At the core of the financial services business is financial messaging, the transmission of buy and sell orders, funds transfers, trade settlement instructions, credit card transactions and hundreds of other mission-critical message types. Recent years have seen both an explosion of the types of messaging protocols available to financial institutions (especially XML derivatives such as MDDL, FpML, etc.), and a convergence of some of the major existing protocols under the umbrella of ISO 15022.
With an increasing regulatory focus on real-time measurements of risk and exposure, a common goal for financial institutions is end-to-end visibility of financial transactions. Competitive pressures are also forcing firms to seek increasing STP rates, allowing process automation to replace manual repairs and processing wherever possible, requiring interoperability between the various message formats.
Streamline Financial Messaging Interoperability
Vitria provides a strong message mapping architecture in order to normalize all these protocols. Vitria includes tools to manage metadata, a business repository where validation routines and message formatting rules are stored, and a data dictionary of common business objects.
Business Benefits
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Reduces operational costs of maintaining one-to-many transformations (point-to-point) |
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Provides visibility and control over the strategic assets that are a financial institution's messages |
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Separates the content from the format, as required by SWIFT, easing the burden for future integrations or migrations |
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Provides syntax and semantic validation for messages |
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Enables real-time visibility into the entire transaction lifecycle |
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Creates one central set of control transformations where applications can act on all messages in a normalized format |
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