London, 28th April 2005 - Financial Tradeware plc, provider of Portfolio and Fund Management Straight Through Processing (STP) solutions, today announced a new service based on a Member Administered Closed User Group (MA-CUG) concept, providing SWIFT connectivity for small to medium sized Investment Management Institutions, Investment Funds, Hedge Funds and Corporates.
Using the SWIFTNet infrastructure and complementary messaging services, FileAct, InterAct, Browse and FIN, MACUG participants will be able to access a single, secure communication channel to send and receive standardised messages (FIN, FIX, XML and others) - automatically or manually - to and from the MA-CUG Service Administrator, who has direct access to their various correspondents through the SWIFTNet network of more than 7500 financial counterparties.
Benefits for MA-CUG participants include:
* Single window to SWIFTNet
* Low cost connectivity: substantial cost reduction (no need for full SWIFT Membership) to achieve organizational efficiency
* Security following SWIFT standards (SWIFTNet IP Network, PKI)
* Reliability Availability 24/7
* Resilience (Network and Service Administrator benefit from disaster recovery sites)
* Independence (Free choice of services and correspondents -i.e. custodians, prime brokers etc.)
* Scalability tailored to changing needs (manual and automated solutions)
* High level Expertise provided by FT and its Partners
* Optimisation of the communication to financial counterparties
* Automation and efficiency (STP)
* Improvement of client service (information readily available)
The MA-CUG is fully supported by Financial Tradeware and its partners.
Financial Tradeware represents the Service Administrator of the MA-CUG, the Service Sponsor is Europiennne de Gestion Privie SA - a company owned by the same group of companies and sharing the same management of Financial Tradeware. Full support is provided by Financial Tradeware together with SWIFT services specialist Cardinal Consulting.
Mr Alberto Fontana, Managing Director of Financial Tradeware comments: "Financial Tradeware, being part of an Investment Management Group of companies, is uniquely positioned to offer low cost SWIFT connectivity via an MA-CUG service to the SME Investment Management and Hedge Fund communities, fulfilling the needs of a fast-paced growing niche market. The MA-CUG concept allows smaller organisations to connect to the SWIFT network via the Service Administrator and thereby fully benefit from substantial cost reductions, whilst maintaining the highest level of security, efficiency and reliability typical of the SWIFT Network."
Miss. Rachael Mellen, Managing Director of Cardinal Consulting: "The principle of MA-CUG is a simple one: to fully exploit SWIFT's single window concept by providing the missing link between non-regulated financial institutions & corporates, and the wide range of messaging services now available via SWIFT's Secure IP Network. Financial Tradeware and its partners present a flexible MA-CUG offering, which enables each participant to choose its preferred solution depending on their current & future business practises. Solutions range from enabling simple, manual file transfer, to end-to-end automated processing. Together with Financial Tradeware, Cardinal Consulting assists each participant subscribe to the MA-CUG, ensuring that the choices made are adapted to their needs: from MA-CUG evaluation to implementation, support and maintenance, & future evolution."
Mr. Thomas Ramadan, Regional Account Manager, SWIFT Switzerland: "The introduction of MA-CUG enables data exchange between the user and the institution acting as service administrator. The administrator can provide participants all services available through their link to the SWIFTNet network, continuing the use of SWIFTNet FIN but more importantly, offering access to new & impending services based on SWIFTNet Fix, Cash Reporting & Funds solutions. SWIFT's support of the MA-CUG model is reinforced by the recent development of starter packs for new participants. Their aim is to reduce initial cost of connecting to their chosen service administrator(s) while providing the possibility of connecting to all messaging services (SWIFTNet FIN, FileAct, and services based on InterAct and Browse)".