Under the agreement BGC will manage MFEX’s connection to SWIFTNet, including infrastructure operation and maintenance.
The SWIFTNet messaging platform gives banks and other financial institutions whole new opportunities for effective financial communication.
BGC offers its customers a SWIFTNet Service Bureau package in which the participants share the cost of operation, development and administration. Economies of scale result in lower costs for the participants, who avoid having to invest their own resources in infrastructure maintenance and in-house expertise.
”We are very pleased about this cooperation with BGC that will give MFEXs access to SWIFTNet. BGC’s payment service will enable us to offer our customers such as Danske Bank, Handelsbanken, SNS Bank and Max Matthiessen faster and more cost-effective solutions for fund trading,” says Oliver Lagerström, COO of MFEX Mutual Funds Exchange. “Today our platform is used by 260 fund companies with 6,500 mutual funds, and with the new system we can further increase the number of companies that trade via MFEX,” adds Oliver Lagerström.
”BGC has functioned as a hub for payment transactions on behalf of the Swedish banks since 1959,” says Mats Wallén, Business Developer BGC. With our SWIFTNet service we are able to meet rising customer demands on fast and secure transactions and simple connection to multiple counterparties, a necessity in today’s internationalized financial markets.”
SWIFTNet (Society for Worldwide Interbank Financial Telecommunication) was founded in 1973 by 239 banks from 15 different countries as a co-owned service provider for the financial industry. Today SWIFT supplies transfer services and software interfaces for financial transactions to around 8 800 financial institutions in 209 countries. 3.8 billion financial messages were exchanged worldwide in SWIFT system during 2008.
For more information, please contact:
Kristina Westerlind
Communications Director, BGC
+46 8 725 65 99
Mats Wallén Business Development
+46 8 725 6645
About BGCBankgirocentralen BGC AB is the leading provider of payment solutions and operating services for e-ID and e-invoice to banks in Sweden. Bankgirot is the only giro system in Sweden that handles all types of payments, regardless of bank. BGC processes bankgiro transactions totalling SEK 25-50 billion daily. BGC is owned by SEB, Swedbank, Handelsbanken, Nordea, Danske Bank,
SkandiaBanken, Kaupthing Bank Sverige and Länsförsäkringar Bank. For more information, visit
www.bgc.se
About MFEX Mutual Fund ExchangeMFEX is the leading independent fund marketplace in Europe MFEX offers to financial institutions a highly automated, secure and cost efficient solution for trading mutual funds as well as calculating and recovering rebates on trail fees. Twenty leading European financial institutions are currently using MFEX platforms. With 260 fund companies and 6,500 mutual funds from 15 legal domiciles through MFEX have elected to distribute their mutual funds platforms, giving MFEX Europe’s largest and widest selection of funds. MFEX is currently distributing funds in 8 different countries– Sweden, Finland, Belgium, Luxembourg, the Netherlands, Austria, Switzerland and France, and will start operations in Germany during 2009.
www.mfex.com