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Case study

At the largest aerospace company in Europe,


Accord reduces manual intervention for
confirmation matching by 90 per cent

“Accord is essential to reduce FX (post-) trading processing


risk.We have achieved automated matching rates that prove
that using Accord was the right decision. It is a cost-effective
and user-friendly confirmation matching service.”
Andreas Drabert, Vice President, Treasury Controlling, EADS

About EADS Business challenges In the past, EADS confirmed its FX and

EADS, European Aeronautic


Money Market transactions almost
Messaging standards and industry
Defence and Space company, the
exclusively using faxes. Checking
practices

world’s second largest aerospace


confirmations was very time-consuming,
Matching service as the information was not formatted.
company, has a turnover of EUR Manual matching of sent and received

30 billion and employs over


Low-cost infrastructure
faxes took between an hour and a half

100,000 people in more than 70


Worldwide access and two hours daily. Errors were

production sites.
potentially very expensive. A single error

Benefits for EADS


could cost tens of thousands of euro.

For more information, please contact


EADS needed a confirmations process
andreas.drabert@eads.net or visit www.eads.net
Risk reduction which would improve the quality of the
Low-cost solution information, increase the speed of

About EFiS
matching and reduce error rates.
Automation
The adoption of standardised SWIFT

EDI Finance Service AG (EFiS)


Global reach messages and industry practices paved

offers services to banks, industrial


Single supplier the way to the ultimate objective — the

companies and public bodies. It is


automation of EADS’ confirmation
Light integration matching. In addition, EADS also needed
the first private SWIFT Service
a low-cost communication infrastructure

Bureau in Germany.
Business challenges that would enable the company to
EADS has one of the biggest corporate process deals with any counterparty

For more information please contact


FX portfolios in Europe — with an FX around the world.
armin.gerhardt@efis.de or visit www.efis.de
hedge portfolio in excess of USD 42 billion
(2003) and annual net exposures of USD
10 billion — and was keen to reduce the
related transaction risk, in particular via its
deal confirmation process.
EFiS Service
EADS SWIFT Counterparty
Bureau
Batch of
Alliance confirmations
Workstation Bank

SWIFTNet
Confirmation entry Bank
Application
Exception handling
Alliance Bank
Gateway/Access

Accord GUI on Queries Bank


Alliance WebStation Accord

Confirmation handling at EADS

“Using a centralised tried “We have deliberately chosen


— Global reach

and tested matching service an indirect connection via


Accord allows matching of exchanged
confirmations with all counterparties,

such as Accord is far more EFiS.We operate a light


irrespective of whether they are

cost-effective than buying, affordable infrastructure


SWIFT users. By using Accord, EADS

deploying and operating a with a small footprint.”


has the confidence of a system that
guarantees correct matching results.

matching system in our own


Operations staff therefore do not have

back office.”
to worry about their counterparties’
matching methods.
— A single supplier
Solution overview
SWIFT provides 24/7 world-class
EADS confirms its FX and Money Market
support via a single point of contact
transactions via SWIFT MT 300s and MT
Benefits for EADS for all SWIFT products and services.
320s over FIN. FIN users exchange
EADS chose Accord because Dealing with the same supplier for
structured financial data worldwide
it provides: services such as messaging and
securely, cost-effectively
— A low-cost solution matching, which are tightly integrated,
and reliably. FIN messaging standards
“Using a centralised tried and tested is a key advantage for EADS and was
have become the de facto financial
matching service such as Accord is an additional reason to use SWIFT.
communication standard for exchanging
far more cost-effective than buying, — Light integration financial data.
deploying and operating a matching EFiS successfully managed the
Once EADS was satisfied it could send
system in our own back office,” end-to-end implementation of the
confirmations reliably over FIN, it
confirms Mr Drabert. project within three months. EFiS
wanted a matching functionality. EADS
— Automation shares the common standardised
opted for a centralised model and
Automating matching using FIN and SWIFT infrastructure among several
selected Accord, SWIFT’s centralised
Accord eliminates the risk of making entities using different SWIFT
confirmation matching system. “The
mistakes, saving time and money. services. “We have deliberately
total cost of ownership for developing
EADS has reduced manual chosen an indirect connection via
an in-house matching system was too
intervention by 90 per cent and can EFiS,” explains Mr Ismael Aitamer,
expensive compared to SWIFT’s
now concentrate on cases that do not EADS Back Office. “We operate a
centralised solution,” says Mr Drabert.
match due to misunderstandings light affordable infrastructure with a
between parties. small footprint.”
EFiS, a SWIFT Service Bureau in Solution overview
Germany, was appointed to manage the — FIN
connectivity, integration and end-to-end
— Accord
implementation processes:
— SWIFT MT 3xx messages
— EADS’ confirmations are submitted to
the SWIFT interface managed by EFiS. — EFiS validation
— FIN then sends the confirmations to — EFiS interface to SWIFT
the counterparties.
— Accord copies these confirmations in About SWIFT
real time in order SWIFT is a member-owned cooperative
to effect the matching process. that provides the communications
platform, products and services to

“The total cost of ownership


connect over 8,300 banking
organisations, securities institutions and

for developing an
corporate customers in more than 208

in-house matching system


countries. SWIFT enables its users to

was too expensive


exchange automated, standardised
financial information securely and reliably,

compared to SWIFT’s
thereby lowering costs, reducing

centralised solution.”
operational risk and eliminating
operational inefficiencies. SWIFT also
brings the financial community together to
work collaboratively to shape market
practice, define standards and debate
Next steps issues of mutual interest. www.swift.com
EADS has joined a Member Administered
Closed User Group (MA-CUG) for
For more information on Accord visit
www.swift.com or contact your SWIFT
securities settlement, and is currently

account manager.
preparing to use SWIFT for the settlement
of various treasury instruments.
“We are investigating how we can reuse
Accord to match FX Options (MT 305)
and Interest Rate Swaps (MT 360),” says
Mr Aitamer. “We are also preparating to
send payment messages over the same
infrastructure. Once you have SWIFT in
place, the more you use it, the greater its
overall value to your organisation.”

“We are investigating how we


can reuse Accord to match
FX Options and Interest
Rate Swaps.We are also
preparating to send
payment messages over the
same infrastructure. Once
you have SWIFT in place,
the more you use it, the
greater its overall value to
your organisation.”
55615

SWIFT © 2008

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