Source: Financial Tradeware
Financial Tradeware, provider of portfolio and fund management straight through processing (STP) solutions for investment managers, fund managers and hedge funds, today announced that it has partnered with ComplySoft Ltd to provide secure and reliable access to complex legislative content and updates across the SWIFT network.
This will enable easier enterprise wide risk management and compliance.
The financial industry is coming under ever greater regulatory scrutiny and the need for clear, transparent reporting, risk and compliance management continues to grow. The penalties for compliance failures extend beyond the financial - potential damage to an organisations reputation is equally important.
ComplySoft provides enterprise wide compliance and risk management solutions, enabling financial institutions and corporate entities to easily determine compliance exposure and to prioritise the relevant cost and reputational risks. The corporate legislation data is disseminated in a clause by clause format which can be readily utilised by software designed to easily assess the organisation's risk of non-compliance.
The partnership with Financial Tradeware enables ComplySoft to distribute vast amounts of legislative data, as well as regular updates, communicating them to primary and secondary SWIFT users quickly, efficiently and at manageable levels. The service is made possible by Financial Tradeware's sister company, Européenne de Gestion Privée (EGP) who are themselves a SWIFT member and able to reuse their SWIFT infrastructure to deliver ComplySoft data over the SWIFT network.
"We were looking for a cost effective and efficient method of bringing our data services to the SWIFT community. We were impressed by Financial Tradeware's reputation in the industry and their proven existing partnerships. Together we enable financial institutions to significantly reduce the implementation time of ComplySoft products and compliance solutions. Our clients can be secure in the knowledge that the information is transmitted over the industry leading and highly secure SWIFT network," said Sharon Constancon, Managing Director of ComplySoft Ltd.
There is a clear need for organisations to be able to measure risk and quickly become compliant - without large overheads of time and cost. This service will provide immediate benefits, including faster time to compliance and clearer communication to the board.
"The ComplySoft relationship allows us to expand our capabilities across the SWIFT network, and provide increased value to clients. It once again underlines our business model that supports organisations that wish to make use of the SWIFT network. We are pleased to help the industry achieve greater compliance with financial regulations" said Graham Bright, Managing Director of Financial Tradeware.