Independent software house Trace Financial today announced the first release of Trafic-ESP, a complete interfacing solution for the Euroclear Single Platform, which is replacing CREST, EUCLID and other Euroclear Group legacy platforms over the next few years.
Version 1.0 of this new product supports the 'SP Custody' phase of the Euroclear project, in which corporate action notification, confirmation and instruction processing is transferred to the new platform. The initial release has now been shipped to clients.
Trafic-ESP leverages Trace Financial's long experience as a specialist in financial messaging for the securities industry by combining a business-oriented approach for the end user with a high degree of technical excellence in the interfaces and underlying message processes.
Manual processing is designed around a business-level view; the Operations user does not have to be an expert in ISO 15022 messaging in order to work with notification and entitlement data, create instructions, and view confirmations. The GUI also has a familiar and intuitive Windows look and feel.
If an STP approach is required instructions can be forwarded to Trafic-ESP from other upstream systems in a simple and easily adapted data format. The GUI includes full facilities for Support staff to view messages and control all interfaces.
To maximise flexibility, rules are used to control the routing of messages - for example allowing authorisation steps ito be included - so that Trafic-ESP can easily be adapted to sites with diverse back office systems and complex message flows. Alerts can also be generated as and when the business requires, to warn of unexpected events. Business and message-level data is held in an Oracle or SQL Server database, from which reports can be created to meet the specific requirements of each individual client.
In future phases Trafic-ESP will be enhanced to support the Central Bank Money, Collateral Management and Transaction Management modules of the Single Platform.
Yves Lamote, Director, Communications Services at Euroclear has said: "Trace Financial is an important player, supporting our plans to migrate our user base to the new Euroclear Single Platform. Trace Financial has consistently demonstrated its commitment towards customers of Euroclear UK & Ireland with its Trafic-CREST product since 1996."