Progress Software Introduces Six Financial Messaging Validation ServicesBEDFORD, Mass.--(BUSINESS WIRE)--Mar. 17, 2009--
Progress
Software Corporation (NASDAQ: PRGS), a global provider of
application infrastructure software used to develop, deploy, integrate
and manage business applications, today announced the immediate
availability of
six
new validation services for developers, powered by
Progress®
Artix®
Data Services, which comprise the most complete set of online
financial messaging validation services in the market today. The six
validation services, which are available online at no cost at
www.progress.com/validation,
are designed to help financial institutions improve organizational
efficiencies and the quality of data, while ensuring compliance with
constantly changing financial messaging standards.
Progress will be exhibiting these new validation services at the SWIFT
(Society for Worldwide Interbank Financial Telecommunication) Operations
Forum Americas in New York (March 17-18) and the ISITC (International
Securities Association for Institutional Trade Communication) Conference
in Boston (March 22-25).
Powered by Artix Data Services, each validation service is a secure,
browser-based service that enables developers to test and validate
compliance (syntax and semantics) of a particular message with the
appropriate standard. For those organizations that want to further
streamline financial messaging development, deployment and management
processes they can purchase Artix Data Services, Progress’ open,
standards-based, financial messaging data interoperability tool with
pre-built standards libraries that are maintained and updated by
Progress to support the latest release of each standard.
A validation service for SWIFTStandards MT was announced last June, and
this latest release includes support for SWIFTStandards MX, FpML, SEPA,
ISO 20022, STEP2, and FIX. As a result, architects and developers have
new tools to increase straight-through processing rates from order
capture to clearing and settlement.
Despite best efforts by development, deployed financial applications
often send and receive improperly formatted messages. Architects and
developers not using validation tools, such as Artix Data Services, risk
sending financial messages with misinformation where the syntax or the
semantics of the message are incorrect. The receiving application may
reject the message causing a loss of time, a financial penalty, or
interest on a missed payment. Alternatively, the message could be
accepted with the incorrect data, which can then lead to a much larger
data quality problem. By offering these six new validation services,
firms can significantly reduce the operational risks associated with
messaging failures.
Robert Stowsky, director of financial services, Progress Software
commented: “As firms face new compliance pressures and requirements to
increase straight-through processing rates, it is critically important
to have the right quality and validation tools in place to ensure
success. We are offering these new free services to the financial
services community to help firms improve data quality, reduce
maintenance costs and shorten time to market for new services, while at
the same time meeting industry regulations.”
The validation services cover a broad range of standards and are aligned
with the changing needs and priorities of the financial market. For
financial institutions seeking to automate Over-The-Counter (OTC)
derivatives processes, Progress Software provides financial messaging
data services tools with extensive support for FpML, DTCC Deriv/SERV,
Markit Wire and SWIFTNet FpML. For streamlining SWIFT payments and
securities transactions, Progress provides libraries for SWIFT MT and MX
messages. A Payments Modernization solution from Progress provides
financial institutions seeking to automate payment processing across
legacy and new messaging standards with extensive support for SEPA, ISO
20022, SWIFT, EBA STEP2 XCT and ECB TARGET2 payments standards. All of
these solutions enable financial organizations to reduce messaging
failures and the time associated with repairing these failures.
For more information on Artix Data Services and pre-built Standards
Libraries, please visit: www.progress.com/artixdataservices.
Financial Messaging Validation Services are available at: www.progress.com/validation.
About Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) provides application
infrastructure software for the development, deployment, integration and
management of business applications. Our goal is to maximize the
benefits of information technology while minimizing its complexity and
total cost of ownership. Progress can be reached at www.progress.com
or +1-781-280-4000.
Progress and Artix are trademarks or registered trademarks of Progress
Software Corporation or one of its affiliates or subsidiaries in the US
and other countries. Any other trademarks contained herein are the
property of their respective owners.
Source: Progress Software Corporation
Progress Software
Lisa Coulouris, +1 781-280-4995
lcoulour@progress.com
or
LEWIS
PR
Mari Melguizo, +1 617-226-8895
progresssoftware@lewispr.com
