Omgeo to begin beta tests in August

Omgeo to begin beta tests in August

Straight-through processing joint venture company Omgeo has released the messaging component and API for its Central Trade Manager software. The company, set up by Thomson Financial and New York's Depository Trust and Clearing Corporation (DTCC) to deliver trade management solutions for cross-border securities settlement, says it is on track to begin beta testing in August with commercial roll-out scheduled for year-end.

The two components released are the Omgeo Central Trade Manager Message Specifications, a document that details how to configure messages to communicate effectively with the Central Trade Manager, and the Application Programming Interface, or API, a software toolset that allows Omgeo clients to link their internal systems to the Central Trade Manager. The two elements, working together, enable clients to update their internal applications and utilise the Omgeo trade comparison engine.

Adam Bryan, president and CEO of Omgeo, says: "This represents tangible progress toward the delivery of our new workflow solution for global STP, which is on schedule for year-end 2001. Over the next two months, we will be working with our clients to prepare for beta testing of the Central Trade Manager, which will begin this coming August."

Omgeo is working closely with professional services firm Capco to complete it STP programme. The company is in a race with rival vendor consortium Axion4, which is about to begin trials of its Transaction Flow Manager solution with 33 financial institutions.

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