Tom Buschman Treasury development manager of Shell International and is chairman of the TWIST initiative.
Tom Buschman Treasury development manager of Shell International and is chairman of the TWIST initiative.

True Straight Through Processing in FX becomes feasible – the TWIST perspectiveStandards: business process focus and harmonisation

True Straight Through Processing in FX becomes feasible – the TWIST perspective Standards: business process focus and harmonisation

First Published: e-Forex Magazine 16 / Features / October, 2004

Historic drive for proprietary connections hampering efficient and transparent processes Throughout their industry, banks have historically attached very high importance to supporting client-specific connectivity solutions for corporate and institutional clients. They responded to customer demands to tailor their solutions to support specific preferences for file formats and protocols for communication and security. Banks have taken this approach in the hope of promoting and extending the usage of these tailor-made solutions to other clients in the future. Further, banks recognised that customers will always have a choice of provider in the financial services industry. As a response they aimed to minimise the risk for clients to change relationships firstly via contractual arrangements and secondly via their tailor-made connectivity solutions. In addition, the drive for differentiation meant that individual business units within banks focused on their own standards, without seeking out commonality with...continued

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