Since CREST ended the SWIFT-Syntegra duopoly on connections to its platform, a variety of rival providers have entered the marker. But BT Syntegra claimed today that it was holding its own: fifty of its customers with contracts up for renewal have chosen to re-sign agreements to use Syntegra’s SettleNET IP network for CREST connectivity.
Computershare – one of the world’s leading financial services and technology providers for the global securities industry – has been one of Syntegra’s largest SettleNET customers since the CREST system went live in July 1996. In May 2002 it renewed its contract for a further three years. “Before renewing our agreement with Syntegra, we considered offerings from both SWIFT and new entrants to the market,” says Martyn Drake, CIO, Computershare in the UK. “We chose to continue using Syntegra’s SettleNET system as Syntegra was competitive on price. We also have a good relationship, built up over the years of working together, and are happy with the service provided.”
Redmayne Bentley, one of the UK’s largest independent stockbrokers, also recently renewed its contract with SettleNET for a further three years, having been approached by other network providers. “Having been a SettleNET customer since the start of CREST, we are extremely pleased with the service Syntegra offers,” explains Michael Wheeler, finance officer, Redmayne Bentley. “SettleNET is completely reliable and is easily able to handle high volumes of traffic. When our contract was up for renewal, re-signing with Syntegra was the obvious decision. We didn’t want to entrust such a mission-critical operation to a new player.”
Around 140 financial institutions currently use Syntegra’s SettleNET service. These include all the UK and Irish registrar community, the majority of brokers, as well as a number of custodians and investment banks.
Commenting on the recent spate of renewals for the SettleNET service, Neil Morris, SettleNET general manager at Syntegra, said: “The fact that our key customers are demonstrating their ongoing commitment to SettleNET in an increasingly competitive environment is confirmation of their satisfaction with the reliability and quality of the service offered by Syntegra. We are continuing to invest in SettleNET, regularly increasing its capacity and performance capabilities and supporting changing requirements. We are currently working with CREST to deliver functionality for ISO 15022 messages – with go-live planned for Q4 this year.”