London, UK â 20 June 2003 â Investia, the UK-based provider of financial straight-through-processing solutions, today introduced its revolutionary Investia Platformâ¢ technology which is the first investment fund technology solution to deploy the new SWIFT XML message standards. For the first time with UK, Offshore and German domestic funds, the entire trade lifecycle from order entry and routing, to unit pricing, to clearing, settlement, and custody is 100% free from manual intervention.
Investiaâs Platformâ¢ version 1.0 delivers complete wall-to-wall fund processing to support both retail and institutional fund administration and distribution, using SWIFT messages as the underlying communications protocol.
Investia Platformâ¢ incorporates the new SWIFT XML message standards with FIX engine technology to route fund orders simultaneously in a rules-based fashion to the major European messaging and clearing hubs, including Clearstream Vestima, and Euroclear Fundsettle, and EMX in a completely automated fashion. In addition, Investia Platformâ¢ will also accept and route equity orders to brokerages and clearing houses with straight-through-processing efficiency. This capability, combined with the systemâs already feature-rich front-end, provides an unparalleled level of operational efficiency, cost reduction and risk management, and product and service differentiation to fund industry players.
Investia Javelinâ¢ technology was first introduced to the European marketplace in October of 2001, and since that time has been a major driving force towards modernising the European investment funds supply and demand chain. With Investia Platformâ¢, Investia has positioned its technology to be the leader in straight-through-processing and open architecture for the pan-European investment products industry.
In February 2003 Investia became members of the newly formed SWIFT Partners Investment Funds Automation Working Group (SPIFA) established by SWIFT and its Partners with the mandate to review, validate and promote the integration of SWIFTâs business solution for
investment funds distribution into applications and service offerings. Participation is only on invitation of SWIFT. Participants are selected based on their proven experience and involvement in the issues specific to the automation of the investment funds industry or knowledge on SWIFT solutions and services.
âFor SWIFT, partnerships of this kind are the way forward for delivering complete SWIFTNet business solutions,â said Francis Remacle, Head of the Securities Industry Division and Member of the Executive Steering Group, SWIFT. âThe new XML message standards for the funds industry allow firms to reduce cost and risk across a range of processes but critical to industry adoption is that application providers, like Investia, support the messages to enable end-to-end STP.â
Mark Collier, Chairman and CEO of Investia, says: âThis new product allows our major financial customers â fund managers, banks, insurance companies, financial advisor networks, brokerages and their service providers â to rapidly link to processing partners, to quickly implement new service and holistic wealth management offerings, and to efficiently manage their back-office processes and associated risks.â