Clearstream will very soon connect to other Transfer Agents using that standard, in line with the recommendation of the European Funds Managers Association (EFAMA) to streamline the processing of investment funds.

Vestima+ is the first order routing system allowing its participants, be Vestima+ it order issuers or transfer agents to route order using SwiftNet Funds 20022 MX messages. Vestima+ in its function of central order routing hub between order issuers and transfer agents, also allows non-20022 compliant participants to exchange orders with 20022 compliant counterparties 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

Philippe Seyll, Director, Investment fund services, Clearstream said: "We are very pleased that Fidelity is the first Transfer Agent to interact with Vestima+ via SwiftNet Funds. It shows the commitment of our Vestima+ organizations to further support automation and standardization in the Investment Funds industry which deserves the same level of automation, security in settlement and traceability that other securities markets enjoy."

Philippe Van Hecke Head of Relationship Management Investment Funds, Clearstream commented: "Because of this capacity to link counterparties using different communication media, we believe Vestima+ will be an important tool in the coming years to ensure a smooth transition of the market to a common messaging standard, ISO 20022."

"We highly welcome this very positive milestone in the industry's drive towards more fund distribution processing harmonisation and efficiency", commented Jean Sonneville, Managing Director, Investment Management Services at SWIFT. "The complementarity of the SWIFTNet Funds dedicated messaging services wiith the added value processing services of a major hub like Vestima+ is a new appealing offering for fund players implementing the EFAMA FPSG best practice recommendations."