The industry has been working since 2002 to create standard messages to support the full range of business processes through the MMI Managed Account Solutions Standards (MASS) Committee. Earlier this year the committee released 24 XML schema as an open source project on Sourceforge.net. With this release, firms can begin to define projects and propose building applications that leverage and take full advantage of the savings that the standards can help realize.
âHaving reached this point in the effort to build communication standards, we felt it was important to quantify to the industry the potential savings that could result from implementing applications that integrate the message standards,â said Gib Veconi, CEO of Peridrome Corporation and co-chair of the MASS Committee . â Itâs now time to deliver the savings the industry has been expecting from this effort. We also felt it was critical to give our peers the tools for building their own business cases and project plans. We believe this white paper makes a compelling case for adoption.â
The white paper reflects the potential savings that can come from adopting the standards and also from building the applications that take advantage of the message standards by creating a straight-through processing environment.
Gary Jones, MMI VP for Industry Operations said, âAs was reflected in Accentureâs recommendation to the MMI in 2006, the real promise of the standards comes from integrating the messages into STP applications. This paper shows the gains that the broader securities industry has achieved through adopting similar practices.â
âThe managed solutions industry has been looking for ways to improve efficiency, especially in this current environment, and we think that this is the best opportunity to see big improvements in the current cost structure,â added Mr. Veconi. Noted Mr. Jones, âThe purpose of this paper is help industry participants build their own business cases and project plans. We encourage members to contact us to review or apply the model to your own firmsâ operations.â