Butterlink have developed a simple GUI for building MT 564 and MT568 messages quickly and efficiently in a forced standard as was always the intention of the format. The online service enables all participants in corporate actions processing, whether they be issuers, exchanges, asset managers, custody agents or even a corporate to easily generate ISO 15022 messages and communicate these to other interested parties through a variety of accessible communications methods with any errors identified at compilation.
What is also unique about the patent pending Corporate Actions Notifications Manager is that it allows users to compare their messages on a field by field basis against other messages built by other users referring to the same event. Borrowing from ideas used in "market-depth" pricing concepts it effectively takes the principle of peer analysis using depth-per-field and embeds it at the message creation stage. By applying the function of message cleansing to source, the utility escapes the inefficiencies of existing corporate actions cleansing solutions by providing tools to expose inconsistencies while messages are being created and also gives huge benefits as can be expected from any well run utility, including the facility to add in any willing market data vendors.
Many firms do not have the software nor the incentive to invest in the applications to generate these messages. There is also a growing appetite not to rely exclusively on Swift as the transport mechanism in a standardised world as well. Butterlinkâs web-based solution enables firms to generate ISO 15022 compliant messages at a fraction of the cost typically associated with incumbent solutions. A basic single user license is as little as 1,000 Euros which makes the solution accessible for even the smallest firms involved in corporate actions. Different subscriptions are available depending on the usersâ requirements and modules enabled along with a white label solution which is also available for larger clients and data vendors.
Firms can communicate these messages via email, they can download the messages for internal batch processing, and if they have a gateway, over Swift. A file of 15022 messages can even be uploaded via the internet validating against utility peers as it loads in and automatically creating an online and electronic human readable form for simplicity including a diarising function in the enhanced service. 15022 files can be created online for dissemination to any system that is capable of processing this format for easy integration.
The system supports the complete ISO 15022 data dictionary for MT 564s and 568s for all event types, and individual users can filter out fields that are not required for each unique ISO event-type as they see fit: so they can refine the solution to only see what they want per event type. ISO 15022 is an effective standard but the biggest problem within the industry seems to have been the mapping backwards to the ISO 15022 attributes from proprietary schemas that are often template based. Butterlinkâs solution is different because it takes the complexity out of building ISO 15022 messages while silently enforcing the ISO formats and rules because our schema used the 15022 dictionary as the starting point and allows templates to be built around this standard.
Olivia Stelloo, Head of Communications states "We have taken the decision to make the Standard version of the Corporate Actions Notification Manager available on a free trial basis so that the market participants can see that they do not have to invest substantial sums of money to be able to create ISO 15022 messages and improve STP whilst reducing operational risk. This is now the time to launch the peer-to-peer utility and forum, after extensive testing with our pilot customers and we are using this free launch period as an incentive to make the market self regulating creating transparency before the regulators step in."
Those who want to take advantage of this unusually generous offer from a software vendor can simply enter their email address, and get six months access just by logging in to the utility. It is understood that the Corporate Actions Forum which has also been launched this week will be free indefinitely and allow for discussions around any generic corporate actions issues, ideas and specific problem areas.
Stelloo also stated that "This is just the first phase of the deployment, with exciting new functionality planned for the future enabling even more value adds to our utility participants".