then be automatically updated into the SWIFT Alliance Access or Entry by scheduling a process in the Access / Entry.

Web Services was first introduced by SWIFT with Alliance Access 6.3 to provide access to RMA and the capabilities were greatly enhanced with Version 7.0 which provides advanced reporting capabilities for both messages and events allowing both summary and detailed reports to be extracted on an automated basis.

Examples of automated reports that can be produced are:

  1. Daily or monthly summaries of messages (with options for selection by message types e.g. daily summary of payments).
  2. Report on Current RMA authorizations held with the facility to expand the BIC code with correspondent details.
  3. Email alerts and reports for any incoming RMA messages such as Authorizations or queries.
  4. Summary Event Journal daily report automatically emailed to head office or audit departments.
  5. Email alerts and reports for any “severe” type events.

In addition, Web Services can help automate a number of additional tasks such as health checks of database, software & system and the completion of all live messages. The latter removes the necessity to manually complete messages (required if the automated archive process is not to fail).

Thus Web Services provides powerful and versatile functionality that can lead to the automation of many manual tasks

“We’ve been working with Web Services ever since it was first introduced with Alliance Access 6.3 in and so are ideally placed to assist customers who want to use these new features,” said Anant C.V., President of Akshay. “We are excited by the greatly enhanced capabilities that SWIFT has introduced for Web Services in version 7.0. Just two months ago, we announced the implementation of the automated systems for error correction and detection which was a new feature introduced with 7.0 and are happy that we are continuing our drive to offer our customers the very best that SWIFT has to offer.”

For more information contact:
Mr. B.V. Venkat
Akshay Software International, Inc.
+1 609 945 2963
bvv@akshay.com
www.akshay.com

About Akshay

Akshay’s US presence, incorporated in 1993, focuses on delivering consulting and professional services to all major communities of SWIFT users: Banks, Broker/Dealers, Corporates, Custodians, Investment managers, and Securities Market Infrastructures. As a SWIFTReady Services Provider, SWIFT Service Bureau, and SWIFT Value Added Reseller, Akshay is positioned to deliver the full range of SWIFT products, services and solutions, including their implementation, maintenance, support and training. Through proven performance, Akshay has earned a reputation for delivering and providing to its clients high quality value-added SWIFT services on complex and innovative projects, often being among the first in the world to install and/or operate a certain or particular SWIFT component.

Akshay was founded in India in 1987. Akshay is headquartered in Mumbai (India), has offices in Dubai (UAE) and Princeton, NJ (USA) and is affiliated with representatives in Los Angeles, and Miami/Caribbean regions.

SOURCE Akshay Software International, Inc.


Source: PR Newswire