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| Collaboration to enhance automation of post-trade operations |
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SWIFT selected SmartStream Technologies, a global software and managed services provider, to evolve Accord, SWIFT's confirmation matching engine. 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 scalable and flexible service oriented architecture 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 center stage and a top priority of many operations executives," says Javier Perez-Tasso, head of Marketing, SWIFT. 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." The first release of the new Accord platform will be launched in early 2014 with further releases to follow. Set as favorite Bookmark
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