StarHub and Decillion Solutions Collaborate To Provide SWIFT Service Bureau for Banks and Financial Institutions
Singapore, 28 May 2004 – StarHub, Singapore’s innovative info-communications provider, and Decillion Solutions, the official SWIFT (see Note 1) Business Partner for Asia Pacific, today announced a collaborated offering that will enable banks and financial institutions to access banking/financial applications over SWIFTNet (see Note 2) without having to maintain expensive servers and communications links by themselves.
Instead, Decillion Solutions will manage and maintain SWIFT services over StarHub’s secured and reliable fibre-optic network infrastructure and telecommunications facilities in Singapore, offloading significant resources within financial institutions for better operational efficiencies.
The new secured and managed offering is called SWIFT Service Bureau. It provides users with a single “window” to access SWIFTNet applications such as FIX for settlement processing in the Securities industry; and MEPS Plus, Singapore’s Real-Time Gross Settlement (RTGS) system for inter-bank payment in Singapore currencies. Other value-added SWIFT services include message transformation and anti-money laundering checks. Customers of the SWIFT Service Bureau will also enjoy 24x7 operations and state-of-the-art technology which ensures full resilience, availability and operability.
“The key benefits of the SWIFT Service Bureau will be cost savings that our customers will enjoy when they outsource their SWIFT connectivity, without compromising operational efficiency, data security and business availability,” said Mr Thomas Lee, Managing Director, Decillion Solutions. “We anticipate annual savings of about 20% to 50% for institutions who sign up for the SWIFT Service Bureau.”
To date, the Service Bureau have signed up over 10 financial institutions, including The Singapore Exchange Limited, which became one of its first 'live' customers."
“This collaboration demonstrates StarHub’s capabilities in delivering secured and highly reliable services for the financial industry in Singapore over our advanced end-to-end fibre-optic network and telecommunications facilities,” said Dr Kaizad Heerjee, Head of StarHub's Business Markets. “The SWIFT Service Bureau simplifies the management and maintenance of the financial institutions’ own IT and communications infrastructure, offloading these operations to trusted and world-class service providers. Indeed, we are pleased to play a significant role in helping the financial industry improve their business efficiency over the long term.”
For more information, please contact (65) 6538 1661 or email: swiftbureau@decillion.com.sg.
[1] SWIFT is the industry-owned co-operative, supplying secure, standardised messaging services and interface software to 7,500 financial institutions in 200 countries.
[2] SWIFTNet is SWIFT’s IP messaging platform that links global financial network infrastructures involved in payments, securities, treasury and trade.
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About Decillion Solutions
Decillion is recognised as the official Business Partner and Service Partner of SWIFT for Southeast Asia and South Pacific Region with an impressive record of over 300 successful SWIFT Alliance installations as well as providing continued services to 100+ banks and financial institutions. In endeavouring to provide a “boutique” for financial institutions, Decillion also specialises in STP, SWIFT Service Bureau, Payment Systems, Trade Processing and other banking applications.
About SWIFT
SWIFT is the industry-owned cooperative supplying secure, standardised messaging services and interface software to 7,500 financial institutions in 200 countries. The SWIFT community includes banks, broker/dealers and investment managers, as well as their market infrastructures in payments, securities, treasury and trade. Over the past ten years, SWIFT message prices have dropped more than 70%, system availability has reached 5x9’s reliability and SWIFT’s new IP messaging platform, SWIFTNet, has been launched. For further information, visit www.swift.com.
About StarHub
StarHub is a Singapore-based info-communications company providing a full range of information, communications and entertainment services over fixed, mobile and Internet platforms. It operates its own nation-wide broadband network that delivers multi-channel cable TV, data, voice and Internet access. StarHub will also offer Digital Cable Services in 2004. On the cellular front, StarHub also operates its own GSM/GPRS network and will have its 3G network ready by end 2004.
Driven by a passion for listening and providing what customers want, StarHub endeavours to bring affordable and premium quality services with innovative and useful features to all its customers.
StarHub raises the level of competition in Singapore, challenging others as well as challenging itself, to constantly introduce new world-class services at competitive prices. This unwavering commitment will further strengthen Singapore's position as a leading info-communication hub in the region. Visit StarHub at www.starhub.com for your communication needs.
