SWIFT CERTIFICATION FOR NCS PRODUCT

Abstract

Custodial banking is a critical financial service. With millions of transactions occurring globally, online transaction processing plays a critical role. SWIFT messages are the communication standard for conducting such transactions. To enable global standardization, ISO 15022 standard for messaging was designed. SWIFT certification ensures that a custodial banking product is compliant to the ISO standard and is fully interoperable within the SWIFT network. TCS has created NCS product for custodial banking services. For a product, which handles a critical service like custodial banking, being compliant with industry standards becomes a necessity. This report reflects the work done towards preparing NCS product for SWIFT certification. This work was done in the framework provided by the NCS-Fidelity project. A considerable portion of work involved testing the existing NCS-CA module for compliance to standard. This gave a fair idea of the present state of compliance. SWIFT standard was studied and a requirement document was prepared which specified the gaps. To bridge these gaps, processes were suggested for taking certification process closer to the programmer level and implementation work of various modules was distributed among programmers.