International depository Clearstream is to implement technology from California-based Tumbleweed Communications to enable the secure exchange of client data over the Internet.Clearstream is to add Tumbleweed's secure file transfer software, SecureTransport, to its CreationConnect suite of connectivity channels from Q3 2004.
Currently CreationDirect can link in-house systems to Clearstream via a Virtual Private Network (VPN) or SwiftNet, but with the Tumbleweed system, customers will be able to securely transfer files over the Web.
Commenting on the technology, Karl van Gestel, Clearstream's head of settlement and custody design, says: "When connecting through a VPN you need to make sure that the local customer can use the VPN provider. By extending our service to the public Internet we alleviate those issues."
In addition, Van Gestel says that by using SecureTransport, Clearstream will no longer have to develop bespoke client software.
"SecureTransport's business process integration engine further allows us to enhance the service in the future - for instance by providing e-mail notification," he says.
Tumbleweed says the product reduces the cost of distribution of bulk data and financial messages and saves on leased line costs.
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