Mick Fennell is business development manager of the MultiSolutions Group at Misys International Banking Systems.
How are banks placed in terms of introducing SWIFT's new IP network
Fennell from our point of view, it's simple. All people who send SWIFT messages are going to have to switch over to SWIFTNet over the next two years. There is no choice.
At the moment there's about 5,000 connections worldwide and about 7,500 SWIFT bit codes, because some banks run branches in different countries through a regional hub. But with 5,000 connections having to switch over in two years, and the process only starting over the next few months,...