SWIFT is a message writing system that connects global participating financial institutions and is used primarily for communication payment information.
Trades are automatically settled in Trust 3000 once the custodian sends a settlement notification through SWIFT Interface, while integration with SEI’s TRUST 3000 automatically creates secondary messaging to the counter parties.
With SWIFT Interface, an investment manager can send settlement instructions for executed trades directly to a trust department’s SWIFT gateway.
The SWIFT gateway automatically re-routes the messages to SEI’s platform, where they are automatically validated and translated to a TRUST 3000 format. Human intervention is required only in the case of exceptions identified at the checking stage.
At present SEI’s solution supports both SWIFT message formats of ISO 7775 and 15022. However, SWIFT, the industry-owned cooperative used by some 7,000 financial institutions, has mandated that all clients migrate to the newer 15022 standards by the end of 2002.