Financial Tradeware names FOST as France partner; pilots SwiftNet Funds scheme

Source: Financial Tradeware

Financial Tradeware plc, provider of Portfolio and Fund Management Straight Through Processing (STP) solutions and SWIFT approved supplier of Member Concentrator Services (MA-CUG), today announced the appointment of their new Business Partner, Finance Outsourcing Systems Technology (FOST) a French based IT consulting and services company headquartered in Paris.

Gilles Castel, Managing Director, FOST comments "We are very pleased to have established this relationship with Financial Tradeware to represent their entire portfolio of solutions for the local investment management and hedge fund industry. The small to medium sized players are not well served in France and the benefits we can deliver at a price point that is realistic provide us with an excellent offering. In addition customers will have the optional benefit of local support which is key in the French market."

The FOST team are highly regarded for their SWIFT messaging and financial applications expertise, integration skills and consulting capabilities. This Business Partner relationship enables FOST to sell and install the full range of Financial Tradeware solutions that deliver Straight Through Process (STP) real-time trading, back office administration, accounting and compliance. These include, S-Messenger and H-Fund, all built on Microsoft.NET technology, in addition to connectivity through accredited Member Concentrator services, serving the MA-CUG needs of corporates and small to medium sized cost conscious financial institutions.

Alberto Fontana, Managing Director of Financial Tradeware adds "The European market is very important to our growth strategy and we recognise the importance of working with highly respected, local expertise in order to best serve our customers. FOST not only has the right credentials to be a key Business Partner, they also have a commitment to excellence which is an important element of our corporate philosophy. We are delighted to be working with Gilles and his team."

Separately, Financial Tradeware plc, provider of Portfolio and Fund Management Straight Through Processing (STP) solutions and SWIFT accredited supplier of cost-effective indirect connectivity to SWIFTNet via sister company Europienne de Gestion Privie SA (EGP), today announced has gone live with SWIFTNet Funds pilot scheme and thereby extends value to all existing and future MA-CUG and Member Concentrator Participants.

SWIFTNet Funds is the SWIFT messaging solution tailor-made for the needs of investment funds distribution players, including investors, their intermediaries, distributors, distribution platforms, fund management companies and their service providers (transfer agents/registrars, fund accounting agents, trustees, custodians, and portfolio managers).

There are three fundamental IT issues facing the fund management community

  • standardising the language of new messages
  • rationalising and exploiting economies in the transport of messages through SWIFTNet
  • Increase automation
  • compliance and cost reduction using standard content of messages

When applied through the SWIFT Single Window Infrastructure, these elements will reduce duplication, operational, systemic, reputation and performance risk, and assist in streamlining processes for cost efficiency.

As the industry moves to embrace new messaging standards, Financial Tradeware and EGP have combined their expertise and experience to be leaders in piloting new services, working in close collaboration with SWIFT, and promoting straight through processing (STP) model.

In addition to providing a consistent, proven delivery mechanism for new
ISO20022 messages, the combination of its products and services provides an approved infrastructure for cost-conscious smaller institutions to participate with the SWIFT community, with secure, applications and connectivity.

The benefits offered to users of SWIFTNet Funds through the EGP/FT MA-CUG and Member Concentrator include:

  • Providing standardised connectivity and global reach for all participants and all messaging standards in the Funds arena
  • Integrating a fully automated front to back office suite of applications specifically designed for the Investment funds, fund management and hedge funds communities
  • Proven technology and cost-effective solutions reducing risk, managing operating costs, and handling compliance, accounting and audit

Alberto Fontana, Managing Director of Financial Tradeware adds "Our goal to bring affordable, scalable technology solutions to the small to medium sized investment management community continues to be realised with access to this new service for members of the EGP/FT MA-CUG and Member Concentrator. We are all constantly striving to deliver improved customer service and deliver benefits to our clients, by utilising new technologies and thanks to our unique positioning in the market we are able to continually deliver the benefits for our users of new services such as SWIFTNet Funds."

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