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New Clearstream environment achieves objectives

Published on 18 September 2008
Left to right: Philip Brown, Member of the Executive Board, Clearstream. Lynette Stoltsfus, Clerstream Banking. Philippe Metoudi, Member of the Executive Board, Clearstream Banking. Mark Gem, Clearstream International. Peter Schröder, Global Accounts Director, Central & Easter Europe, SWIFT. Karen Bridgman, Head of Communications, EMEA, SWIFT. Charles Welham, Head of Securities and Treasury Initiatives, EMEA, SWIFT
 
Clearstream’s next-generation processing environment, launched in March 2008, has realised its interoperability strategy with less complexity, faster time to market, no migration costs and lower project costs by leveraging its commitment to SWIFT connectivity and ISO standards, according to a SWIFT case study.

Clearstream’s system provides ISO 15022 messaging and is also interoperable with other message types. The system was developed by following SWIFT standards.

“Interoperability is the key word for today’s financial markets, which can only be achieved via industry standards like ISO 15022,” says Philip Brown, head of client relations Europe and Americas and member of the Executive Board of Clearstream International.

Clearstream re-engineered its internal settlement so that settlement could be achieved between 04.00 and 18.00 Central European Time. The model supports a turnaround time – from receipt of an instruction, internal provisioning, validation and settlement in the local market – of 15 minutes. This allows instruction input deadlines to be 15 minutes prior to the local market deadline.

“We are delighted that Clearstream recognised the value of SWIFT and ISO standards and has leveraged its earlier investment in the CreationConnect connectivity suite to support the introduction of its new environment and its interoperability strategy,” says Charles Welham, head of Securities and treasury Initiatives, EMAE, SWIFT.

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