DSTi developed OpenMessenger to facilitate the communication and confirmation of business data with external parties. It links automatically both with HiPortfolio, and other investment accounting systems.
OpenMessenger identifies matched details, allowing the majority of trades to be electronically processed without the need for further re-keying of data or manual intervention of any kind. Users then only deal with exceptions.
OpenMessenger has three individual main components: OpenETC for trade confirmation, OpenETS for settlement notification and settlement confirmation, and OpenREC, which itself comprises three individual modules for the reconciliation of stock holdings, bank statement transactions and monetary income with custodians.
Implementation commences this month with a planned live running for both sites with their first custodians early to mid December.
Mike Winn, DSTi's chief executive officer, said, "We are extremely pleased to continue and strengthen our relationship with WestLB. By utilising the full flexibility of OpenMessenger, WestLB will have achieved a powerful part of their STP solution."
Mohammed Bhatti, WestLB Asset Management UK Head of Operations, said, "In London, we have been live with our trade confirmation solution since the beginning of the year, and we expect the addition of electronic trade settlement to significantly improve our STP. We are delighted with OpenMessenger."