SIBOS 2011: Microsoft Implements ISO 2022-XML; Financial Services Gains with Microsoft Platform

At SIBOS 2011, Microsoft announced it became the first corporate treasury to implement Extensible Markup Language (XML) standard ISO 20022, camt.052 and camt.053 version two, the new international standard for cash management financial messaging. “Microsoft implemented this solution with Bank of America Merrill Lynch and Citi to provide a common language for Microsoft to receive electronic bank […]

At SIBOS 2011, Microsoft announced it became the first corporate treasury to implement Extensible Markup Language (XML) standard ISO 20022, camt.052 and camt.053 version two, the new international standard for cash management financial messaging.

“Microsoft implemented this solution with Bank of America Merrill Lynch and Citi to provide a common language for Microsoft to receive electronic bank statements from its global banking providers,” said the company.

The ISO 20022 standard was developed under the auspices of the International Organization for Standardization (ISO) in conjunction with several other international and country standards organizations, including SWIFT. ISO 20022 XML messages cover a range of business processes, including payments, foreign exchange, trade, securities and invoicing.

Microsoft said “For years, banks and corporate treasuries have struggled to implement standard payments and cash reporting formats. The ISO 20022 Common Global Implementation (CGI) is a collaborative effort driven by Microsoft, two of its major global banking partners, Bank of America Merrill Lynch and Citi, and SWIFT to define a standard implementation of ISO 20022 XML messages for transaction exchange over the SWIFT network — setting a higher standard regarding how corporate treasuries connect to banks.”

Microsoft also, announced that a growing number of financial services institutions improve the dependability, performance and flexibility of their mission-critical workloads with Microsoft platform: Windows Server operating system and Microsoft SQL Server database.

“These customers have not only reduced the cost of running their core processes, they have also realized substantial benefits by making these core processes part of a dynamic IT infrastructure that enables them to understand and serve customers better, bring new products to market more quickly, continually improve operations, and collaborate with an evolving set of partners in their global value chains,” the Redmond company stated.

“Microsoft is making a long-term commitment to supporting the mission-critical business applications of our financial services customers,” said Karen Cone, general manager, Worldwide Financial Services, Microsoft. “Our customers are testament to this commitment to delivering a solid foundation for mission-critical workloads, with the dependability, performance and flexibility required to achieve sustainable competitive advantage in today’s financial services industry.”