Clearstream Banking and Schroder Investment Management today announced that they are now communicating using ISO 15022 messages through Vestima, the innovative STP solution for Investment fund processing.
Schroder Investment Management will access Vestima via the SWIFT network, using the new ISO 15022 compliant messages. This in one of three connectivity options offered by Clearstream, and it allows true STP from initial order input through to final settlement and custody.
Gary Janaway, Head of Dealing Schroder Investment Management (Luxembourg) S.A, commented:
‘Our volumes of business have been growing steadily and having used Vestima’s web browser successfully for over a year, it made sense to migrate to ISO 15022 and the SWIFT network. This will enable us to handle a large and expanding number of transactions whilst minimalising operational and administrative risk.’
Francis Remacle, Head of Securities Industry Division, SWIFT:
‘In the funds industry, automation of order processing and reporting are critical for growth. SWIFT has developed standards and connectivity to cater for the needs of the industry and to support the growing open architecture model. SWIFT’s strategy is to promote connectivity between all players in the industry. The decision by Schroders Luxembourg and Clearstream to connect via SWIFT is a key step towards enhancing straight through processing in the fund industry, and is in line with our strategy.’
Karine De Bondt, Senior Manager Investment Funds at Clearstream Banking commented:
‘Choice of communication method as well as choice in level of settlement service is key to Vestima’s success. Schroder’s move to SWIFT means that orders placed by their Distributors will now be fully automated, which significantly reduces costs and risks.’