SmartStream supports SWIFT’s GETC solution


http://www.automatedtrader.net/news/automated-trading-news/142584/smartstream-supports-swifts-getc-solution

First Published 29th April 2013

SmartStream’s TLM Trade Process solution supports SWIFT’s Global Electronic Trade Confirmation solution

Brussels – SmartStream Technologies, the financial Transaction Lifecycle Management provider has announced that its TLM Trade Process Management solution, which addresses the post-trade allocation, confirmation, clearing and settlement processes, now fully supports SWIFT’s Global Electronic Trade Communication (GETC) solution.

GETC uses SWIFT ISO 15022 messages to provide a standardised process for matching fixed income and equities trades for both buy and sell-side firms. The post-trade world still has a large amount of manual processing and GETC enables participants to reuse their existing SWIFT infrastructure to create a standardised and automated approach to confirmation matching. GETC can minimise operational risk, increase STP and reduce the costs of post-trade processing.

Dr Darryl Twiggs, Head of Product Management, SmartStream Technologies, comments: “With the ever increasing pressure to reduce costs in the middle and back-office while at the same time lowering the risk of failed or late trades, customers are looking for alternative post-trade solutions. By supporting the GETC solution our customers now have more options for handling post-trade processing. In addition to supporting the automation of allocation only or block allocation confirmations, SmartStream’s TLM Trade Process Management solution offers the complete automation of the transaction across the middle and back-office from point of execution to settlement”.

Paul Taylor, Director New Business Development – Global Matching, SWIFT, says: “It is a pleasure to be working with SmartStream to make our GETC local confirmation solution even more accessible to the marketplace. As the industry strives to improve post-trade operational efficiency, many buy and sell-side firms are opting for local matching solutions for the automation of trade confirmations. By supporting the use of GETC, and providing an installed local matching engine that accepts GETC messages, SmartStream is making a great contribution towards helping the community drive out cost and risk from this vital post-trade function.”

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