Omgeo combines Alert and SID interfaces to streamline SSI services access

Source: Omgeo

Omgeo, the leading provider of post-execution trade management solutions today announced that, in response to client requests, it has streamlined access to its standing settlement instruction services by combining the interfaces of its two databases, Omgeo ALERT and Omgeo SID.

All investment managers will now have the ability to input, edit and delete DTC account and settlement instructions from one interface.

The initiative greatly enhances data quality and decreases potential for failed trades, as clients will only need to input and maintain settlement details through one, rather than two, systems. Additionally, the consolidated interface allows broker/dealers to retrieve updates to fully compliant DTC instructions from a single settlement instruction interface, Omgeo ALERT. One single version of a DTC instruction is available for enrichment through any Omgeo transaction product which alleviates the need to track through two separate systems. Clients who have data in SID are currently being taken through a process to update and migrate that data to the ALERT interface.

Steve Matthews, Managing Director, Product at Omgeo, commented "This new interface is part of our long-term strategy to simplify our product suite and streamline access to our services. We are pleased to be continuing to respond to client feedback and making improvements in the SSI space."

Key benefits of the new interface include:
  • Broker/dealers save time and resources by receiving one update for the account, via a notification from Omgeo ALERT, and will no longer need to retrieve account updates from two separate systems
  • Failed trades will be reduced through enhanced quality data entry processes
  • Omgeo's database of DTC instructions will be current and all retrievals and enrichments will pull current, validated account details
  • Complete, automated communications of account and settlement instructions will be ensured, through one interface between counterparties using standardized formats
  • Any market settlement instruction to become effective for settlement at a future date, saving time and adding efficiency to data maintenance
  • New broker/dealer only report provides users the ability to track investment manager accounts where the instituttion has elected to suppress broker account instructions

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