Akshay Press Release – 24 August 2011

Styron goes live on Akshay SWIFT Service Bureau

Confirms Akshay’s capability to serve corporates for SWIFT

(Princeton, NJ – 24 August 2011) – Akshay Software International, Inc., a SWIFTReady Services Provider, SWIFT Service Bureau, and SWIFT Value Added Reseller, announced today that Styron LLC (Styron) went live on Akshay's SWIFT Service Bureau on 1 July 2011.  Styron is among a growing list of corporates that use Akshay for SWIFT services, whether in-house, outsourced, or both.

“We had very tight deadlines and went live on schedule, something we could not have achieved without the support from the team at Akshay and Financeware”, said Michael Rowan, Assistant Treasurer of Styron. “Akshay was very responsive and helpful throughout the process and willing to step up whenever needed. In particular, Akshay's knowledge and expertise in SWIFT messaging for corporates was a crucial factor in the project's success.”

This was a global implementation with all of Styron's treasury centers in US, Europe and Asia going live on SWIFT at the same time. The SWIFT applications had to integrate with both Styron's treasury as well as its ERP (SAP) applications.

The SAP integration involved multiple consolidations and segregations of MT940 statements by account and region and lookups to validate account numbers. SWIFT's Alliance Integrator product was used to achieve this functionality and also build a robust interface that had the capability not just to alert but also to recover from errors.

Somewhat unusually, Styron also had a requirement to process MT950 messages and since SWIFT does not support MT950 for corporates, Akshay and Financeware worked with Styron to find a way to make this implementation successful.

 “When we made the selection, we chose Akshay because they appeared the most knowledgeable, took the time to understand our specific situation and came with excellent references from global corporates. Nearly two months after the go live, we are comfortable that we made the right decision and look forward to continuing our relationship ", said Styron’s Michael Rowan in conclusion.

B.V. Venkat, Senior Vice President of Akshay said, “We are very pleased we were able to play a role in the success of Styron's SWIFT implementation. Our partnership with Financeware played a critical role in our success giving us increased bandwidth in terms of resources and extended coverage in terms of geography and time-zones. This puts our partnership in a strong position as SWIFT drives toward significantly increasing the number of corporates joining, implementing, and utilizing SWIFT”.

For more information contact:
Mr. B.V. Venkat
Akshay Software International, Inc.
+1 609 945 2963
bvv@akshay.com
www.akshay.com