SettleNET, Syntegra's secure end-to-end Internet Protocol (IP) network
service for CREST connectivity, has achieved accreditation to carry ISO
15022 messages. SettleNET's 140 plus users, which include the UK and Irish
registrar community, the majority of brokers as well as a number of
custodians and investment banks, will now be able to take advantage of an
industry-standard messaging format.
ISO 15022 enables the securities industry to communicate using a common messaging standard. In a move by CREST to embrace internationally-recognised standards, it is offering ISO 15022 messaging to complement its proprietary DEX messaging, with a view to ultimately replacing it. The development of functionality to carry ISO 15022 messages over the SettleNET infrastructure demonstrates Syntegra's recognition of the importance of industry standards to its clients.
Working closely with CREST, and accredited by them, Syntegra's capability will provide the opportunity for SettleNET customers to deploy ISO 15022 messaging for UK settlement activities, reducing operational costs, increasing automation and alleviating risk.
Neil Morris, SettleNET general manager at Syntegra states: "We have always been recognised for our technical excellence and exceptional client services. By making this investment to provide our customers with the option of using ISO 15022 messages, we are reinforcing our commitment to the market."
Syntegra is currently in discussions with a number of clients about deploying ISO 15022 messages over SettleNET.