One-Ten, a provider of STP solutions to the investment industry, announced that T. Rowe Price International in London (TRPI) has gone live with One-Ten ‘s Salerio e2e Middleware solution. The installation of this flexible middleware product from One-Ten, which took place in June this year, is already helping TRPI further improve its Straight-Through Processing capabilities, reduce its transaction processing costs, extend connectivity and ensure full compliance to the SWIFT ISO 15022 messaging format.
TRPI’s top priority for this project was to enable the delivery of ISO 15022 messages quickly, reliably, and cost-effectively. Russell Burdett, Head of International Trade Support, TRPI, comments: “We needed a flexible and functionally-rich middleware solution that would ensure that our SWIFT ISO 15022 messages were populated in line with the Securities Market Practice Group (SMPG) recommendations. One-Ten’s Salerioe2e Middleware solution, as part of the entire Salerio e2e product suite, met these requirements.”
Maintaining an open and consistent dialogue with all custodians and SWIFT was essential, as interpretation of the market practices were subjective, even amongst the big players. Initial feedback from a number of TRPI’s custodian banks on the success of the fund manager’s ISO 15022 messaging is that the messages are the ‘best they’ve seen’. In addition to ISO 15022 compliancy, One-Ten’s Salerio e2e Middleware solution delivers improved interfacing, routing, data validation and enrichment functions.
Gene Moynihan, CEO, One-Ten, comments: “T-Rowe Price International’s ISO 15022 implementation gave us an excellent opportunity to further improve trade communication and delivery mechanisms with TRPI’s custodians. One-Ten’ s Salerio e2e Middleware has enabled TRPI to enhance its Straight-Through Processing capabilities and efficiency, and help achieve more successful settlement rates. The net result is reduced transaction costs that will improve clients’ profitability, and help TRPI maintain its competitive edge.”
Burdett adds: “When we reviewed the market offerings of ISO 15022 capable products we found that much of the market was approaching the issue as a ‘mapping exercise’. This misses the point entirely. Many vendors seem to have their mind on other things, like GSTPA. One-Ten’s SMPG presence showed us that it sees the new standards as a business rather than a translation issue. In the event, we were impressed with One-Ten’s flexibility and the team’s ability to adapt quickly and effectively to changes in market practice and S.W.I.F.T. requirements.”
To help boost TRPI’s London-based in-house technical team during project implementation, TRPI employed the help of Simplex Consulting (UK). Moynihan comments: “The combined experience and expertise of One-Ten and Simplex has worked well on a number of projects. The team ensured that the project was smooth and completed on time, and that TRPI has been able to see the benefits within a short time frame.”