Trace Financial announced today that the latest version of CAMS, the leading corporate actions management system, now supports Swift Standards Release 2010.
The MT56x series of corporate action messages usually undergo considerable change each year, due to ongoing SMPG recommendations and change requests arising from market infrastructure providers. 2010 was exceptional in rolling two years worth of change into one, following a planned 'rest break' in 2009.
CAMS is able to absorb this level of change with ease because its message definitions are represented in a building block fashion, with maximum re-use of components, at all levels from primitive field types such as 'date' to complex blocks of business data. CAMS uses the message definition libraries of sister product Transformer to achieve this flexibility.
This approach also means that the migration to ISO 20022 'MX' messaging poses no challenges, even during the prolonged period of coexistence that is now likely.
Meanwhile the main CAMS business functions only need to be enhanced to use any completely new data elements. Rearrangement of existing fields - which happens frequently - has no impact.
Linda Letch, Director, Business Consultancy at Trace Financial, said: "Despite a significant number of changes to the messages this year there was little impact on our overall development effort. As well as productivity gains, we have also reaped major quality benefits. Customer acceptance testing has been completed without a single issue being raised".