North American SWIFT Service Bureau complemented by ACE’s PELICAN, OFAC and AML solution suite
London and New York – 22 October 2007, ACE Software Solutions
www.acesw.com), provider of intelligent payment, AML and STP solutions for the financial sector, today announced a strategic partnership with Axletree Solutions (
www.axletrees.com), expert providers of SWIFTNet and SWIFT connectivity services. Covering North America, the partnership will deliver a number of value added payments and compliance services to Axletree’s bank and corporate customer base.
The partnership comes at a time when Corporates are looking to access Cash Management services from their banks over a standardized, secure single gateway. The combination of Axletree’s SWIFT Service Bureau and ACE’s intelligent payment software, as a hosted solution, is the first of its kind in the United States. ACE already provides a similar hosted solution in Europe to banks and corporates. This hosted solution allows customers who have outsourced or are considering outsourcing their SWIFT connectivity to benefit from ACE’s PELICAN platform, OFAC and AML solutions. This provides message reformatting and payments processing functionality as well as enabling customers to more easily take advantage of new SWIFTNet services such as Cash Reporting and Exceptions & Investigations. Axletree’s SWIFT Service Bureau provides outsourced SWIFT Alliance Access Management services. The enhanced offering will also allow banks to use the Service Bureau as a platform to bring on board their own customers to use the SWIFT network, where their customers do not have a SWIFT infrastructure, for example where message volumes are low.
“Banks and corporates are increasingly turning to outsourced payment solutions to remain competitive. We were impressed with Axletree, particularly as they are recommended by Gartner Research as a secure, reliable and economic alternative for SWIFTNet solutions,” comments ACE Software Solutions CEO Parth Desai, “There is a good fit between the two companies. Our complementary solution sets will provide further benefits to companies looking for cost effective SWIFT connectivity and greater compliance, whilst taking advantage of the latest SWIFT services. ACE’s PELICAN platform can support connectivity to banks and other corporates too.”
“We were aware of ACE’s established reputation in the SWIFT space, proven solutions for SWIFT connectivity and their blue chip client base. This partnership will enable banks and corporate customers to benefit from ACE’s established best practice standards in payments processing,” said Mohan Murali, President, Axletree Solutions, said, “The ACE solutions are proven, provide good value and incur low implementation overheads. There has already been strong interest from a number of corporates that we have spoken to who are interested in cash management services via a single gateway into SWIFT.”
Axletree is the only SWIFT Service Partner and SWIFT Service Bureau based in the USA providing fully-managed end-to-end SWIFTAlliance Access Services using SWIFT Certified Professionals. The SWIFT Service bureau offers a hosted ASP model for communicating over the proven SWIFT network.
ACE’s Pelican platform offers a single window access to hosted SWIFT and associated payments, cash management, compliance and other business solutions. Desai concludes, “ We are excited by the possibilities this opens up for ACE’s solutions in North America where there is a clear demand and need for outsourced payments processing functionality allied to value added SWIFT services. We look forward to a long, mutually beneficial working relationship with Axletree Solutions.”
