The new Bureau Service is based on a common infrastructure and allows users to share services for managing servers, networks and gateways for Arrow-SP. A dedicated team delivers support for the Arrow-SP product, whilst UNIX, database and networks administration are managed by technical staff located at a manned operations centre.
The basis for Arrow-SP is the proven technology of Rhymeâs industry-leading CREST interface solution, Arrow. Arrow-SP embraces the principal of Euroclearâs âEarly Harmonisationâ programme allowing migration from legacy standards to ISO compliance at the earliest opportunity. Its flexible gateway management allows integration to the network providers supporting the Common Communication Interface (CCI) gateway to Euroclearâs Single Platform.
Arrow-SP is designed to cope with the phased implementation of Euroclearâs Single Platform. It enables correspondents that currently use their own in-house solutions to settle business in the CREST system, to connect to Euroclearâs Single Platform whilst simultaneously supporting their legacy processing in the CREST system.
Mark Wellham, Arrow-SP Product Manager, Rhyme Systems, said: âAs the financial industry continues to impose new regulation and change, for example; MiFID and Euroclearâs Single Settlement Engine and Single Platform, the risk facing organisations to remain compliant is unrelenting. This is particularly the case for organisations relying on in-house solutions as the need to manage sizeable and complex developments increases.
âThe aim of the Arrow-SP Bureau Service is to manage this regulatory risk for organisations as well as provide the surrounding infrastructure services to manage the technical needs. In addition, through a shared managed service arrangement users will benefit from a lower syndicated cost.â
Rhyme will be hosting a breakfast briefing in Autumn to inform organisations of the forthcoming changes associated with Euroclearâs Single Platform. The briefing will outline a preparatory action plan for readiness to appreciate the full benefits of the Early Harmonisation programme and the period of market trialling and participant acceptance testing.