Closing the Door on Data Privacy?
After 3 some three years, the EU Parliament has approved the Terrorist Finance Tracking Program (TFTP) which outlined the rules for investigation into suspicious payments that may have been exchanged between banks via the SWIFT network. Hopefully the final chapter on the SWIFT data privacy issue has now been written, but this does serve as a good illustration of how important the geo-location of data becomes in financial services; particularly with the increasing interest in cloud-based financial services solutions. Banks from any country need to ensure that their cloud provider has the ability to store data, with redundancy, within a specific geographic region.
Amsterdam, here we come
While on the topic of SWIFT... I'm writing this in early July, but Sibos 2010 planning for Microsoft is well under way. Microsoft has been a major exhibitor at Sibos since 2004 when the BizTalk Accelerator for SWIFT (A4SWIFT) was introduced to the market. Being SWIFT Ready Financial EAI certified, this solution provides banks with a common integration layer for linking internal systems to each other, and of course to SWIFT Alliance software. By natively supporting SWIFT standards in XML, many banks have realized significant efficiencies when they use A4SWIFT to convert from legacy-based SWIFT and payments integration.
Microsoft is again committed to showcasing solutions from our financial services technology partners. We also look forward to the debates on innovation and standards. For more information on the Microsoft presence, and our stand partners for on partners for 2010, I encourage you to check the Microsoft at Sibos page throughout the run up to the event. Better still – I look forward to meeting you in Amsterdam.