Spain's CM Capital Markets licenses SunGard's STeP for Swift messaging
12 January 2006 | 2588 views | 0
SunGard today announced that CM Capital Markets Group, a financial group based in Spain, has selected SunGard's STeP transaction management solution to help automate its SWIFT messaging and reconcile its securities positions with its in-house records.
As a growing financial group, CM Capital Markets required a robust transaction management solution that could scale with its growing business. It chose SunGard's STeP to help automate its order, confirmation and settlements processing to help improve efficiency and reduce errors.
CM Capital Markets uses multiple networks for transaction processing, including SWIFT and FIX. SunGard's STeP solution provides CM Capital Markets with seamless connectivity across its networks. STeP MINT has automated SWIFT message processing by connecting several host applications to SWIFT and facilitating the processing of SWIFT payments and order confirmations. SunGard's STeP intelliMATCH solution is integrated with MINT to automatically match orders to confirmations and trade status. Automated matching and reconciliation processes and early identification of exceptions have helped to eliminate the organization's manual processes and have helped it to comply with government regulations.
Antonio Díaz-Villarejo, director at CM Capital Markets, commented, "We decided to implement a SunGard solution because it could automate all of the processes that would otherwise require multiple systems to automate. The automation we will achieve through SunGard's STeP messaging and matching and reconciliation solution suite will help improve our STP rates and eliminate manual processing –which in turn will help significantly to reduce our operational costs and risks."
Tom King, president of SunGard's STeP business unit, said, "CM Capital Market's selection of an integrated SunGard solution underlines our ability to provide end-to-end transaction processing and thus help reduce the associated operational risks. STeP's ability to grow alongside CM Capital Markets' business includes potential projects such as corporate actions, SWIFTNet Funds, and FIX messaging processing."