Clearstream's Vestima+ adopts Swift XML ISO 20022 messaging format

Source: Clearstream

Vestima+, Clearstream's automated investment funds order routing service 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 Vestima+ into ISO 20022 and vice versa.

Vestima+ is the only available system offering free choice of settlement and custody routes. It is aimed at reducing the costs and inefficiencies in the area of order processing within the investment funds industry by using electronic communication media like an internet-based workstation or SWIFT messages.

Participants worldwide can access Europe's main domestic markets via Vestima+ as a single entry point allowing straight through processing Vestima+ from trade initiation to final settlement.

Philippe Seyll, Head of Investment fund services at Clearstream said: "We are very pleased that Vestima + is able to adopt SWIFT XML format. It will usher in a new era of messaging processing for the investment funds industry which deserves the same level of automation, security in settlement and traceability that other securities markets enjoy."

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