Northern Trust has launched PassportLink, an advanced system integration tool that offers a plug-and-play technology solution, enabling asset servicing clients to seamlessly communicate trade messages and reporting data between their internal front-office systems and Northern Trust's custody systems, thus increasing operational efficiencies.
PassportLink was developed as part of Passport, Northern Trust's online, institutional-client data delivery platform and has been designed to be used in conjunction with Northern Trust's Web Trade Services solution which offers automatic trade matching. Providing a two way data exchange, PassportLink allows clients to transmit settlement instructions or pre-matched trades from any order management system to Northern Trust's Web Trade Services solution. Conversely, Northern Trust can transmit reporting information such as holdings, cash or income data to their client's underlying systems.
"PassportLink is an extension of Northern Trust's outsourcing solution and offers clients who are not members of the SWIFT network an alternative method of communication that is equally robust, flexible and broad in coverage," said Peter Cherecwich, head of Global Product and Strategy for Northern Trust's asset servicing business. "This translates into key benefits for clients around reducing their manual processes and, therefore, operational risk, through improving automated trade capture and increasing straight-through-processing."
Northern Trust has developed PassportLink to be compatible with a full range of front office asset servicing systems and it has already been tested and implemented successfully in conjunction with SimCorp Dimension and Wall Street Systems.