Rhyme Systems has launched Arrow-SP, a real-time solution designed to interface to Euroclear’s Single Platform supporting ISO 15022 and 20022 messaging as well as traditional CREST Proprietary standards for existing legacy applications.
Arrow-SP is designed to cope with the phased implementation of Euroclear’s Single Platform. It enables correspondents that currently use in-house solutions to settle in CREST, to connect to the Euroclear Single Platform. The solution also supports ongoing legacy processing with CREST.
Euroclear’s Single Platform will be introduced from January 2009 and will be accessed only through a CCI-compliant gateway. It will support harmonised ISO messaging only, initially for custody functions. Settlement functions will be compulsory from January 2010.
“A key benefit of Arrow-SP is that it removes the requirement for firms to reengineer existing message formats and therefore eliminates the risk of significant software development and migration costs,” says Mark Wellham, Arrow-SP Product Manager, Rhyme Systems.