The enhanced confirmation matching platform will bring unprecedented levels of automation to post trade operations
SWIFT, the global financial messaging provider for more than 10,000 financial institutions and corporations in 212 countries, announced today it has selected SmartStream Technologies, a global software and managed services provider, to evolve Accord, SWIFT’s confirmation matching engine used by some 500 institutions worldwide.
As part of the Agreement, SmartStream will provide a number of underlying components of the updated Accord platform, including elements of the Transaction Lifecycle Management (TLM®) solution suite, a powerful, highly scalable and flexible Service Oriented Architecture (SOA) business-driven product.
By incorporating SmartStream’s technology, SWIFT will offer the market a robust confirmation matching service introducing a level of personalization previously only available with onsite systems. The enhanced platform will also support all commonly traded instruments, allow for the rapid addition of new asset classes, and provide numerous value added features such as an affirmation model as well as fax and e-mail processing.
“Given the ongoing market transformation, regulatory pressure and the increasing complexity of traded instruments, post-trade processing is once again at centre stage and a top priority of many operations executives,” said Javier Perez-Tasso, Head of Marketing, SWIFT. “We are delighted to work with SmartStream to deliver a cloud-based solution that will reduce the cost per trade, through a significant increase in operator efficiency. This initiative is an integral part of SWIFT’s strategy to grow our matching and related post trade services across the global treasury and securities industries.”
Important to SmartStream is that this agreement supports the company’s objective of placing TLM at the heart of industry initiatives focused on dramatically reducing operating costs while creating scalable platforms that drive more efficient and collaborative operations. For SmartStream’s existing 1,500 clients who have deployed TLM across their middle and back office they will now have the option to access the SWIFT-operated, centrally managed Accord rather than deploying TLM or another matching solution on site.
Philippe Chambadal, CEO, SmartStream Technologies, said, “The combination of SmartStream’s sophisticated matching and integration solutions, SWIFT’s security and availability credentials and our joint experience in the global matching arena, will allow us to deliver together a highly efficient service. We’re excited to see our products leveraged in this way, creating an industry owned, market leading confirmation service which will support clients and communities in need of a common matching platform as they seek to control the cost and risk of trading a broader array of products in increasing volumes.”
The first release of the new Accord platform will be launched in early 2014 with further releases to follow.