SWIFTNet Phase 2
SMA Financial is performing over 120 SWIFTNet Phase 2 migrations at our customer sites, and at our own premises on the SMA Financial Bureau. With a breadth and depth of knowledge and experience, our team of consultants are prepared and available to assist with the smallest to the most technical migration issues. With SMA Financial involved in the initial design of your individual solution, project planning, and on-site consultancy for upgrades and installation, you can be sure that you will meet the migration deadline.
As with all implementations, SMA Financial provide hands on training around new technology such as the HSMs (Hardware Security Modules) and RMA (Relationship Management Applications), as well as new features of the upgraded SWIFTAlliance Applications and SNL.
Phase 2 consultancy work will typically be facilitated through a SystemCare or Project Consultancy Agreement, enabling healthchecks and call centre access as well as on-site consultancy time. SWIFT Education classroom courses are also available for the different components of Phase 2.
What is SWIFTNet Phase 2?
When SWIFT and its community took the decision to migrate access to the FIN service from X.25 to IP technology, a second phase was also agreed. The migration to the SWIFTNet platform dealt with FIN connectivity. We are now addressing the security aspect in Phase 2, to establish a single security model to access all SWIFTNet services using industry standard Public Key Infrastructure (PKI) technologies designed to SWIFT’s rigid specifications. The use of a new relationship management application (RMA) will reduce risk and increase your knowledge of your correspondents.
Benefits
- Simplicity
SWIFTNet PKI is a simpler process than BKE and there are no keys to exchange or renew.
- Business driven
Changes to correspondent authorisation only need to happen when a change occurs in the business relationship.
- Granularity
Business relationships can be defined in more detail than is possible today.
- Broader applicability
The new relationship management application can be applied to all SWIFTNet-based solutions — not just SWIFTNet FIN.
- Operational cost reduction
Because it is simpler to operate than BKE, the new security model will particularly benefit customers managing a large number of relationships.
- Future proof
The security technology is state of the art and valid for many years to come.
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