BBH is looking to catch latecomers struggling to meet the November deadline set by SWIFT for conversion to ISO 15022. ” With the November 2002 deadline fast approaching, Infomediary’s technology is in place to act as a SWIFT gateway, serving as both message translator and data enricher for investment managers,” says the Boston-based bank. “While many current software solutions provide simple mapping utilities for a `do-it-yourself’ approach, Infomediary’s outsourcing alternative also provides data translation, enrichment and transmission. Infomediary has leveraged industry-leading middleware, applied custodial ISO15022 expertise, and built the most robust set of conversion maps in the industry to help clients achieve STP. In addition, Infomediary enriches client data based on gap analyses between the new message types and the old 7775 message formats and enhances STP at the subcustodian level.”
“Many firms are learning that this conversion process is more expensive and resource intensive than anticipated because it is not just a simple data mapping exercise between the new and the old formats,” adds Taylor Bodman, BBH partner and head of Infomediary. “If you just map data from the 7775 messages to the 15022 messages your STP rate is going to go down. Our proven and customizable solution allows SWIFT members to outsource the message upgrade to BBH Infomediary with minimal impact to existing workflow and systems.”
The Swift conversion solution is one of several BBH Infomediary offerings, which address communications, data flow and systems integration requirements. “These are all costly activities for investment managers to oversee,” says BBH. “With tailored solutions and the adoption of scalable technology, Infomediary offers investment managers the economic cost benefits presumed from outsourcing while still allowing them control over operations.”