Your banking system or portfolio management system + Dion = Straight Through Processing (“STP”)
Most financial institutions have installed core banking systems or portfolio management systems that they do not want to replace. The risks and costs of conversion are simply too high. Yet regulatory and client pressure create an urgent need for greater connectivity to external brokers and custodians, and greater process efficiency that these systems often cannot support. This pressure will accelerate with the introduction of MiFID (the European Union’s Markets in Financial Instruments Directive) when it becomes effective in late 2007.
Dion’s SWIFT/FIX-STP solution is built to bridge the gap. SWIFT/FIX-STP adds
connectivity and messaging to your banking or portfolio management system – without the need for costly programming or an army of consultants to install or maintain.
Clever technology in conjunction with business knowledge
The technology behind SWIFT/FIX-STP is Powered by X-Gen, which provides unparalleled
Yet SWIFT/FIX-STP is more than a technology. It also includes the expertise of Dion
professionals who have gained the trust of respected institutions such as:
Message Translation – SWIFT, FIX, or whatever the market requires
SWIFT/FIX-STP starts with complete, updated message libraries for all SWIFT and FIX
messages. Using the graphical, intuitive technology of X-Gen, messages can be
constructed in industry standard syntaxes, and also in any SQL language, FTP, CSV, or
other structured message. SWIFT/FIX-STP is often used in a first project to connect to
external brokers and custodians, but later for internal connectivity.
Business Process Transformation and Quick Deployment of Automated Routines
Message Translation sounds easy – and sometimes, with X-Gen, it is. More often,
messages between two parties (or two systems) involve underlying business processes that
can be quite different. Most banks have dealt with disparate processes by creating manual
routines and supplementing production systems with spreadsheets or “Straight To Printer.”
With the underlying strengths of X-Gen’s Workflow Engine, SWIFT/FIX-STP can create
automated, customized solutions – automated routines with full audit trails.
Managing Complex Data Flows – Drag and Drop
Due to gaps in traditional portfolio management and banking systems, many banks require
supplemental data bases. Traffic management in constructing outbound messages and
receiving inbound messages often involves complex data flows, that no one production
system can effectively manage. A capable systems analyst, using the graphical tools of
X-Gen’s Dataflow Engine, can build complex data flows simply by drag and drop.
Whenever a new data flow is needed, an update can be done in a matter of hours, not days.
Automating Human Intervention – With Automated Controls and Audit Trail
Human intervention is normally considered the enemy of straight-through processing, yet at
times it is necessary. Messages may need repair – or a bank may wish to impose limits on
transaction sizes. SWIFT/FIX-STP allows business analysts to create rules and data flows
for human interventions – with a simple drag and drop. With X-Gen’s M-Edit, a “screen” or
“mask” is created, routed to the appropriate party and acted upon. X-Gen time stamps the
transaction and records the actor, creating a complete audit trail. Multiple levels of
authorization can be created, controlled, and streamlined.
What are you waiting for? – Get Connected
SWIFT/FIX-STP removes the last excuse for manual processes – the investment of time and
cost to reprogram legacy systems. Typical installations for SWIFT/FIX-STP can be
completed in less than six months (much less if carefully planned), with costs that typically
have a payback of 18 months or less – and no reprogramming. Your competitors are not
standing still – why should you?