SWIFT Adds BIC To LEI Directory To Its SWIFTRef Platform

SWIFT Adds BIC To LEI Directory To Its SWIFTRef Platform – New Directory Will Enable Easy Mapping Between Business Identifier Codes (BICs) And Legal Entity Identifiers (LEI)


Date 03/09/2013
SWIFT, financial messaging provider for more than 10,000 financial institutions and corporations in 212 countries, has today announced the release of a new Business Identifier Code (BIC) to Legal Entity Identifier (LEI) directory on its SWIFTRef data platform. The BIC to LEI directory has been created in response to industry demands and enables SWIFT’s clients to easily and cost-effectively cross-reference BIC reference data to the public LEI database.
The new directory will particularly appeal to securities service providers as it will simplify their derivatives trade reporting by making it easier to identify and match counterparties. Providers of securities are under pressure to improve reporting following the publication of regulation concerning unique identification of counterparties with LEI under the Dodd-Frank Act and the European Market Infrastructure Regulation (EMIR).
“As an issuer of the BIC, it is a natural step for SWIFT to provide a directory to facilitate BIC to LEI mapping,” said Patrik Neutjens, Head of Reference Data at SWIFT. “There is an increasing need for clear and accurate identification of legal entities engaged in financial transactions to monitor systemic risk across the global financial network. SWIFT’s new BIC to LEI directory will help provide this.”
The Business Identifier Code (BIC), also known as ISO 9362, is a standard format identification code for both financial and non-financial institutions allocated by SWIFT and is the most commonly used international identifier for financial institutions. SWIFT has issued more than 100,000 BICs worldwide.
In line with SWIFT’s announcement earlier this year that it is providing daily updates on its SWIFTRef platform, the BIC to LEI directory will be updated on a daily basis. SWIFT calculates that in a typical month approximately 1,400 BICs undergo one or more changes, so the directory will prove valuable for the financial institutions and corporations who process thousands of domestic and international payments daily, and face a major challenge in maintaining accurate, up-to-date data.
The BIC to LEI mapping is already available to existing SWIFTRef Bank Directory Plus customers, via the SWIFTRef website download portal, and through FileAct, SWIFTRef’s regular file messaging service. It can also be accessed in the online tool Bankers World Online. In addition, a separate directory with the BIC to LEI mapping is now available for SWIFTRef users.
For more information about SWIFTRef’s new BIC to LEI directory, please visit http://www.swift.com/SWIFTRef.

Sterci’s GTFrame is SWIFT Funds certified, as deadline approaches

Sterci is proud to confirm SWIFT 2013 certification for its GTFrame product for the 9th consecutive year. GTFrame’s certification comes at a critical time, given the confirmation of the SWIFT Funds migration deadline for Q4 2015.

via Pocket http://www.bobsguide.com//guide/news/2013/Jul/26/stercis-gtframe-is-swift-funds-certified-as-deadline-approaches.html July 27, 2013 at 03:31PM

SmartStream partner with Alliance Factors to further support the Russian market

SmartStream Technologies, the financial Transaction Lifecycle Management specialist, today announced a partnership with Alliance Factors, a financial services solutions provider and SWIFT service bureau, based in Russia – to meet the demands of a growing client base in the region.

via Pocket http://www.bobsguide.com//guide/news/2013/Jun/11/smartstream-partner-with-alliance-factors-to-further-support-the-russian-market.html June 15, 2013 at 07:33PM

HL Steam signs agreement with Credit Suisse AG

HL Steam signs agreement with Credit Suisse AG


Credit Suisse went live on Ancoa in May 2013, and is now using the software for offline routing and content validation of payment messages within the global messaging infrastructure.

HL Steam configured Ancoa to process and validate a variety of financial messages including SWIFT MT payment messages at a speed of over 10000 messages per second per instance. HL Steam worked with Intel UK to optimise the performance on the latest Intel Ivy Bridge-EP/EX 22nm Technology chipsets, using sophisticated parallelisation techniques. Ancoa runs natively on Windows, Linux and UNIX.

Ancoa was chosen as a result of its flexibility for working with the banking messaging technology already in place such as IBM WebSphere MQ and its ability to consolidate different data formats for validation. At Credit Suisse, Ancoa is now producing comprehensive reports for quality control of routing and content of financial messages.

