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Mercator Technology Chosen By Bank for ISO Conversion
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Business New Haven
6/18/2001
By: BNH
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WILTON - Mercator Software Inc. (NASDAQ: MCTR) has been selected by International investment bank KAS-Associatie (KAS) to support its implementation of a new SWIFT ISO 15022 messaging standard.
The London bank aims to be among the first to comply to the standard which is mandated for the first phase of adoption from November of this year. By that date financial institutions must be able to receive the new securities message formats. In selecting Mercator's integration technology KAS has set a deadline of this month for its ISO 15022 project to be live.
The new standard introduced by SWIFT requires every financial institution that handles securities messages through its network to completely conform to the SWIFT ISO 15022 message formats by November 2002, when the old standard will be withdrawn from service. This mandate has placed great demand on financial institutions to adopt the new standard as rapidly as possible.
Mercator technology provides connectivity between KAS' internal systems and SWIFT, translating the existing internal data into the ISO 15022 messaging format to be compatible with the new standard.
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