Sibos, Osaka, 29 October 2012 – SWIFT, the global financial messaging provider for more than 10,000 financial institutions and corporations in 212 countries, announced today it has selected SmartStream Technologies, a global software and managed services provider, to evolve Accord, SWIFT’s confirmation matching engine used by some 500 institutions worldwide.
As part of the Agreement, SmartStream will provide a number of underlying components of the updated Accord platform, including elements of the Transaction Lifecycle Management (TLM®) solution suite, a powerful, highly scalable and flexible Service Oriented Architecture (SOA) business-driven product.
By incorporating SmartStream’s technology, SWIFT will offer the market a robust confirmation matching service introducing a level of personalization previously only available with onsite systems. The enhanced platform will also support all commonly traded instruments, allow for the rapid addition of new asset classes, and provide numerous value added features such as an affirmation model as well as fax and e-mail processing.
“Given the ongoing market transformation, regulatory pressure and the increasing complexity of traded instruments, post-trade processing is once again at centre stage and a top priority of many operations executives,” said Javier Perez-Tasso, Head of Marketing, SWIFT. “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. 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.”
Important to SmartStream is that this agreement supports the company’s objective of placing TLM at the heart of industry initiatives focused on dramatically reducing operating costs while creating scalable platforms that drive more efficient and collaborative operations. For SmartStream’s existing 1,500 clients who have deployed TLM across their middle and back office they will now have the option to access the SWIFT-operated, centrally managed Accord rather than deploying TLM or another matching solution on site.
Philippe Chambadal, CEO, SmartStream Technologies, said, “The combination of SmartStream’s sophisticated matching and integration solutions, SWIFT’s security and availability credentials and our joint experience in the global matching arena, will allow us to deliver together a highly efficient service. We’re excited to see our products leveraged in this way, creating an industry owned, market leading confirmation service which will support clients and communities in need of a common matching platform as they seek to control the cost and risk of trading a broader array of products in increasing volumes.”
The first release of the new Accord platform will be launched in early 2014 with further releases to follow.
SmartStream Technologies provides Transaction Lifecycle Management (TLM®) Software solutions and Managed Services to dramatically transform the Middle and Back Office operations for Financial Institutions. 1,500 clients, including more than 70 of the world's top 100 banks, 8 of the top 10 asset managers, and 8 of the top 10 custodians rely upon SmartStream’s solutions.
SmartStream delivers greater efficiency, automation and control to critical post trade operations including; Reference Data operations, Trade Process Management, Confirmations and Reconciliation Management, Corporate Actions processing, Fees and Invoice Management, Cash & Liquidity Management and Compliance solutions. Used independently or as a suite of solutions and services clients gain lower cost-per-transaction while reducing operational risk, aiding compliance and improving customer service levels.
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Every year Sibos brings together influential leaders from financial institutions, market infrastructures, multinational corporations and technology partners to do business and shape the future of the financial industry. Facilitated and organised by SWIFT for the SWIFT community, Sibos is much more than a conference and exhibition. It is a unique forum to collaborate and take collective action in payments, securities, cash management and trade. With the power to draw some 7,000 participants from across the globe, Sibos is unparalleled in its reputation to reach the entire financial services industry.
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 financial institutions and corporations in 212 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
For more information, please refer to our website www.swift.com or contact:
Head of Media Relations, Asia Pacific, SWIFT
+852 2107 8873
+852 2973 0222