BOSTON, Massachusetts — According to a recent study by independent research and information services firm Thoughtware Worldwide, LLC, Fortis leverages SWIFT’s Member Concentrator solution to provide its customer with a multi-bank solution that improves interactions and data exchange between customers and their banking partners. Using the Member Concentrator solution, Fortis, as a major SWIFT member, is bringing value to customers like Ethias, by offering them an integrated end-to-end and low cost solution for their connectivity to SWIFTNet, and helping them by standardising to address the various formats, IT systems and processes challenges produced by each financial institution—
Thoughtware Worldwide conducted an extensive analysis of Fortis and Ethias investment in implementing the SWIFTNet Member Concentrator solution. To address the shortcomings of multi-bank customers, Fortis developed a partnership with SWIFT Service Bureau provider, ATOS Euronext Markets Solutions (AEMS), separating the infrastructure and the operational run from the business service to provide commercially oriented and independent solution while leveraging the bank’s services, reputation and customer relationships. Using the SWIFTNet Member Concentrator solution, Fortis now delivers an integrated, comprehensive solution focused on delivering true business value—all enabled by greater, more accurate and timely information flow.
Ethias Results
• 5x Savings to original investment over 5 years
• 160% IRR over 5 years
• 50%+ Operating cost reduction
• Improve productivity and better leverage headcount
• Improve data quality, reporting and reconciliation
Fortis Results
• 3x Savings to original investment over 1 year
• 164% IRR over 5 years
• Payback within 3 months
• Enable STP—reduce errors and costs
• Increase revenue and products sold through cross-selling
Becoming a SWIFT Member Concentrator seemed to be a perfect solution for Fortis to meet the needs of its customers and by partnering with Atos Euronext Market Solutions (AEMS), Fortis was able to meet the aggressive timeline of its customer Ethias, along with avoiding the lengthy and costly tasks of setting up a commercial organisation to support Fortis customers on its own SWIFT infrastructure.
Cost Savings, revenue increases, and elimination of communication bottlenecks
The SWIFT Member Concentrator solution delivers immediate value to Fortis, enabling it to leverage its brand strength and intensify customer relationships by delivering holistic, streamlined solutions that bring enhanced efficiency and value to its customers, who can now use SWIFTNet with low cost of ownership. The Member Concentrator model approach has reduced operational costs by more than half for both Fortis and Ethias whilst minimising the administrative burden and risks related to errors or information latency.
Benefits of Standards—High-
“In analyzing the results for Fortis and Ethias, we believe this study demonstrates the power of standards—the true value for each party is their ability to simplify, standardise, and automate. This solution allows banks and corporates to work together to increase the automation of transactions, the timelines and quality of information while reducing risks and improving return on capital,” said Timothy Guyre, Managing Director, Thoughtware Worldwide, LLC.
To view the comprehensive Fortis ROI study by Thoughtware Worldwide, LLC, please visit http://www.ThoughtwareWorldwide.com/
