International depository Clearstream has signed Spanish banking group Banco Bilbao Vizcaya Argentaria (BBVA) to its recently-launched cross-border funds processing platform Vestima+.
The Vestima+ platform is designed to delivers country-specific services for each of Europe's main domestic markets, beginning with France and Germany.
The service - which is based on Clearstream's Fors electronic routing software and the original Vestima STP system - provides a single platform for access to multiple fund markets in Europe and enable users to select settlement routes and custody providers.
Commneting on the Vestima+ service, Roberto Vicario, deputy general manager, BBVA, says: "We see the benefits accruing from increased STP rates close to 100% and a reduction of the multiplicity of bilateral connections to a continually increasing number of fund management companies."