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Implementing SWIFT MT’s within EBS

Posted on May 20th, 2008 by Sanjit Anand |Print This Post Print This Post |Email This Post Email This Post

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Companies to Banking partner connectivity and online information exchange has long been an issue for many reasons for so many years. Driven by tighter regulation and the need for better cash management and effective working capital management prompt Treasures to explore more areas so that they can get better insight into their cash positions and forecasts. As mention in last post globalization, Single instance strategy, global bank model, multi-cash feature provided by banks, centralization and standardization of finance processes that makes finance department to explore more in this area. Integration with any banking partner solutions either interacting with third party netting system or Sending a simple wire payment instructions to bank, you does requires a very tight integration with your accounting system.

double-arrow-28 Implementing SWIFT messaging
Implementing and integrating the SWIFT message is not a easy in EBS. A typical implementation does requires from 4 month to 6 month from planning stage to live stage.Implementation for such things does requires small project life cycle that consist of main four phases.

  1. Impact Analysis & design
    • Define business requirements : Need to understand what is scope and
    • Define functional specifications : Once business requirements is clearly identified the next important is to functional specification, which consist of approach ,messaging information and plan for UAT like wise.
    • Identify tools and development needs : Then you need to identify the tools externally or internally. If you are using SwiftNet, then you need a third party Swift Translator or you can also utilize Middleware, but your drivers should be based out of what kind of message you are planning to integrate. You need to explore the other tools that Oracle EBS.
    • Many times , if required to rollout in some other countries, there might be some legal requirement, which need to understand from business as well as integration aspect.
    • This Phase Typically Consist of 1-2 months depending upon various factors.
  2. Development and Integration
    • Develop necessary interfaces with applications
      • Once your tool is identified and message format is agreed , then the development should take place, development consist all aspect which includes parsing of data if XML is used , file transportation , archival and underline accounting creation and reporting requirement.
    • Document procedures
      • You need to come out with procedure for integration , and this should be potentially targeted from end user prospective.
    • Training
  3. Testing
    1. Connectivity with bank(s)
    2. Interfaces with banking application as well as Middleware
    3. Backup infrastructure and procedures
  4. Go-Live Phase : This consist of some support activity after live, which consist of minor fixes, data investigation.

double-arrow-28 Typical Case of end to end Swift MT messaging with ERP

Here is the diagram which clearly explain the end to end integration of SWIFT messages, which consist of

  • Sending wire payment instructions with your cash management banks (formats are MT101 and MT103).
  • Receiving bank statements and transaction information (format is MT940 or MT950 for bank statements, MT942 for intraday statements), which tightly integrated with Cash and Treasury management.

edn2end

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