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A Value Proposition - SWIFT-LESS

SS&C now offers seamless delivery of SWIFT formatted reconciliation files from custodians to the Recon™ platform. SSCNet can now act on behalf of customers as an ETC Service Bureau to collect and distribute SWIFT messages to non-SWIFT-enabled customers. Becoming a member of the SWIFT network is no longer a requirement to receive SWIFT messages for the purpose of reconciliation.

In early 2008, SS&C obtained approval to accept messages on behalf of its clients via SS&C's internal Bank Identifier Code (BIC). This now allows SS&C to deliver SWIFT messages in an ASCII file format to a customer's environment.

Some of the benefits of using SSCNet and Recon include:

  1. Avoid SWIFT subscription fees
  2. SWIFT provides industry standard messages that are already integrated with Recon™
  3. No need to maintain SWIFT software/hardware infrastructure to receive messages
  4. Faster transition when converting from one custodian to another
  5. Tighter integration with SSCNet provides the option to conduct confirmation/affirmation reconciliation

Special Note
Recon users should note the following types of files that client generally use for reconciliation purposes are:

  1. 535 messages for Holdings reconciliations
  2. 940/950 messages for Cash Activity and Cash Balance reconciliations

To benefit from this service, customers only need to become subscribers of SSCNet.

The SWIFT messages currently integrated with the Recon™ product are:

MT535 Statement of Holdings
MT536 Statement of Transactions
MT537 Statement of Pending Transactions
MT538 Statement of Intra-Position Advices
MT540 Receive Free
MT541 Receive Against Payment
MT542 Deliver Free
MT543 Deliver Against Payment
MT544 Receive Free Confirmation
MT545 Receive Against Payment Confirmation

MT546 Deliver Free Confirmation
MT547 Deliver Against Payment Confirmation
MT548 Settlement Status and Processing Advice
MT571 Statement of Holdings
MT572 Statement of Transactions
MT573B Statement of Pending Transactions – Order by Security ID
MT573C Statement of Pending Transactions – Ordered by Further ID
MT575 Report of Combined Activity
MT940 Cash Statement
MT950 Cash Statement

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