Barclays Corporate has successfully implemented SWIFT’s MyStandards Readiness Portal solution for onboarding, and has used the platform to onboard Navigators Insurance using the platform.
The collaborative standards management engine allows users to test messages against specifications, assessing their ability to reach the desired quality and straight-though processing (STP) rates. It intends to make the onboarding processes easier, while improving the speed and accuracy.
This announcement comes days after Deutsche Bank released that it is now using the Readiness Portal for onboarding technical clients. MyStandards is now used by 45 large global banks, corporates and market infrastructures for documenting exchange formats.
Nick Morrissey, director of cash management channels at Barclays Corporate, said: “Through MyStandards, our customers can adopt an automated, self-service approach to test messaging early on in the process, eliminating the need to rely solely on bank resources to complete the testing.
“It removes the bottlenecks and streamlines the on-boarding process to the point where we have enhanced the on-boarding time for new clients from months to weeks.”
Ellen Dion, vice president and corporate treasurer at Navigators Insurance said: “MyStandards played a key role in helping to onboard Navigators Insurance with Barclays.”
“It is a useful tool that provides one view into the testing activity across multiple parties, so you can see exactly where you are in the process. The testing provided great feedback that enabled us to progress the implementation more smoothly, it made the on-boarding with Barclays very quick and easy.”
Marc Delbaere, head of MyStandards at SWIFT added: “I am very pleased and impressed by Barclays’s success in rolling out MyStandards for corporates on-boarding. Integrating MyStandards into day-to-day on-boarding processes can significantly reduce the implementation time resulting in a faster time to market on both ends.”
“This will have a significant impact on the industry, particularly as adoption of this collaborative platform grows. At SWIFT, we want to make standards simple whether it’s for banks or corporates.”
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