Financial institution UBS Switzerland is connecting to SWIFTNet,
a cutting-edge technology in the financial services industry that is
geared toward improving market efficiency and reducing risk. UBS has
been working with the industry cooperative SWIFT and Sun Microsystems
to link its internal financial messaging network with SWIFTNet services
on SWIFT's secure IP network.
Michael Walther, regional manager, Securities Industry Division, SWIFT,
explains SWIFTNet: It is a "highly secure, highly available and
resilient, private network where members can interact with
correspondents, customers and trusted third parties in real time. It
has fully embedded public key infrastructure (PKI) security services
and offers a portfolio of products and services for the secure and
reliable communication of data."
UBS's migration project began in 2002, and is being carried out in three
phases to its scheduled completion date of 2004. During the project,
UBS Switzerland will renew front-end software. UBS branches in other
countries will access the new IP network through this hub, which will
use the SWIFTNet Link software running on the SolarisTM Operating
Environment (Solaris OE) to connect with SWIFT's secure IP network.
Phase one consists of updating banking application software at the
front end in 2002. Phase two will continue to move from UBS's old
protocol X.25 to IP in 2003. Phase three will deliver continuous
linked settlement and other advanced services such as FileAct via Alliance
Gateway in 2003/2004.
In the first implementation, UBS Switzerland has used two Sun
EnterpriseTM 4500 servers running the Solaris OE in parallel with a
third server as a back-up and a fourth deployed in a test environment.
The openness of the operating environment means that applications using
this distributed client/server architecture can be integrated with
other applications and platforms. The Sun platform provides them with
the openness and scalability to support future solutions.
With the help of Sun's consulting, training and support, SWIFTNet
connectivity can be placed in an overall architecture that maximizes
straight-through processing and enables the most efficient business
processes built around financial messaging.
The UBS IT team reports that the project is going well.
"Sun is one of our preferred suppliers at UBS Switzerland and we
have a well-established relationship with the company. Its platform
can support up to 40 messages per second, depending on the size of the
message. We currently store and forward more than 100,000 SWIFT
messages per day. We expect that this volume will double in future, but
with Sun, we have the scalability to deal with increased volume and
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