BT today launched a Managed Secure Messaging Service for financial institutions, enabling the financial community to exchange messages securely and reliably over BT private networks and the Internet.
The service is designed to meet the security requirements of banks, clearing houses and securities depositories as well as corporate treasurers. BT Managed Secure Messaging can help cut costs by increasing the automation of message processing, reducing messaging failures and the manual administrative expense of correcting them. By ensuring that a message is secure, tamper-free and delivered in a non-repudiable manner, users can have confidence that messages sent and received remain unchanged and confidential.
BT’s Managed Secure Messaging service records that each message has been sent and received, and informs both parties that it has been delivered correctly. BT-supplied hardware or software gateways at both sending and receiving ends ensure that messages are encrypted, kept secure and intrusion-free. For example, banks use secure messaging to exchange payment messages with their corporate customers, and for securities settlement messages with investment managers. Corporate treasurers use secure messaging to interface their own financial systems directly with those of their banks, so that they can better manage liquidity. Central Counterparties (CCPs) and Central Securities Depositories (CSDs) use secure messaging to exchange messages with their member-firms.
The service is aimed at helping these types of organizations to increase their operational efficiency more cost-effectively.
“The need for secure, tamper-proof and non-repudiable messaging between parties in financial transactions continues to grow. BT’s Managed Secure Messaging service enables organizations to reduce their failure rates, reduce the costs of correcting those failures, and increase service levels to their customers,” said Jose Antonio Martinez, managing director, Radianz & Payments, BT.