The Misys Treasury service has been chosen to drive the automation of MT304 SWIFT message notifications between Record and its custodians, replacing the current manual process of notifying third-party foreign exchange deals. As Record is an existing Misys Treasury customer for confirmation matching, the custodial notification service was easily enabled.
The decision by Record to take Misys Treasury was primarily prompted by its ability to provide CLS (continuous linked settlement) custodial notification services in addition to MT304 messaging capability. This means that Record is able not only to use the MT304 messaging service to notify its custodians that a trade has taken place, but also to request that settlement takes place via CLS where appropriate. This service has already been successfully tested and implemented by Record and one of its principal custodians, Northern Trust.
Joel Sleigh, Director of Operations at Record, comments: "The MT304 messaging service provided by Misys Treasury allows us to communicate with our custodians more quickly and efficiently, reducing our processing times and the inherent costs associated with manual processing. In addition, the ability to settle transactions via CLS delivers further benefit direct to our clients by eliminating settlement risk. Following our initial successful roll-out with Northern Trust, we look forward to expanding the service to all our custodians."
Mark Davies, CEO of Misys Global Managed Services, also comments: "What we are providing to Record is pioneering an automated means of foreign exchange matching, custodian and CLS notifications for the fund management community. We look forward to working with them to expand this offering to include all CLS and non-CLS trades across all counterparties and custodians. As one of the only companies currently able to offer the combination of MT304 messaging and CLS notifications, we are keen to provide this service to more fund managers over time."