Clearstream Banking Vestima+ order routing system has started to interact for the first time with a transfer agent, Fidelity Investments Luxembourg, using SWIFTNet Funds ISO 20022 new messaging solution.
Clearstream will very soon connect to other Transfer Agents using that standard. Vestima+ is the only available system offering free choice of settlement and custody routes. It is aimed at reducing the costs and inefficiencies in the area of order processing within the investment funds industry by using electronic communication media like an internet-based workstation or SWIFT messages.
“We are very pleased that Fidelity is the first Transfer Agent to interact with Vestima+ via SwiftNet Funds. It shows the commitment of our organizations to further support automation and standardization in the Investment Funds industry.” Says, Philippe Seyll, Director, Investment fund services, Clearstream.
“Because of this capacity to link counterparties using different communication media, we believe Vestima+ will be an important tool in the coming years to ensure a smooth transition of the market to a common messaging standard, ISO 20022” Says, Philippe Van Hecke, Head of Relationship Management Investment Funds, Clearstream.
“We highly welcome this very positive milestone in the industry’s drive towards more fund distribution processing harmonisation and efficiency”, says, Jean Sonneville, Managing Director, Investment Management Services at SWIFT.