Old National and Axletree Solutions: Revolutionizing Secure Transaction Messaging with Swift
Monday, Oct 28, 2024 11:22 am ET
1min read The banking industry is rapidly evolving, with digital transformation and automation becoming increasingly crucial. Old National Bancorp (ONB) and Axletree Solutions have recently announced a strategic collaboration to enhance secure transaction messaging, leveraging the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network. This partnership aims to streamline internal processes, reduce operational costs, and provide real-time international payment tracking, ultimately positioning Old National to better serve its clients in the face of escalating digital demands.
Axletree Solutions, a premier financial technology provider, will host Old National Bank's SWIFT architecture, providing a new level of highly-secure transaction messaging. This will ensure end-to-end control and complete transparency of banking transactions via SWIFT, a member-owned cooperative that offers safe and secure financial transactions for various financial institutions.
Through this collaboration, Old National will gain access to a wide range of SWIFT messaging capabilities, including wire transfer payments and confirmations, ACH payments and confirmations, prior-day and current-day information reporting in BAI2 format, and integrated payable files in ISO 20022, CSV, and EDI formats. This will enable Old National's clients to utilize various Swift message types, such as Single Customer Credit Transfer, General Financial Institution Transfer, and Bank to Bank Free Format Message, among others.
Real-time international payment tracking will also be a significant benefit for Old National's customers. By leveraging SWIFT APIs, clients will be able to trace their cross-border SWIFT transactions in real-time, enhancing risk management and transparency. This feature is expected to attract new business and strengthen Old National's position in the competitive banking landscape.
The partnership with Axletree Solutions will enable Old National to meet the technology needs of its financial institution and corporate customers, who are increasingly investing in automation to leverage their ERP systems, treasury workstations, and accounting platforms. By providing innovative solutions, Axletree Solutions will help Old National stay competitive in the evolving banking landscape, particularly in the areas of automation and digital transformation.
In conclusion, the collaboration between Old National and Axletree Solutions is set to revolutionize secure transaction messaging, empowering Old National to better serve its clients and stay ahead in the rapidly-changing banking industry.
Axletree Solutions, a premier financial technology provider, will host Old National Bank's SWIFT architecture, providing a new level of highly-secure transaction messaging. This will ensure end-to-end control and complete transparency of banking transactions via SWIFT, a member-owned cooperative that offers safe and secure financial transactions for various financial institutions.
Through this collaboration, Old National will gain access to a wide range of SWIFT messaging capabilities, including wire transfer payments and confirmations, ACH payments and confirmations, prior-day and current-day information reporting in BAI2 format, and integrated payable files in ISO 20022, CSV, and EDI formats. This will enable Old National's clients to utilize various Swift message types, such as Single Customer Credit Transfer, General Financial Institution Transfer, and Bank to Bank Free Format Message, among others.
Real-time international payment tracking will also be a significant benefit for Old National's customers. By leveraging SWIFT APIs, clients will be able to trace their cross-border SWIFT transactions in real-time, enhancing risk management and transparency. This feature is expected to attract new business and strengthen Old National's position in the competitive banking landscape.
The partnership with Axletree Solutions will enable Old National to meet the technology needs of its financial institution and corporate customers, who are increasingly investing in automation to leverage their ERP systems, treasury workstations, and accounting platforms. By providing innovative solutions, Axletree Solutions will help Old National stay competitive in the evolving banking landscape, particularly in the areas of automation and digital transformation.
In conclusion, the collaboration between Old National and Axletree Solutions is set to revolutionize secure transaction messaging, empowering Old National to better serve its clients and stay ahead in the rapidly-changing banking industry.
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