SmartStream supports SWIFT’s GETC solution 29 April 2013London Reporter: Jenna Jones
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SmartStream Technologies has announced that its TLM trade process management solution now fully supports SWIFT’s Global Electronic Trade Communication (GETC) solution.
GETC uses SWIFT ISO 15022 messages to provide a standardised process for matching fixed income and equities trades for both buy and sell-side firms.
As the post-trade world still has a large amount of manual processing, GETC enables clients to reuse their existing SWIFT infrastructure to create a standardised and automated approach to confirmation matching. GETC also minimises operational risk, increases STP and reduces the costs of post-trade processing.
Dr Darryl Twiggs, head of product management at SmartStream Technologies, said: “With the ever increasing pressure to reduce costs in the middle and back-office while at the same time lowering the risk of failed or late trades, customers are looking for alternative post-trade solutions. By supporting the GETC solution our customers now have more options for handling post-trade processing.”
“In addition to supporting the automation of allocation only or block allocation confirmations, SmartStream’s TLM Trade Process Management solution offers the complete automation of the transaction across the middle and back-office from point of execution to settlement.”
Paul Taylor, director of new business development for global matching at SWIFT, added: “It is a pleasure to be working with SmartStream to make our GETC local confirmation solution even more accessible to the marketplace.
“By supporting the use of GETC, and providing an installed local matching engine that accepts GETC messages, SmartStream is making a great contribution towards helping the community drive out cost and risk from this vital post-trade function.”
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