Gilmore Bray, director, Misys Global Managed Services, says regulatory reporting, SWIFTNet consolidation and derivatives will be high on many lists.
Q: What SWIFT-related product trends have you seen among your clients for this year?
A: The big trend we’ve seen from our European financial institutions, as well as a few NA [National Association] corporations with European subsidiaries, is the requirement for regulatory reporting.
Not only is there a need for service providers to route information to comply with EMIR and Dodd- Frank, but also to keep current with the SWIFT message standards that have significantly changed to enable complete reporting.
We believe these changes will continue.
Gilmore Bray, director, Misys Global Managed Services.
Q: What will be the hot SWIFT-related ops trends for 2015?
A: For 2015, there are additional derivative instruments being added to SWIFT. Further in the future, more disruptive changes will appear, especially in the way derivatives (possibly FX) are cleared.
Still further out there is more pressure by the regulators to move more over-the-counter trading to exchanges. This will further necessitate the posting of collateral and collateral management by market participants.
Q: Anything else that will be on your mind at SIBOS this year you’d care to add?
A: SWIFT continues to force consolidation in the SWIFTNet service bureau vendor market by establishing the baseline standards that must be met for service bureaus for SWIFT certification.
The categories are SOP [standard operational practice] and POP [premier operational practice], which is Misys’ designation.
The number of suppliers selling discrete SWIFT connectivity and integration solutions will continue to decrease.
Equally, the number of SWIFTNet service bureaus will continue to consolidate.
Those that remain, including Misys, are looking to add value to existing offerings.
In addition, SWIFT continues to drive standards and the implementation of “know your customer” principles and this is increasingly impacting both the trade finance and payments space from a systems and financial messaging perspective.
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