Finsettle implements Peresys' STP solution for sec lending

Finsettle implements Peresys' STP solution for sec lending

South African financial software vendor Peresys has unveiled an STP solution at Finsettle equity settlement services that allows for the automatic generation of electronic settlement messages for stock lending via Strate.

Strate utilises the South African Financial Instruments Real-time Electronic Settlement system (Safires) for processing deals conducted over the Johannesburg Stock Exchange. A new interface betwen Peresys' Securities Lending Administration Management System (Slams) and Safire's front end (Safe) eliminates the need for Finsettle's lending desk to recapture deals.

The interface provides a single point of capture for instructions and caters for the automatic update of a loan's settlement status within Slams.

Finsettle is an approved custody and settlement member of the JSE and provides equity settlement services, on an outsourced basis, to 16 other members

Stuart Hutson, Finsettle, says the system replaces manual processing using faxed confirmations and reduces a great deal of time-consuming work.

"This new solution has also helped to eliminate the potential for human error, and accuracy has been improved dramatically," he says.

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