Mercator Software has released its Global Securities Solution integration software product for financial institutions connecting to the industry-backed GSTPA post-trade processing settlement engine.
Mercator GSS provides broker/dealers, asset managers, and global custodians connectivity to the Global Straight Through Processing Association's transaction flow manager (TFM), a utility being developed by the axion4gstp consortium that tracks and matches allocations, proceeds, and settlement instructions in international financial transactions.
The release of Mercator GSS V1 follows the successful completion of certification tests issued by axion4gstp. The new software operates in conjunction with Integration Broker, Mercator's core middleware product.
To date Mercator GSS has been selected by eight of the 12 financial services firms in the GSTP/axion4gstp TFM pilot program that have chosen connectivity providers. Subject to the terms of individual agreements, the release of GSS V1 enables Mercator to begin recognising revenue from these and other customers.
David Linthicum, Mercator CTO, says: "Mercator GSS V1 offers state-of-the art transformation and business rules, connectivity, and management components that substantially reduce the time, cost, and effort required to integrate financial transactions with both front-office and back-office applications across the GSTP landscape."
The worldwide cost savings to financial institutions due to faster transactions, lower-risk settlements, and reduced operating costs from straight-through processing is estimated by the GSTPA to be at least $1.3 billion a year.