SWIFT Taps SmartStream for Cloud Version of Accord
In an attempt to bring more automation to post trade operations, global financial messaging provider SWIFT has tapped reconciliation solutions vendor SmartStream Technologies to develop a cloud-based version of the SWIFT confirmation matching platform, dubbed Accord, say officials at the Sibos 2012 conference underway in Osaka, Japan.
The SWIFT event is at the INTEX center from Oct. 29 to Nov. 1.
The agreement specifies that SmartStream will provide underlying components for the Accord platform update such as the SmartStream Transaction Lifecycle Management (TLM) solution suite, which exploits a scalable service-oriented architecture (SOA).
The inclusion of SmartStream’s technology will yield a confirmation matching service that features “a level of personalization previously only available with onsite systems,” say SWIFT officials.
The new platform to come will support mainstream traded instruments but will also permit the addition of new asset classes. Among the new features for Accord will be an affirmation model as well as fax and e-mail processing.
Ongoing market transformation, regulatory pressures and ever-more complex financial instruments are giving the spotlight to post-trade processing and making it “a top priority of many operations executives,” according to Javier Perez-Tasso, head of marketing at SWIFT in a prepared statement.
“We are delighted to work with SmartStream to deliver a cloud-based solution that will reduce the cost per trade, through a significant increase in operator efficiency,” adds Perez-Tasso. “This initiative is an integral part of SWIFT’s strategy to grow our matching and related post trade services across the global treasury and securities industries.”
SmartStream officials say the agreement supports their objective of putting TLM “at the heart of industry initiatives focused on dramatically reducing operating costs.”
SWIFT and SmartStream officials say that the first release of the cloud version of Accord will be launched in early 2014.
On the service bureau front, transaction banking solutions provider Fundtech has expanded its global service bureau capabilities with a new operation in Asia-Pacific via a partnership with NEC and its subsidiary Decillion Group.
The global service level agreement (SLA) with the Singapore-based Decillion, a SWIFT service bureau focused on the financial services industry, will allow Fundtech to offer financial institutions and corporations “a single global relationship with local support and service,” officials say.
Decillion has local offices in Australia, China, Hong Kong, Indonesia, Malaysia, Thailand and Vietnam. Company officials say it operates the largest SWIFT service bureau in Asia-Pacific with 130 clients from 22 countries. Decillion can offer software solutions to financial services firms on an in-house and service bureau Software-as-a-Service (SaaS) basis.
The new partnership will enable Decillion to offer Fundtech’s SWIFT messaging and compliance filtering software via its service bureau, officials say. Fundtech’s portfolio of products will be offered through Decillion’s service bureau at a later date.
Some of the other vendors with news at Sibos Osaka are:
—Solutions provider Fiserv, which says its Accurate Reconciliation solution for transaction matching, reconciliation and exception management has received the SWIFTReady Reconciliation Label for 2012. This marks the thirteenth time that has happened, officials say. The Accurate Reconciliation solution also offers support for ISO 20022 XML messages, which aids the integration of SWIFT MX message content and the implementation of SEPA compliant controls. Fiserv is exhibiting at Sibos Hall 1, Stand #1C11.
—Corporate actions processing solutions provider XSP, which has a new Japanese user interface for its XSPrisa SaaS offering, say XSP officials. The new user interface uses the XSP GO! presentation platform in conjunction with cloud computing technology; the platform facilitates the creation of customizable user interfaces via a dashboard that supports multiple languages.
—Trade services solutions provider Misys, which has been awarded three SWIFTReady 2012 product certifications for its Trade Finance; Supply Chain Finance; and Corporates—Trade & Supply Chain Finance offerings.
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