SmartStream, a London-based financial transaction management software specialist, reports that its TLM corporate actions processing software has again received certified application status from the SWIFT cooperative for financial messaging and related systems.
Certified application status, which is subject to yearly renewal, ensures that the application is “fully compliant with SWIFT corporate actions messaging standards,” SmartStream officials say in a statement.
SWIFT itself, headquartered in Belgium, notes that it “certifies selected third-party applications to ensure that they meet well-defined requirements around SWIFT standards, messaging and connectivity,” and that “Certified Applications labels are highly valued by end-users because they provide transparency and enable well-informed purchasing decisions. SWIFT certification is frequently listed as a requirement in RFPs [requests for proposals] for financial applications.”
“Even though SWIFT messages are established as the message standard for corporate action announcements and processing, many companies struggle with the complexity of the messages and the protocol across the lifecycle of the event,” according to the SmartStream statement. The SmartStream product provides SWIFT message support out-of-the box.
Corporate actions processing is a highly complex area and as volumes continue to rise, manual processing represents a risk to financial institutions, SmartStream officials add. Automating corporate actions processing with exception controls provides enhanced risk management, while “at the same time controlling back-office costs.”
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