Clearstream has launched its new Vestima+ Investment Funds service, with transactions in international markets flowing as expected following an implementation project over the weekend.
The Vestima+ service is targeting the differing needs of each of Europe’s main domestic distributors and provides a single solution for multiple fund markets.
The main features of the service include near-100% automation and the ability for fund distributors to select their preferred settlement mode, delivery versus payment (DVP) or free of payment (FOP) and to choose their own optimal settlement route and custody providers. Clearstream has worked with market participants to design the service enabling customers to leverage their existing domestic infrastructures in order to reach the highest cost reductions level. Through Vestima+, and for the first time in the fund market, customers can select wherever they wish to settle and whether to use or not Clearstream’s integrated settlement and custody services.
Clearstream is now evaluating expanding the service to other markets such as Italy and the UK.