Credit Suisse

Surecomp Joins the SWIFTRef Partner Programme

Surecomp®, a leading provider of global trade solutions for banks and corporations, today confirmed that it is a fully accredited member of the SWIFTRef Partner Programme.

via Pocket http://www.bobsguide.com//guide/news/2013/Jun/10/surecomp-joins-the-swiftref-partner-programme.html June 10, 2013 at 07:11PM

Cor Financial launches Salerio.CONNECT

Cor Financial launches Salerio.CONNECT


First Published 3rd June 2013

New application to simplify first time automation of post trade processing operations for buy-side firms

London – Salerio, the post-trade management system used by securities and treasury trading firms, has announced the launch of Salerio Connect.

Salerio Connect has been created for small to medium-sized buy-side firms who want reduced operational risk and lower processing costs per trade to automate their post-trade operations. Salerio Connect integrates with SWIFT, the financial messaging provider, combining SWIFT’s Alliance Lite2 connectivity with Salerio’s processing power in an ‘out of the box’ application.

Bruce Hobson, CEO, Salerio, commented, “We know that all investment expenditure these days requires a compelling business case to support it. At the same time, it is becoming increasingly important for firms of all sizes to take control and automate their post-trade processes in order to minimise risks, lower costs and prepare to comply with ever increasing demands from regulation. We believe that customers will benefit hugely from our cost-efficient software delivery and pricing model. Our ‘out of the box’ approach requires minimum configuration and is designed to easily integrate with and work alongside incumbent processing capabilities. We are committed to helping more firms benefit from the cost reduction and processing efficiency that automation brings.”

Paul Taylor, Director, Global Matching, SWIFT, added, “The combination of SWIFT’s Alliance Lite2 connectivity with Salerio technology enables firms of any size to benefit from automation of their back-office operations. This is crucial today, with the pressure on buy and sell sides to reduce numbers of unaffirmed trades in order to control cost and risk, while meeting the requirements of forthcoming regulation such as CSD-R and getting ready for T+2 settlement. Salerio’s approach to packaging first time automation for buy side firms opens up the prospect of cost-effective STP to a wider audience, at a time when increasing numbers of brokers are adopting SWIFT’s ISO standard Global Electronic Trade Confirmation (GETC) solution in order to streamline the confirmation process with their clients.”

Cor Financial launches Salerio.CONNECT™

A new application based on proven technology, designed to make first time automation of post trade processing operations an easy decision for buy-side firms.

via Pocket http://www.bobsguide.com//guide/news/2013/Jun/3/cor-financial-launches-salerio-connecttm.html June 03, 2013 at 06:48PM

Sterci Launch “GTCloud” Hosted Service

Sterci, the international leader in financial messaging technology, today launched “GTCloud” – a pioneering hosted service providing cost-efficient “cloud” delivery of their award-winning GTSuite software portfolio.

via Pocket http://www.bobsguide.com//guide/news/2013/May/22/sterci-launch-gtcloud-hosted-service.html May 23, 2013 at 06:59PM

SmartStream supports SWIFT’s 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.”

Broadridge launches Swift GETC offering


First Published 29th April 2013

Broadridge announces Swift Global Electronic Trade Confirmation solution

Broadridge Financial Solutions has launched its solution for Swift Global Electronic Trade Confirmation (GETC).

The solution is intended to enable sell-side institutional brokers to optimize their service provision to institutional fund managers through a fully automated confirmation and affirmation process for trade allocations. It also enables brokers to maximize STP rates and streamline their own post-trade processing and settlement operations.

The Broadridge solution supports SWIFT GETC messages (MT515, MT509 and MT517) and provides operational control through full transparency of the message generation, flows and statuses. Upon receipt of the successful affirmation message (MT517), a SWIFT MT54X settlement message is released, allowing clients to manage and control their post-trade activities. The solution extends the range of confirmation-related market services already supported which includes Omgeo’s Central Trade Manager (CTM) and OASYS Global, and SWIFT’s Accord for Securities.

“We have worked closely with SWIFT to ensure support for the mutual client base interested in GETC,” said Phil Dobson, Director, Strategy and Product Management, Broadridge. “We will continue to keep our solutions aligned to market advancements for a range of service providers. The proposed introduction of shortened settlement cycles in some markets in 2014 will put even greater emphasis on timely and efficient confirmation and allocation processes.”

“We’re delighted to further advance our relationship with Broadridge, and are pleased with their speed to market as one of the first to offer a GETC solution,” said Arun Aggarwal, Managing Director, UK and Ireland, SWIFT. “We are seeing a growing demand for our GETC solution, and we are firmly committed to working in alliance with best-in-class solution providers to help our customers drive greater efficiencies in their post-trade operations.”

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