BNY Mellon will use the ISDA Create platform to enable its buy-side clients to electronically amend and update their initial margin documents.
Euroclear stated the new solution will make tri-party a portable service offering, agnostic of the settlement and custody location.
Asset managers concerned that the messaging tools custodians use for the collateral management process are behind the times.
The expansion builds on Pirum's existing real-time connectivity to the four international tri-party agents.
Clearstream in advanced discussion with global custodians over blockchain securities lending platform
Clearstream's Philippe Seyll explained the taking-off point for the HQLAx platform will be to onboard a major player with tri-party capabilities.
De Vidts, who has served in the financial markets since 1972, was one of the pioneers of the international and tri-party markets in the mid-1990s.
The agreement will enable greater opportunities for real-time collateral mobilisation, as well as straight-through processing across asset classes.
The launch of the service follows the go-live of China A-Shares on the MSCI Emerging Markets Index for the first time.