ASX, Jasdec and Standard Chartered sign for Swift's MyStandards
30 October 2012 | 1738 views | 0
SWIFT, the financial messaging provider for more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories, today announced that ASX, JASDEC and the Standard Chartered Bank are the first in Asia-Pacific to sign up for MyStandards.
MyStandards is the new, collaborative web-based application designed to facilitate the management of global standards and related market practices across the financial industry.
One of the main reasons for the Japan Securities Depository Centre to adopt MyStandards was to increase the efficiency of standards management internally as well as externally.
The JASDEC Post-trade Services department will use MyStandards to automate manual standards management processes. "Hitherto usage guidelines involved manually created, resource intensive and risk prone proprietary tools and Word documents. JASDEC wanted to deploy a platform on which to publish and share their usage guidelines and the ability not only to browse but to download it in multiple formats," says Shunichiro Unno, Director Post-trade Services, at JASDEC.
In addition, the JASDEC Corporate Actions team together with the TSE (Tokyo Stock Exchange) want to improve customer service, by using MyStandards to create, maintain and share usage guidelines with customers in a consistent, formal and user friendly way facilitating implementation and adoption. Mr. Nakai, Director, Information Services, JASDEC and Mr. Ochi, Head of Customer Support, Information Services, Tokyo Stock Exchange explain: "The analytical tools in MyStandards make our work a lot more efficient, and users will appreciate the consistent, user-friendly presentation of the resulting guidelines."
Standard Chartered Bank
Standard Chartered Bank will be the first custodian bank using MyStandards for their securities services in Asia, Africa and the Middle East. It fits their client centric strategy of staying committed to unmatched service consistency while supporting their clients' goals of achieving greater efficiency.
With its innovative and collaborative approach, MyStandards will support their newly launched integrated custody platform by streamlining the management of SWIFT standards across their custody network of 39 marketss in the fastest growing regions.
"Investors and intermediaries who are seeking access to emerging markets are increasingly impacted by the challenges resulting from evolving and fragmented local market practices. By adopting MyStandards across our footprint markets, we are pleased to provide our clients with an advanced tool to help them manage SWIFT standards when accessing our network in Asia, Africa and the Middle East. Our clients will benefit from clearer and more intuitive SWIFT documentation, including exclusive features designed to reduce their costs and efforts in analyzing Standard Chartered's SWIFT messaging format," says Gautam Jain, Global Head of Client Access, Transaction Banking, Standard Chartered Bank.
The Australian Securities Exchange opted for MyStandards for two main reasons: first, to enable collaboration with key customers on the development of Australian market practices and second, to facilitate implementation and ongoing maintenance, both internally and for end-users.
"Both ASX and our customers will benefit from this new tool," says Andrew White, General Manager, Settlement Services, Business Development, ASX. "The ability to generate output which is readily available for customers to review and for technology to implement, will help us save time in developing and implementing our guidelines."