Fides ARS provides centralized access, delivering the visibility into global transactions that Millicom needs. Millicom uses ARS to receive MT940s from its banks, host-to-host transmitted in files divided per country and bank. For banks that don’t send MT940s, Fides is building converters: the files will be transmitted to Fides in their various formats (which may include XML, CSV, PDF, and others) and automatically translated to the standard MT940 format before delivery to Millicom. This also reduces operational risk: as the transaction data load is automated, there is no need for manual data entry any longer.
Millicom is also leveraging Fides EFT for MT101 SWIFT network messages. EFT ensures compatibility with the various banks’ file formatting requirements and delivers the highest level of data integrity and security. Millicom sends XML pain.001 files to Fides via host-to-host connection. Fides will transform those files to MT101 format and send to the bank via the SWIFT network.
Millicom plans to replicate the host-to-host connections with banks that it had established in the past 18 months with Fides. The Fides Bank Connectivity team can handle all of the manual bank set-up, taking care of regulatory requirements and format updates to ensure connectivity continuity.