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About EADS Business challenges In the past, EADS confirmed its FX and
production sites.
potentially very expensive. A single error
About EFiS
matching and reduce error rates.
Automation
The adoption of standardised SWIFT
Bureau in Germany.
Business challenges that would enable the company to
EADS has one of the biggest corporate process deals with any counterparty
SWIFTNet
Confirmation entry Bank
Application
Exception handling
Alliance Bank
Gateway/Access
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
for developing an
corporate customers in more than 208
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.”
SWIFT © 2008