Jyske Bank signs for Clearstream's Vestima+
03 October 2007 | 1670 views | 0
Jyske Bank has signed up with Clearstream to implement Vestima+, the innovative investment service for electronic routing of investment funds.
35 Danish Funds are made Vestima+ eligible and thus allowing Vestima+ to enter the Danish market.
Jyske Bank is the second largest independent Danish bank with 119 nationwide branches. Its structure employs more than 4000 employees and offers a full range of financial solutions to retail as well as small and medium-sized corporate clients.
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. Vestima+ is the only available system offering free choice of settlement and custody routes. Over 27000 investment funds are available on Clearstream's Vestima+.
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 Jyske Bank as our first Vestima+ fund provider in the Danish market. We are particularly happy to enter the Danish market and to deliver an efficient and cost saving solution. 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."