- Certification highlights Software AG's ability to enable connectivity between financial services firms and support high-volume, high-speed and high-assurance transactions
- Software AG's recent acquisition of Teconomic AG makes the company a major player in the SWIFT solutions market and enhances Software AG's financial services expertise
- Software AG's strong growth in the financial services sector reflects the company's ability to help financial institutions respond to regulatory changes, manage risk, and position themselves for market opportunity
Software AG, a global leader in business infrastructure software, has announced that it has been recently awarded SWIFTReady Financial EAI label for 2009 from the Society for Worldwide Interbank Financial Telecommunications (SWIFT), SWIFT's highest level of certification for interoperability. The certification exemplifies Software AG's leadership in
connecting systems within and between financial services firms, and follows the company's recent acquisition of Teconomic AG, which strengthens Software AG's position in the SWIFT solutions marketplace.
"Attaining the SWIFTReady Financial EAI label demonstrates what Software AG can deliver to financial institutions in terms of integration to the SWIFT network and interconnectivity with other businesses," said Ivo Totev, Member of the Executive Board, Software AG. More than 8,500 financial institutions in over 200 countries rely upon SWIFT as the global standard for ensuring reliable, secure and assured messaging between member institutions.
"SWIFT certification highlights Software AG's commitment to delivering optimised payment processes and solutions to corporations that enable low-cost and high-volume transactions," Totev added. "Combined with Software AG's robust growth companywide and among our financial services customer base in particular, this certification is another evidence of our leadership in the financial sector."
Marco Gerazounis, Senior Vice President, Software AG, Middle East, said: "The SWIFT certification will deliver a significant boost to Software AG's expansion activities in the Middle East and help consolidate our reputation as the leading provider of financial services in the region. This new breakthrough is likewise an important step in enhancing our capability to support our clients in overcoming the unique challenges they are facing in the Middle East."
Software AG's business expansion is also demonstrated by the company's recent acquisition of Teconomic AG, which provides comprehensive IT consulting services and solutions to the European financial sector. The combination of the two companies' software and services will make Software AG a major player in the SWIFT solutions market and builds on Software AG's commitment to supporting industry standards by enhancing its support for ISO 20022 messages, as well as increasing support for SWIFTNet services and industry initiatives such as TARGET2, T2S and SEPA (Single Euro Payments Area).
"Financial institutions are facing many challenges today, and a flexible, adaptable, and secure IT infrastructure is essential to remaining competitive while complying with differing new industry regulations. Our combined software and services bring financial institutions both the technical and business resources needed to effectively integrate to the SWIFT network, while providing them a flexible solution that can respond to those challenges," said Rudolf Gunz, Head of Software AG's Global Competency Center SWIFT and Banking Solutions.
Adding Teconomic AG's capabilities also reflects Software AG's commitment to support the full business needs of financial services firms in addition to the technical infrastructure they require. "The combination of Teconomic AG's deep industry expertise and Software AG's international presence and business process technology will enable financial institutions to address the three major challenges facing the industry: multiple national regulatory changes, continued market consolidation, and improved risk management," added Gunz. "We will play a major role in helping the financial sector adapt to these economic changes quickly and economically, and in implementing regulatory compliance in particular."
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About Software AG
Software AG is the world's largest independent provider of Business Infrastructure Software, and has more than 40 years of global IT experience. Headquartered in Germany and listed on the Frankfurt Stock Exchange (TecDAX, ISIN DE 0003304002 / SOW), Software AG has a workforce of more than 3,500 employees serving customers in 70 countries.
The company's leading product portfolio includes solutions for high performance data management, developing and modernizing applications, enabling service-oriented architecture, and improving business processes. Software AG's 4,000 global enterprise customers achieve business results faster by modernizing, integrating and automating their IT systems and processes; enabling them to rapidly build measurable business value and meet changing business demands.
In 2008, Software AG posted total revenues of €721 million.
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© Press Release 2009
