HSBC Securities Services pioneer technology
28 October 2010 London
Image: Shutterstock
HSBC Securities Services (HSS) Transfer Agency has gone live with the adoption of
new SWIFT Alternative Funds trade technology, the first Transfer Agent (TA) to do
so globally. The SWIFT 20022 Alternative Funds trade order messaging system will
enable shareholders, distributors and other industry participants across the globe to
transmit an Alternative Fund trade order message direct to HSS, avoiding the
traditional and somewhat dated manual fax trade format.
The new technology means that HSS clients benefit from a more efficient TA trading
process, with reduced risk. Shareholder activity reporting is now quicker as what was
once a manual process becomes an automated process, taking seconds from end to
end. This has a knock on beneficial impact to the client as they get earlier visibility of
their shareholder trading activity and can manage their cash and securities trading
more efficiently.
Gina Slotosch, Head of Global Product Management, Transfer Agency, HSBC
Securities Services, said; "The introduction of this SWIFT message type is a welcome
development in the Alternative Funds industry and at HSBC we have long
championed automation in this space. The early adoption of this new SWIFT
functionality is affirmation of our technology focused, customer orientated approach
to Alternative Funds servicing and compliments our global Transfer Agency
offering."
Larry Watson, Head of Transfer Agency, Ireland said; "We are delighted that this STP
facility is available in our global TA offering and it compliments our strategic efforts
in this regard."
The SWIFT 20022 Alternative message format is an internationally recognised and
agreed format for the communication of alternative shareholder trades. HSS is already
a strong advocate of the SWIFT 20022 Mutual Funds shareholder trade messages.
new SWIFT Alternative Funds trade technology, the first Transfer Agent (TA) to do
so globally. The SWIFT 20022 Alternative Funds trade order messaging system will
enable shareholders, distributors and other industry participants across the globe to
transmit an Alternative Fund trade order message direct to HSS, avoiding the
traditional and somewhat dated manual fax trade format.
The new technology means that HSS clients benefit from a more efficient TA trading
process, with reduced risk. Shareholder activity reporting is now quicker as what was
once a manual process becomes an automated process, taking seconds from end to
end. This has a knock on beneficial impact to the client as they get earlier visibility of
their shareholder trading activity and can manage their cash and securities trading
more efficiently.
Gina Slotosch, Head of Global Product Management, Transfer Agency, HSBC
Securities Services, said; "The introduction of this SWIFT message type is a welcome
development in the Alternative Funds industry and at HSBC we have long
championed automation in this space. The early adoption of this new SWIFT
functionality is affirmation of our technology focused, customer orientated approach
to Alternative Funds servicing and compliments our global Transfer Agency
offering."
Larry Watson, Head of Transfer Agency, Ireland said; "We are delighted that this STP
facility is available in our global TA offering and it compliments our strategic efforts
in this regard."
The SWIFT 20022 Alternative message format is an internationally recognised and
agreed format for the communication of alternative shareholder trades. HSS is already
a strong advocate of the SWIFT 20022 Mutual Funds shareholder trade messages.
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