September 18, 2008

The Society for Worldwide Interbank Financial Telecommunication, (SWIFT), signed an agreement with major industry players to establish a shared platform for electronic data transmission. By spring 2009, the group will launch and begin to pilot the central platform for electronic data transmission.

In addition to SWIFT, a member-owned cooperative through which the financial world conducts business operations, project partners include ACORD (Pearl River, N.Y.), Swiss Re (Zurich), Munich Re (Munich), and Scor (Paris), as well as reinsurance brokers Aon (Chicago) Benfield (London) and Willis (London).

The effort began in late 2007, when a group of global reinsurers and brokers started the 'Ruschlikon Initiative', with the aim of building a shared industry solution for electronic data transmission. SWIFT joined the initiative in January 2008 to provide both the platform and network for premium and claims accounting transactions.