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TradeFlow from Fiserv Enhanced with Block-Level Support for SWIFT Global Electronic Trade Confirmation Solution
|By Business Wire
|May 6, 2014 09:06 AM EDT
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, announced today that TradeFlow™, its post-trade
processing solution, has been enhanced with block-level support for
SWIFT’s Global Electronic Trade Confirmation (GETC) solution. TradeFlow
enables SWIFT messaging with block- and allocation-level workflows for
confirmation and affirmation, exceptions management and status
reporting. The solution also provides integrated connectivity to other
automated trade matching platforms, including Omgeo Central Trade Manager®
(CTM), Omgeo OASYS Direct® and MarkitSERV®.
Through SWIFT GETC, TradeFlow supports SWIFT ISO 15022 message types
MT509 (status), MT513 (advice of execution), MT514 (allocation
instruction), MT515 (confirmation of purchase or sale) and MT517
(confirmation affirmation). The solution supports workflows developed in
accordance with SWIFT GETC implementation guidelines.
“As investment managers continue to strive for higher levels of
post-trade operational efficiency, the SWIFT GETC messaging solution is
enabling increasing numbers of buy-side firms to reduce operational
costs and risks,“ said Arun Aggarwal, managing director, U.K., Ireland &
Nordics, SWIFT. “We are pleased that TradeFlow now includes integrated
support for GETC, and are certain these enhancements will also help
firms meet the new European settlement requirements which are effective
as of next year.”
The enhanced functionality of TradeFlow enables investment managers to
comply with accelerated settlement cycles for securities, while
achieving greater efficiency in straight-through processing (STP).
These improvements are business imperatives for firms trading in the
European Union (EU), as the T+2 settlement cycle (T+2) becomes mandatory
in January 2015. T+2 requires securities transactions to be settled
within two business days of trade executions. At the present time, only
three EU nations – Germany, Bulgaria and Slovenia – require T+2;
however, 10 additional EU nations – including France and the United
Kingdom – are expected to implement T+2 in October 2014.
The United States will remain on the T+3 settlement cycle, which
requires post-execution settlements within three business days, but
industry leaders are strongly encouraging the U.S. to implement T+2 by
“TradeFlow’s integrated support for the SWIFT GETC solution offers our
clients additional opportunities for automating, standardizing and
accelerating post-trade workflows,” said Simon Garwood, senior product
manager, Investment Services, Fiserv. “These enhancements ultimately
enable firms to enrich straight-through processing, while yielding
broader improvements in operational efficiency, and reducing the overall
cost and risk associated with settling trades.”
TradeFlow from Fiserv is built on a highly secure and scalable
enterprise application architecture that enables straight-through
processing and supports a unified front-, middle-, and back-office
infrastructure. Through streamlined best practice workflows, TradeFlow
automates post-trade lifecycle events, including electronic trade
confirmation and settlement. TradeFlow also drives larger-scale
improvements in operational efficiency, allowing firms to mitigate risk
and deliver a better service model to clients and counterparties.
SWIFT is a member-owned cooperative that provides the communications
platform, products and services to connect more than 10,000 banking
organisations, securities institutions and corporate customers in 212
countries and territories. For more information, visit www.swift.com.
This year, Fiserv, Inc. (NASDAQ: FISV) celebrates 30 years of leadership
in financial services technology. As one of FORTUNE® magazine's
World's Most Admired Companies, Fiserv is helping clients worldwide
achieve best-in-class results by driving innovation in payments,
processing services, risk and compliance, customer and channel
management, and business insights and optimization. For more
information, visit www.fiserv.com.
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