Harvard Management Buys SunGard ISO 15022 Solution

SunGard today announced that Harvard Management Company (HMC) has gone live on its SWIFT ASP solution in order to achieve ISO 15022 migration. "SunGard Business Integration's SWIFT ASP solution provides a cost effective alternative for financial institutions that seek to

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SunGard today announced that Harvard Management Company (HMC) has gone live on its SWIFT ASP solution in order to achieve ISO 15022 migration.

“SunGard Business Integration’s SWIFT ASP solution provides a cost effective alternative for financial institutions that seek to improve the management of their SWIFT network operations,” says SunGard. ” The services provided by the SWIFT ASP facilitate straight-through processing (STP) between the client’s internal applications and external counterparties. Messages are sent to and from the client’s host applications, and are transformed by the ASP into ISO15022 compliant SWIFT messages and routed as appropriate.” The ASP service is hosted at SunGard’s data center in Voorhees, New Jersey.

HMC manages over $20 billion in assets and operates through a diversified custody network, using up to ten prime brokers and four custodians. It now relies on the SWIFT ASP solution to handle hundreds of SWIFT messages daily, representing a significant volume of complex global trades, converting all data from SWIFT 7775 message types to ISO 15022 compliant messages and providing fully automated message enrichment and repair. HMC went live in September, well before the November cutover date, and reports a 99% STP rate.

According to John Bergen, director of back office systems for the Harvard Management Company, “The SWIFT ASP provided connectivity and comprehensive message processing for SWIFT ISO 15022 on time and on budget. This turnkey solution will also eliminate the need to invest in things like additional security hardware and software. This is money we’d rather allocate towards other areas of our longer-term STP initiatives, including automating and managing our global trading system, using MINT.”

Janet Lewis, managing director for SunGard Business Integration’s US region commented, “We were delighted to provide Harvard Management Company with the robust and cost-effective SWIFT ASP solution they sought for ISO 15022 migration and look forward to helping them further with the next phase of their STP initiative, which includes use of MINT for the FIX protocol, integration with other applications and future connectivity to Omgeo and GSTPA matching utilities.”

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