The connection is possible using Swift Business Connect via API. With I-STAR/GX directly connected to Swift, financial institutions can seamlessly communicate settlement data with corresponding financial institutions without having to build a separate interface. As a result, operational and infrastructural management burden are significantly reduced, which helps financial institutions allocate more resources to business expansion.

"As a trusted partner to financial institutions like Tokai Tokyo Securities Co. Ltd. we are pleased to add new functions to I-STAR/GX that will enhance our clients’ capabilities and improve the overall customer experience,” said Hiroyuki Nakayama, Senior Corporate Managing Director at NRI. “As the first post-trade system that’s connected to Swift using Swift Business Connect, we’re expanding opportunities for our financial services clients helping cut costs and deliver more flexible workflows.”

In 2017, Swift established Customer Security Controls Framework (CSCF) due to increasing volumes and evolving complexity of frauds targeting institutions connected to the Swift network. By the end of each year, Swift users must comply with mandatory (and optional advisory) security controls as documented in the CSCF. As an option included in this new offering, NRI provides additional services including compliance assessment, and gap analysis to identify areas that need addressing.

I-STAR/GX can also help organizations meet upcoming regulatory requirements like the U.S. T+1 settlement that will go into effect May 2024 and the ISO 20022 migration that will require financial institutions to move to the new message format in 2025.

For more information about NRI’s I-STAR/GX product, please visit https://www.nri.com/en.