Standard Life and Delaware deploy Trace Datawise ISO 15022 solution
30 August 2002 | 3044 views | 0
Standard Life Investments and Delaware International in the US have purchased Trace Datawise Financial's EasyISO15022 (EasyISO) solution for integration to the interbank Swift network.
In order to improve straight-through processing (STP), ISO 15022 becomes mandatory for the transmission of securities messages on the network on November 16 2002.
Those non-compliant by the deadline are likely to face penalties from custodians who cannot afford the bottlenecks caused by faxing, the only other alternative.
Standard Life and Delaware are among an estimated 52% of buy side organisations who are live or presently testing the new format.
Jo Sethi, managing director of Trace Datawise says: "Standard Life and Delaware have been well advanced in their planning. Others have not even started and we are urging them to look at their options now so that their organisations are not exposed to the cost and risk attendant on not being compliant with Swift's requirements."
The companies are testing this month to ensure smooth connectivity to the new standard.