e2gen Message Management for OLYMPIC MX Funds Processing
In response to the Funds market need for improved data quality to enhance automation, SWIFT have introduced new message types in accordance with the ISO20022 standard, which are expressed in XML syntax. These are more flexible than the previous generation of SWIFT FIN (ISO 15022) message types (MT) and are commonly referred to as MX messages.
SWIFT MX Migration
Only the MT Trade related funds messages will require a migration plan. All clients should migrate from the following SWIFT MT Fund Template messages to their MX equivalents by the end of 2012 as they will then be removed from the SWIFT Network:
Leading up to the end of 2012 most institutions will require full automation of the replacement MX equivalents.
Clients in Ireland and Luxembourg need to demonstrate to SWIFT that they are enabled for ISO20022 by the end of 2010 and all other countries by the end of 2011. This means that institutions need to have the ability to receive and transmit these message types. The compliance can be simply proved by manually To comply with the initiative, clients should be able to send and receive the equivalent MX messages of the MT502, MT509 and MT515 Funds Template messages (non- funds messages are not affected) in the following table:
**This list only provides the existing MT-MX equivalent messages. New MX bulk messages (Redemption & Subscription Switch) do ot have an MT equivalent, and therefore are not listed. If you need to make use of these types please contact us.
MT – MX Co-Existence
SWIFT has made available 68 new Funds messages in MX that either exploit new functions or have been adapted to co-exist with the current MT messages. These messages are mostly optional and used on a bi-lateral agreement basis with the institutions various counterparties.
e2gen will automatically determine which counterparty can receive MX and produce these messages. Should the counterparty not be MX compliant the correct MT5XX Funds message will be produced. MX messages are transmitted via SWIFT FileAct and cover the following business areas:
Current syntax is as follows: bbbb.fff.vvv.nn:
• bbbb is an alphabetic code identifying the Business Process
• fff is an alphanumeric code identifying the Message Functionality
• vvv is a numeric code identifying a particular variant of Message Functionality
• nn is a numeric code indicating the version number.
Key Features of e2gen
e2gen’s ability to ‘reformat’, ‘create’ and support the wide range of message standards including MX demonstrates our proven technology and methodology to support your institution and its requirements through this process. Our key features for funds and securities processing include:
• MT-MX co-existence and support
• Counterparty specific message sets
• Installs on the IBM iSeries
• Automatic outward message creation
• Automated inward booking
• Integrates Reconciliations & Matching
• Integrated Holdings Reporting
Inward Processing
e2gen automates the inward booking of securities and funds messages and other data received from SWIFT, front and middle office systems as well as those from proprietary networks. Standard interfaces exist for a range of systems such as, Advent, Babel, OMGEO, Reuters+ and RIVA. Received instructions can also include Word, PDF and XLS which have been received as email attachments or even fax images.
All inward data is normalised to an XML syntax allowing for the processing and analyses of business events. It is then validated and automatically booked into OLYMPIC using the appropriate ERI Application Program Interface (API)
Configurable business rules are applied to the inward processing to allow for specific booking requirements including pre and post booking validation and augmentation.
Outward Processing
e2gen automates the production of all outward funds and securities messages created from OLYMPIC.
As security or fund trades are booked into OLYMPIC, e2gen immediately captures the relevant information. e2gen analyses the business event to determine the correct outward message type format for the respective counterparty.
e2gen’s standard approach is to “create” outward messages directly from trades entered in OLYMPIC either on ‘creation’ or ‘completion’. e2gen also has the ability to 'reformat' messages and data received whenever this is necessary.
Customisation of Standards
e2gen has the ability to easily customise the message standards. This allows specific bi-lateral counterparty agreements, market requirements such as the ISITC Securities Market Practice Group (SMPG) Rules or Murahaba standards for Islamic Finance to be produced.
Exception Processing
Exceptions are automatically identified and users alerted if required. As users manage and repair exceptions it will be authorised and automatically applied to the next occurrence.
This learning process focuses user effort on exception management and provides extremely high STP rates.
Funds Message Processing Option
Additional integrated MX-MT enabled modules provide greater levels of control, visibility reporting and risk reduction of the entire automated processing cycle. These include;
• Message Matching
• Asset Transfer
• Securities Reconciliations
• Holdings Reporting
The largely manual effort spent in booking and confirming trades, matching messages and managing asset transfers can effectively be automated. The system also has the ability to fire workflows on a specific matching event to initiate new functions or processes.
Integrated reconciliations and Holdings Reporting provide further automation. Collectively e2gen’s modules provide complete control and visibility of the entire processing cycle.
For further information please contact us at:
Aqua Global Solutions, 1 Westminster Bridge Road, London, SE1 7XW, United Kingdom
Tel: +44 (0)20 7335 8550, Fax: +44 (0)20 7335 0035, E-mail: sales@aqua-global-solutions.com, www.aqua-global-solutions.com All Copyrights and Trademarks Acknowledged
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Product and service specifications
| Charging basis for consultancy work |
• Time and materials
|
| Database |
• DB2
|
| Language used |
• Other
|
| Operating system |
• IBM i (i5/OS)
• Windows 2003
• Windows Vista
• Windows XP
|
| Pricing structure |
• Per seat
• Volume-based
|
Tags:
IBM iSeries, Middleware, Intergation, STP, SWIFT
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An International leading provider of financial messaging and workflows, Aqua Global will help your financial Institution achieve its Ultimate Banking Solution!!
Aqua Globals Integrated suite, e2gen, will enhance the Back Office Processing, Integration & STP for all IBM iSeries back office systems.
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