Societe Generale to adopt Swift network

Societe Generale Securities Services (SGSS) has announced the intention to adopt SWIFT’s Value Added Network (VAN) solution for connecting to TARGET2-S (T2S).

The objective of T2S is to facilitate post-trading integration by offering core, neutral, harmonised and commoditised delivery-versus-payment settlement in central bank money in substantially all securities in Europe, Societe Generale said.

In preparation for the future T2S post-trading platform, which is due to go live in June 2015, SGSS selected the VAN solution in order to benefit both from SGSS and SWIFT’s common involvement in the T2S project from the start as well as its long-standing relationship with SWIFT, in particular the ISO 20022 format-related working groups.

It was decided to adopt SWIFT’s technology in order to reinforce SGSS’ strategic goal of using a fully T2S compliant network solution for the secure exchange of business information in ISO 20022 format, capable of supporting future growth while ensuring minimal integration risk.

T2S includes DCP connectivity, improved market response times for settlement and optimised liquidity management through options such as pooling cash for securities accounts held at multiple CSDs and auto-collateralisation to improve intra-day liquidity management for high-volume clients.

SGSS will also be able to provide a customised offer incorporating local and global custody with direct access to T2S for settlement, in addition to added-value asset servicing expertise.

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