Source: Bank of New York
The Bank of New York, a global leader in securities servicing, has added SWIFT trading capabilities to MoneyFundsDIRECT.com, its online money market trading portal for institutional investors.
SWIFT is a financial industry owned cooperative that provides secure, standardized messaging services as well as an interface between 7,800 financial institutions in over 200 countries.
Through MoneyFundsDIRECT.com, institutional investors can now use the SWIFT messaging platform to enter trades and receive automated confirmations and notifications of settlements and cash movements from the convenience of their own desktop platforms. Through a secure, encrypted link, funds and information can flow freely between the two systems while being continuously updated in real-time through MoneyFundsDIRECT.com.
Jonathan Spirgel, managing director and head of liquidity services at The Bank of New York, said, "This new capability solidifies MoneyFundsDIRECT.com's position as the industry leader in web-based money market trading platforms. SWIFT messaging allows us to provide straight through processing for our investors and enables them to not only arrange trades directly and securely through our systems, but also schedule reports to be sent directly to their desktops."
MoneyFundsDIRECT.com was launched in March 2001 as an extension of the Bank's existing MoneyFunds DIRECT product and was the first web-based trading portal of its kind. It allows institutional investors to invest their daily excess funds in a large selection of short-term investment vehicles from any location with internet access.