Northern Trust has launched PassportLink, an system integration tool that offers a plug-and-play technology programme, enabling asset servicing clients to communicate trade messages and reporting data between their internal front-office systems and Northern Trusts custody systems, thus increasing operational efficiencies.
PassportLink was developed as part of Passport, Northern Trusts online, institutional-client data delivery platform and has been designed to be used in conjunction with Northern Trusts Web Trade Services which offers automatic trade matching. Providing a two way data exchange, PassportLink allows clients to transmit settlement instructions or pre-matched trades from any order management system to Northern Trusts Web Trade Services. Conversely, Northern Trust can transmit reporting information such as holdings, cash or income data to their clients underlying systems.
PassportLink is an extension of Northern Trusts outsourcing solution and offers clients who are not members of the SWIFT network an alternative method of communication that is equally robust, flexible and broad in coverage, says Peter Cherecwich, head of Global Product and Strategy, Northern Trust. This translates into key benefits for clients around reducing their manual processes and, therefore, operational risk, through improving automated trade capture and increasing straight-through-processing.
Northern Trust has developed PassportLink to be compatible with a full range of front office asset servicing systems and it has already been tested and implemented successfully in conjunction with SimCorp Dimension and Wall Street Systems.