DST International (DSTi) says International Financial Data Services (IFDS), the UK-based transfer agency owned by its parent and State Street, has bought HiWay as its middleware messaging platform.
HiWay is a data transformation, messaging and systems integration solution that aims to enable fund distributors, when incorporated into IFDS’ iFAST transfer agency system, to increase levels of automation in order confirmations, settlement and the transfer of cash.
DSTi says HiWay provides an architecture that supports the automation of a wide variety of messaging standards and communications processes between IFDS’ iFAST system and the internal or third party systems of fund distributors. For fund distributors operating in multiple disparate regions, as is commonplace in Europe, higher rates of automation are a priority. “The benefits could also be significant for distributors operating in regions that rely primarily on non-electronic means of posting transactions – be it via phone, fax or post – and for those using multiple regional clearing/settlement processes,” says a DSTi spokeswoman.
“Aside from the benefits that will be realized by the users of iFAST, IFDS will benefit by reducing costs and improving customer service. Because HiWay supports a broad spectrum of messaging protocols, such as SWIFT, IFDS will be able to shorten the development and/or integration time for fund distributors connecting to the iFAST system. The increased efficiencies associated with maintaining those interfaces is important for IFDS, as many of the messaging standards can change annually.”
“IFDS’ selection of HiWay will improve the interface capability of our core Transfer Agency system, iFAST, and we hope will position us at the forefront of automation for European fund managers and distributors.” adds Nigel Etherington, managing director of International Client Services at IFDS. “Using HiWay, we intend to replace and, over time, to extend our current suite of interfaces, beginning with SWIFT, to improve the efficiency and effectiveness of the multiple messaging services we provide to clients.”
“With the continued diversity of transactions taking place in the market, be it a phone or electronic order, the need for a system that manages that diversity and automates many steps in the transactions settlement and clearing process is of tremendous importance to organizations such as IFDS,” says Pamela Pecs Cytron, executive vice president, DST International.