COMIT recently implemented this solution at Siemens KAG, the investment management arm of Siemens AG. This turnkey solution allows Siemens KAG to send settlement instructions and receive incoming confirmations to and from custodians over the SWIFT network. Using Microsoft BizTalk Server, the solution provides guaranteed message delivery and robust handling of statuses and business errors. And because it supports the ISO 15022 message protocol, the solution is easily expandable to other custodians, and for trade communication with brokers and advisors. The solution has given Siemens KAG lower transaction costs and reduced operational risk.
Mathias Knoll, project coordinator at Siemens KAG, says: "COMITâs SWIFT solution developed on the Microsoft BizTalk platform has lead to significant cost savings and quality improvement by automating the settlement workflow with our custodians, State Street and ABN Amro."
This solution helps the organisation toward its STP goal by reducing manual intervention, unnecessary faxing and e-mailing, as well as eliminating double-entry from one system to another.
About COMIT: COMIT, a SWIFT registered partner, has extensive experience in STP projects as well as in implementation of IT solutions that add value to financial institutions in the areas of asset management, risk management and corporate banking.
About Siemens KAG: Founded in 1992, SKAG is one of the leading pension investment managers in Germany today and aims to continue to be at the forefront of corporate pension management.