Financial services company Swift, has launched the MyStandards Readiness Portal, a new industry play that aims to streamline industry resources and input.
The new cloud-based application is an extension of MyStandards, a platform for standards management for the financial services industry.
The new portal eases onboarding between financial institutions and their clients, making it easier for partners and new counterparties to quickly and efficiently establish new relationships. For example, the onboarding team at a bank can monitor the client’s progress in real-time checking for issues that can be resolved right away.
“The client onboarding process has been a long-standing business challenge. One significant part of the risks and costs involved is coming from the lack of standardisation and the prevalence of piece-meal solutions,” said Marc Delbaere, head of MyStandards, Swift.
Delbaere tell GTR that the new play is about streamlining industry processes, making them more efficient, and defining global standards in the industry.
MyStandards was launched in June 2012 and there are 32 large global banks and companies using the application to manage all their standards-related information.