Back in 2019, Microsoft announced the successful public cloud-based, end-to-end payment transaction using SWIFT connectivity on Microsoft Azure. Since then, Microsoft has been working with SWIFT to architect its virtual connectivity solutions on Azure. After successful pilots, Microsoft and SWIFT are now bringing these solutions to external customers.
This new solution called Alliance Connect Virtual will allow financial institutions to accelerate their payments modernization strategy to reduce their on-premises footprint, rationalize the total cost of ownership, and rapidly deploy cloud-based payments architecture. Microsoft has also developed a set of reference architectures for customers to use as guidance in their deployments.
Microsoft will also offer additional value-add services such as unique seamless integration capabilities with back-end systems and support to the ISO20022 migration initiative (using Azure Logic Apps), and an automated solution to ensure compliance with SWIFT’s Customer Security Programme “CSP” (using Azure Policy solution for SWIFT CSCFv2022).
The new Alliance Connect Virtual solution will be available to deploy in Azure in 2022. The first release of this solution is available now and the next release will be available later this year.
Bank of New York Mellon (BNY Mellon) is already using Azure-based SWIFT solutions for wire payments with Microsoft’s Treasury division.