Evare, a specialist in the acquisition, enrichment, transformation and delivery of financial data, today announced its participation at the Sibos 2006 exhibition at the Sydney Convention and Exhibition Centre, Sydney, Australia, October 9-13, 2006. At the show, Evare will communicate its fax elimination service for global custodians and investment managers, enabling risk mitigation and global straight through processing.
The service eliminates faxes as well as the business and operational risks associated with the manual re-keying of trade notifications. Currently, two global custodians and one investment manager have committed to participating in testing this service as a proof of concept.
Josie Osterman, SWIFT Relationship Manager at Evare, said, âCurrently many investment managers send trade notifications via fax to each of their custodians, who then have to re-key the data into processing systems. As a result all key parties felt the need to eliminate the risk of manual processing and create one single interface that could automate the flow of data.â
Although already available in the US, Evare has extended this service into the European space to support fund distribution and defined contribution processing.
âWith increased growth of mutual funds, combined with greater investor sophistication and growing pressures to augment operational efficiencies, more and more custodians, investment managers, distributors, transfer agencies and their counter-parties want to automate this process,â said Robert Mansmann, SVP Sales at Evare.
All parties will be able to mitigate business risk more effectively while heightening STP rates as more automation is leveraged in this process. As this initiative fits in with Evareâs existing clearance and settlement service, it is an extremely scalable solution. Evareâs connectivity and transformation options, including SWIFT, enable companies to acquire, map, reformat, aggregate, and deliver financial information while accommodating the unique requirements of both originating institutions/systems and destination institutions/systems.
James P. Donovan, Executive Steering Group, Head of Securities Industry Division at SWIFT, said, âReducing paper communication and improving workflow has always been one of SWIFTâs main priorities. SWIFT will continue to support initiatives that promote automated messaging.â
In addition to the fax elimination service, Evare will also be opening the conversation with banks on the European Central Bankâs SEPA initiative. With the first banks planning to roll out as early as 2008 and 2010, Evare is proposing to act as their transformation hub.
The service will help banks get around having to modify their TARGET-2 standards that enable SEPA changes by transforming these non-compliant messages into the correct format. As a result they will be able to send messages in line with SEPA standards until their own internal interpayment and cross-border systems are up and running. In the long run, Evare will also help banks receive non-compliant messages from corporates as these will take much longer to conform.