Italy's Credem signs for Clearstream's Vestima+
09 May 2007 | 679 views | 0
Credem (Credito Emiliano) has signed up with Clearstream to implement Vestima+ the innovative new investment service for electronic routing of investment funds.
Credem has 750,000 customers and is composed by 500 branches and business centers with 5,000 employees. Its structure involves 19 companies operating in all areas of finance.
Vestima+ is the automated funds order routing service pioneered by Clearstream. It is aimed at reducing the costs and difficulties of order processing within the investment funds industry. It provides order issuers with a single entry point for funds, allowing them to route their orders to transfer agencies (TAs) using electronic media like an internet-based workstation or SWIFT messages both in the ISO 15002 format or the new XML 20022 format. Vestima+ can be used for third party as well as internal order flows. It is the only available system offering free choice of settlement and custody routes. Over 27000 investment funds are available on Clearstream's Vestima+.and the volume of investment fund related instructions processed by Clearstream reached 3,600,524 for the whole year 2006, a 47 percent rise over 2005 (2,452,441).
As an integral part of the Deutsche Börse Group, Clearstream offers settlement and custody services to more than 2,500 customers worldwide, and covers around 60,000 domestic and international investment funds.
Philippe Seyll, Head of Investment Funds Services, Clearstream Banking said "We welcome Credem in the ever enlarging group of Vestima + customers. We are particularly happy to deliver an efficient and cost saving solution to the important and growing Italian market. We strongly believe that the fund market needs the same level of automation, security in settlement and traceability that other securities markets enjoy. By combining Vestima+ flexibility with customer's existing systems, we are enabling them to reach that goal and to maximise the benefits."