Bank of London and Middle East selected Financial Tradeware, provider of portfolio and fund Management straight through processing for investment managers, fund managers and hedge funds, in conjunction with EuropsSenne de Gestion PrivsSe SA to provide member concentrator services, enabling the bank to connect to and send messages over the proven SWIFT network.
“The EGP/FT Member Concentrator was selected after an evaluation of the available options in the marketplace. We wanted the ability to connect to SWIFT to ensure that we could minimise costs and maintain high levels of STP from the outset,” says Simon Ratcliff, head of market operations of BLME. “We look forward to working with the team at Financial Tradeware.”
EuropsSenne de Gestion PrivsSe SA in collaboration with Financial Tradeware are registered by SWIFT as one of the few worldwide organizations offering the Member Concentrator service. EGP/FT will provide the complete service to apply and register for SWIFT Membership on behalf of BLME.
Financial institutions appreciate the benefits and operational efficiencies gained by communicating over a managed SWIFTNet service. This is especially advantageous where message volumes are low and the ongoing costs of supporting a dedicated infrastructure and resources may be uneconomical.
“We are pleased to have been selected by a new bank, as it recognises both our expertise and the validity of the business model behind the Member Concentrator service. It simplifies tasks, gives operational efficiency and controls the operating costs for new and existing SWIFT eligible institutions such as small-to-medium sized banks, investment and asset management institutions,” says Graham Bright, managing director of Financial Tradeware.