Leading asset management firm streamlines messaging processes with Babel, boosting efficiency and cost savings
Bravura Solutions Limited (Bravura) (ASX: BVA) – a leading global supplier of transfer agency and wealth management software applications and professional services – today announced that Schroder Investment Management (Luxembourg) S.A (Schroders) has implemented its Babel financial messaging platform, as it continues to streamline its Straight Through Processing (STP) functions. The agreement sees the leading asset management firm using the solution to boost efficiencies and reduce costs, as it centralises localised transfer agency (TA) processing, by providing a global centre of excellence in Luxembourg.
Babel integrates with Schroders’ proprietary funds solution that interfaces to Bravura’s Global Fund Administration System (GFAS) transfer agency platform. The end-to-end solution delivers true STP capabilities, and enables multiple connections and messaging standards to be managed at a single source. The increased levels of automation deliver significant cost savings; including the ability to manage head count, as STP increasingly becomes the most efficient method for completing financial transactions.
Schroders was heavily involved in the development of Bravura’s Depository Trust and Clearing Corporation (DTCC) connection and has deployed the offering across its business. The private circuit provides quick and easy access to the National Securities Clearing Corporation (NSCC) network and its associated services, enabling Schroders to take advantage of high speed message transfer services in the US.
“Direct connectivity to NSCC, using Babel to replace our previous arrangement of access via an intermediary agent, has bought us closer to our clients in the Americas and has enabled us to deliver a higher quality of service,” said Gary Janaway, Head of Operations at Schroder Fund Services, Luxembourg.
“Using Babel we have been able to extend our service offering to include options such as the NSCC Automated Customer Account Transfer, a service requested by our broker dealers. The development of direct connectivity with DTCC and the addition of services; reinforces our trust and confidence in Bravura as a supplier of robust and reliable technology,” added Janaway.
Schroders manages £194.6 billion on behalf of institutional and retail investors, financial institutions and high net worth clients from around the world, and is benefitting from Bravura’s wider product offering following the acquisition of MFT in 2010. The combination of GFAS (maintained by Bravura after the MFT deal), Babel and the DTCC connection offers Schroders efficient TA and messaging services for many jurisdictions, including funds administered in Luxembourg.
Tony Klim, Bravura’s CEO, said, “As messaging rates continue to rise year on year, STP is still the most cost-effective way to do business, reducing manual errors and increasing efficiency. We are keen to ensure our customers have access to the best services available and are confident that our expanding product line delivers this requirement. Schroders is a long standing customer of ours and this work reflects our strategic commitment to continue building on our relationship.”
Babel connects message providers with any distributor platform and TA back office system. Processing any message format, it integrates with Bravura’s TA solution suite, as well as a wide range of proprietary third-party TA systems and order management solutions.