LONDON, September 4, 2002: OpenLink, an industry leader in trading, risk management and operations software, today announced the release of its Open Settlement Solution, a fully integrated SWIFT messaging capability for the Findur system.
The Open Settlement Solution has been developed in conjunction with Trace Financial, specialists in the provision of application integration software and facilitators of straight-through-processing (STP) solutions for the financial services industry.
OpenLink and Trace Financial entered into a joint venture to develop a fully integrated SWIFT messaging solution within OpenLink's Findur system based on Trace Financial's CLOVERLEAF Finance. The development of the Open Settlement Solution provides Findur users with an embedded core SWIFT message set that facilitates the delivery of trade confirmations and payments via SWIFT and a range of other messaging protocols (FIX, XML, CREST, ETC, Euroclear).
Evaluating risk across markets, Findur provides a secure, reliable and extendable straight-through exception-based processing (SteP) environment for trading, operations, compliance and workflow management across derivatives, fixed income securities, FX, money markets, base and precious metals, energy and other commodities.
Jean-Claude Riss, Managing Director of OpenLink International, said: "We are pleased to be able to announce the release of our fully integrated SWIFT messaging capability. The completion of this project is in line with our continuing commitment to provide a true STeP solution for our financial market clients. CLOVERLEAF Finance, on which this settlement solution is based, allows users to implement any number of message types with minimal development. In addition to its SWIFT messaging capabilities, it can also be configured for a number of other protocols, an important consideration given that our client base encompasses international and central banks, commodity trading firms, insurance companies, fund and asset managers, as well as corporate treasuries."
He added: "Trace Financial is an established provider of SWIFT messaging solutions with considerable expertise in the securities and equities markets. Their commitment to the support of evolving SWIFT standards, including the emerging SWIFTNet services, means that we can offer our clients a SWIFT messaging capability that is future-proof."
The message set available within Findur's Open Settlement solution already conforms to SWIFT's new ISO 15022 standard, ahead of the 16 November compliance deadline for securities traders. While OpenLink and Trace Financial will jointly provide support for the Findur Open Settlement Solution, CLOVERLEAF Finance, which has been SWIFTReady Gold accredited since 1999, will support any SWIFT standard changes, including full compliance with the ISO 15022 Data Dictionary, ensuring conformance within every subsequent version of Findur.
John Murphy, Managing Director of Trace Financial, commented: "We are delighted that OpenLink has chosen CLOVERLEAF Finance as the best-of-breed STP facilitation product for this joint venture. We are very excited that this new partnership with OpenLink will build on our respective strengths and provide significant long-term business opportunities for both companies, as well as deliver real value to our mutual customers."
OpenLink will be showcasing the Open Settlement Solution at Sibos 2002 in Geneva, 30 September to 4 October, on stand number A008. Trace Financial will be exhibiting on stand number F225.