Siemens KAG, the investment management arm of Siemens, has implemented post-trade messaging software from Comit to send settlement instructions and receive incoming confirmations to and from custodians over the Swift network.
Based on the Microsoft BizTalk platform, the turnkey application supports the ISO 15022 message protocol, says Comit, and is easily expandable to other custodians, and for trade communication with brokers and advisors. The software also automates communication for orders and holdings, and speeds up reconciliation between fund distributors, fund promoters, and banks, says the vendor.
Mathias Knoll, project coordinator at Siemens KAG, says: "Comit's Swift solution developed on the Microsoft BizTalk platform has lead to significant cost savings and quality improvement by automating the settlement workflow with our custodians, State Street and ABN Amro."