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Rhyme Systems Announces Launch of Arrow-SP for Connectivity to the Euroclear Single Platform

Rhyme Systems, a leading provider of asset management solutions, today launches Arrow-SP, a real-time solution designed to interface to Euroclear’s Single Platform supporting ISO 15022 and 20022 messaging as well as traditional CREST Proprietary standards for existing legacy applications.

Arrow-SP is based on the proven technology of Rhyme’s industry-leading CREST interface solution, Arrow. Arrow-SP embraces the principal of Euroclear’s Early Harmonisation programme allowing migration from legacy standards to ISO compliance at the earliest opportunity. Its flexible gateway management allows integration to existing BT Radianz or SWIFT messaging services supporting the Common Communication Interface (CCI) gateway to Euroclear’s Single Platform.

Arrow-SP is designed to cope with the phased implementation of Euroclear’s Single Platform. It enables correspondents that currently use in-house solutions to settle in CREST, to connect to the Euroclear Single Platform. The solution also supports ongoing legacy processing with CREST.

Euroclear’s Single Platform will be introduced from January 2009 and will be accessed only through a CCI-compliant gateway. It will support harmonised ISO messaging only, initially for custody functions. Settlement functions will be compulsory from January 2010. This represents a potentially huge investment through the development of existing legacy systems and back office re-engineering to support the migration from proprietary to ISO messaging, where both regimes will coexist during the migration period. Further investment is required for technical infrastructure planning, implementation and back office personnel training.

Mark Wellham, Arrow-SP Product Manager, Rhyme Systems, said: “A key benefit of Arrow-SP is that it removes the requirement for firms to reengineer existing message formats and therefore eliminates the risk of significant software development and migration costs.”