The order-to-settlement transaction management system from Citigroup Global Transaction Services will now give institutional clients access to Vestima+, Clearstream’s automated order routing service for the investment funds industry, which now accepts Swift XML ISO 20022 messages. Citigroup has also integrated with Euroclear's FundSettle order processing platform.
CitiConnect for Securities is an open architecture, standardised global platform providing full trade life cycle services for collective investment schemes, equities, fixed income and investment funds.
Citigroup says both new integrations, with Vestima+ and FundSettle, will increase efficiency and provide institutional clients with centralised, automated access to a significant range of transfer agents in Europe.
Philippe Seyll, Head of Investment fund services at Clearstream says, "We are very pleased that CitiConnect has selected Vestima+ for accessing investment funds in Europe and particularly in Luxembourg, Europe’s largest market place for funds. We strongly believe that the fund market needs open access and free choice of settlement routes and deserves the same level of automation, security in settlement and traceability that other securities markets enjoy."
Martine Dinne, CEO, Euroclear Bank, says, "Citigroup's decision opens many new opportunities for FundSettle to serve indirectly the institutional market, a segment with which Euroclear Bank typically does not have direct relationships. By choosing Europe's only fully integrated fund processing platform, Citigroup will enable its institutional clients to benefit from the wide range of services offered on FundSettle."
Clearstream has also announced that Vestima+ has become the first order routing system for funds to adopt Swift XML ISO 20022 new messaging format. Vestima+ will also be able to translate instructions sent in ISO 15002 into ISO 20022 and vice versa.