KOGER rolls out new SWIFT messaging standard
KOGER, provider of the NTAS platform for fund administration and compliance, has completed the rollout to clients of the new SWIFT ISO 20022 standard for investment funds.
“We take pride in being at the forefront of technological change in the industry. We remain committed to working with our clients to ensure a smooth transition to the new standard,” says Ras Sipko, KOGER chief operating officer.
SWIFT is a global provider of secure financial messaging services used by more than 11,000 financial institutions in more than 200 countries around the world. Under contract to ISO, SWIFT maintains two open messaging standards that cover financial industry processes.
This year, SWIFT updated its ISO 20022 messaging standard, first published in 2004. ISO 20022 is a methodology for creating financial messaging standards, with related content that includes definitions of common industry terms, and message definitions for a variety of business areas including payments, cash management, treasury, cards and securities. KOGER has completed the implementation of the new version of the standard for all of the company’s clients that use the SWIFTNet Funds solution.
“We undertook a large-scale implementation project involving our business analysis, development and quality assurance teams to ensure that the transition would be as seamless as possible. The project scope encompassed detailed planning and internal analysis, development, and meticulous scenario-based testing using KOGER’s advanced automated testing framework. Our clients can now take advantage of the improved functionality added in the new SWIFT release,” says Sipko.
KOGER’s NTAS software platform is a share registry system that manages fund tracking, reporting and fee calculation. More than 8,000 funds with USD2 trillion in assets are administered through NTAS, which is used by many of the largest asset managers, fund administrators and financial institutions. NTAS handles daily transfer agency record-keeping, investor registration, cash management, trade processing, compliance, reporting and fee processing. The NTAS platform and its complementary product suite support all types of investment funds, including hedge funds, private equity, mutual funds, money market funds and pension funds.