Bravura Solutions Limited (Bravura) - a leading global supplier of transfer agency and wealth management software applications and professional services - today announced that it has boosted the straight through processing (STP) capabilities of its financial messaging platform, Babel, with a securely managed and reliable technology (Smart) connection to The Depository Trust and Clearing Corporation (DTCC).
DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. The new private circuit offers Bravura's clients quick and efficient access to DTCC's subsidiary network, the National Securities Clearing Corporation (NSCC) and high speed message transfer services in the US. These include clearing, settlement, risk management and central counterparty services. There is also a guarantee of completion for certain transactions for virtually all broker-to-broker trades involving equities, corporate and municipal debt, American depositary receipts, exchange-traded funds and unit investment trusts.
More reliable and resilient than a web-based solution, the connection reduces potential downtime with the protection of continuity offered by the fixed line.
Babel connects directly into DTCC's infrastructure via a permanent live connection into Bravura's primary and secondary data centres. Already live, the facility is available to all of Bravura's clients and offers administrators access to the US, the world's largest mutual fund market, including North American fund ranges. In addition it offers clients the possibility to extend their markets to Canada, South America and Asia Pacific regions.
Tony Klim, Bravura's CEO, said, "We pride ourselves on offering our clients scalable and comprehensive solutions. Babel is a market leading STP platform and we are pleased to enhance the product's capabilities to better service client needs. As facilitators of the DTCC connection we are able to offer services right across all clearing and messaging mechanisms so that our clients can expand their services and reach new markets."
The addition of the DTCC connection compliments Bravura's existing STP financial messaging services. Babel already automates external linkage to a variety of markets and counterparties, using almost any message medium or format. This includes external connectivity to particular markets and platforms such as Allfunds Bank, Clearstream (Vestima+), EUI (EMX), and Euroclear (FundSettle), using specific message protocols like FIX, SWIFT and other proprietary standards.