Investia Delivers on Promise for Straight-Through-Processing of Investment Products in the UK

Version 2.4 of Investia Javelin™ lays the foundation for seamlessly linking investors on the retail front-end through to the back-office of product providers, brokerages, financial institutions and custodians – all from a single system.

London, UK – 23 January 2003 – Investia, the UK-based provider of financial straight-through-processing solutions, today announced general availability of the latest version of its revolutionary Investia Javelin™ technology. For the first time with UK domestic funds, the entire trading lifecycle, from order entry and routing, to dealing, unit pricing, clearing and settlement, is 100% free from manual intervention.

The latest version of the Investia Javelinâ„¢ software includes many important new features: generic order flow routing capabilities, EMX routing implementation, equities product handling, cash handling improvements, and enhanced security and performance measures.

Investia Javelinâ„¢ version 2.4 provides true straight-through-processing via a sophisticated and efficient generic routing package. In addition, Investia Javelinâ„¢ also offers manual pricing and manual confirmation processes to support less automated business models, or as part of back-up procedures. Through its rules-based processing engine, Investia Javelinâ„¢ routes orders on a per-product basis. Using open standards and the rules-based processing server, Investia Javelinâ„¢ provides a robust, scaleable infrastructure to facilitate support for financial messaging protocols and data formats such as ISO15022 and FIX.

Specifically, Investia Javelin™ is able to route fund orders through the UK market’s EMX hub in a completely automated fashion. The EMX routing capability, combined with the system’s already feature-rich modular applications, provides an unparalleled level of operational efficiency, cost and risk management, and product and service differentiation to fund industry players in the UK market. In addition to the routing capability via EMX messaging protocol, Investia Javelin™ is designed to route orders simultaneously in a rules-based fashion to the major European messaging and clearing hubs.

With interfaces to brokerages and clearinghouses, Investia Javelinâ„¢ will also accept and route equity orders with straight-through-processing efficiency. This added functionality makes Investia Javelinâ„¢ the market-leading single platform for holistic wealth management solutions that are ideal for intermediaries, private investors, and high net worth individuals.

“The fund industry across Europe is currently plagued by inefficient and costly back-office manually intensive processes, and multiple interfaces to proprietary legacy systems and messaging protocols,” says Ron Lay, Investia’s Chief Technology Officer. Alarmingly, one industry standards-setting body estimates the total cost, both direct and indirect, of manually re-keying orders at between €5 and €10 billion per year. “There exists no industry-wide standard or model for fund distribution and processing, which leads to unmanageable risk and costs to an organisation. Our latest release of Investia Javelin™ addresses precisely this pressing industry need,” adds Mr. Lay.

Rounding off the back-office feature set for Investia Javelin™, the management of cash movements and reconciliation has been enhanced and improved. Version 2.4 allows for a more simplified and direct interface with an investor’s banking account, allowing for an integrated portfolio view of a customer’s holdings, including cash, equities, and investment funds.

Version 2.4 also features internal upgrades and enhancements to security configuration and access management, and system performance and scalability. These enhancements underscore Investia’s drive for constant product quality improvements, and address the anticipated needs of the marketplace and client-base.

Ron Lay, Investia CTO affirms, "Fully deployed, the Investia Javelin™ system allows our major financial customers – fund managers, banks, insurance companies, financial advisor networks, brokerages and their service providers – to more rapidly link up to processing partners, to quickly implement new service and holistic wealth management offerings, and to efficiently manage their back-office processes and associated risks."

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