Schroders selects Bravura’s Babel platform 10 October 2012London Reporter: Jenna Jones
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Bravura Solutions has announced that Schroder Investment Management, Luxembourg, has implemented its Babel financial messaging platform.
Bravura’s Babel platform will help Schroders improve its Straight Through Processing (STP), boost efficiencies and reduce costs.
The Babel platform integrates with Schroders proprietary funds solution that interfaces to Bravura’s global fund administration system transfer agency platform.
In addition the 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, as STP increasingly becomes the most efficient method for completing financial transactions.
Schroders was 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, 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.
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.”
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