Old National Bancorp Announces New Collaboration with Axletree for Secure Transaction Messaging

Old National Bancorp (“Old National”) and Axletree Solutions announced an innovative collaboration whereby Axletree will host Old National Bank’s Swift architecture, providing a new level of highly secure transaction messaging. This will ensure end-to-end control and complete transparency of banking transactions via Swift (Society for Worldwide Interbank Financial Telecommunication).

Axletree Solutions, a “Software as a Service” provider specializing in connectivity and integration, is Old National’s Swift Service Bureau, providing the bank with access to Swift without the internal burden and costs of managing the requisite Swift technology and infrastructure. Axletree also provides value-added services to Old National that include creating, enriching, and transporting various Swift message types from legacy back-office systems with routing rules to achieve internal efficiencies and enhance revenue. Through Axletree, Old National also has access to track international payments in real-time leveraging Swift APIs, for the benefit of its customers through an end-to-end secure environment.

Swift provides a single secure channel rather than requiring multiple proprietary connections. Swift is a member-owned cooperative providing safe and secure financial transactions for funds and funds administrators, brokers and dealers, clearing firms and financial market infrastructures, payment processors, and asset and wealth managers.

Swift messaging supported by Old National will include Single Customer Credit Transfers, General Financial Institution Transfers, Bank to Bank Free Format Messages, Confirmation of Debit, Confirmation of Credit, Customer Summary Statement Messages, and Customer Detailed Statement Messages. Swift connects multiple domestic and global institutions through a single, secure channel. Messaging capabilities include: