Source: Brown Brothers Harriman
Brown Brothers Harriman & Co. (BBH) today announced the latest extension to its suite of solutions to support fund distribution.
Through its Infomediary product, BBH has developed a translation and connectivity bridge between the SWIFT ISO 20022 and ISO 15022 formats to facilitate the automation of investment fund processing by fund companies and distributors.
"At this point there are distinct communities utilising either ISO 15022 or the new ISO 20022 funds messaging formats in support of fund distribution. Because the two standards are not interoperable, this potentially complicates, or limits the short-term opportunities for automation for each single distributor or fund company," said Simon Cleary, Head of Fund Solutions at BBH.
"BBH is an active participant in support of SWIFT's standardisation efforts and by accommodating both formats seamlessly, our clients will be amongst the first to trade electronically with the full breadth of SWIFT counterparties in this space, adding greater scalability to their distribution model. Going forward, BBH Infomediary can also insulate our clients from the technical complexities associated with the final migration towards ISO 20022 for funds, currently scheduled by SWIFT for completion by 2011."
"We would like to congratulate BBH on the launch of this additional benefit within the Infomediary service. SWIFT is extremely keen to ensure that the use of ISO 20022 messages continues to increase within the global funds business, and so are strong supporters of initiatives, such as the Translation Bridge, which make this process easier", said Jean Sonneville, Head of Investment Management Markets at SWIFT.
Infomediary allows its clients to benefit from the automation opportunities offered by industry standards such as SWIFT but without the burden of purchasing, installing and maintaining the requisite infrastructure directly.