Rapid Addition, the leading provider of trading technology solutions to buy- and sell-side financial institutions, announced that Third Financial Software ('ThirdFin'), a provider of wealth management solutions, has selected the firm's RA-ShortCut for FIX BizTalk adapter - extending Microsoft's BizTalk middleware platform, to provide seamless FIX capability for its OMS.
The complexities of cross-border, multi-counterparty transactional products and the processing environment - very often composed of numerous legacy systems, can make the costs of achieving process automation prohibitive. RA-ShortCut™ for FIX, which can be used anywhere in the business process, makes light work of connecting counterparties using the FIX protocol and enables clients to route FIX messages to many internal systems.
ThirdFin's OMS (tercero Order Management function), as part of its Wealth Workstation Business offering, will now leverage the RA-ShortCut™ adapter; enabling simple transformation and normalisation between multiple protocols, including FIX, EMX, SWIFT, FpML, XML, XBRL, ISO (MT and MX series), XML and many others.
Financial institutions of all types and sizes, among them ThirdFin's clients, will now benefit from an unprecedented opportunity to reduce risk, manage costs of automation and achieve true Straight Through Processing (STP), previously not experienced across the market.
Brent Randall, CTO at Third Financial Software, commented: "By integrating Rapid Addition's software with our own, we can answer the demands of the industry, in reducing risk and lowering costs while improving STP rates. This is only the start of our partnership and we look forward to exploring more opportunities in the future to ensure that we continue to offer best-of-breed solutions and stay ahead of the competition."
Joe Pagano, global managing director - banking and capital markets at Microsoft, added: "Rapid Addition's BizTalk adaptor provides a quick-to-deploy answer for firms looking to streamline transactions from front-office trading platforms to back-office settlement systems or to integrate FIX and SWIFT messaging. Embedding our offering into ThirdFin's tercero OMS will extend its capabilities and allow ThirdFin's clients greater flexibility in connectivity to their counterparties."
Toby Corballis, CEO at Rapid Addition, concluded: "The work we have done with ThirdFin and their OMS is yet another example of how technology firms from across the industry are helping to deliver cutting-edge technology for financial institutions around the globe. We look forward to growing our partnership and supporting ThirdFin and their clients' FIX requirements."