Omgeo has streamlined access to its standing settlement instruction services by combining the interfaces of its two databases, Omgeo ALERT and Omgeo SID.
All investment managers will now have the ability to input, edit and delete DTC account and settlement instructions from one interface.The initiative greatly enhances data quality and decreases potential for failed trades, as clients will only need to input and maintain settlement details through one, rather than two, systems.
Additionally, the consolidated interface allows broker/dealers to retrieve updates to fully compliant DTC instructions from a single settlement instruction interface, Omgeo ALERT. One single version of a DTC instruction is available for enrichment through any Omgeo transaction product which alleviates the need to track through two separate systems. Clients who have data in SID are currently being taken through a process to update and migrate that data to the ALERT interface.
“This new interface is part of our long-term strategy to simplify our product suite and streamline access to our services. We are pleased to be continuing to respond to client feedback and making improvements in the SSI space,” says Steve Matthews, managing director, Product at Omgeo.