CLS custodian notification service implemented by Misys for Record Currency Management
Misys Global Managed Services (Misys) today announced that Record Currency Management (Record), a specialist fund management firm, has gone live with the MT304 custodian notification service from Misys Treasury.
The Misys Treasury service has been chosen to drive the automation of MT304 SWIFT message notifications between Record and its custodians, replacing the current manual process of notifying third-party foreign exchange deals. As Record is an existing Misys Treasury customer for confirmation matching, the custodial notification service was easily enabled.
The decision by Record to take Misys Treasury was primarily prompted by its ability to provide CLS (continuous linked settlement) custodial notification services in addition to MT304 messaging capability. This means that Record is able not only to use the MT304 messaging service to notify its custodians that a trade has taken place, but also to request that settlement takes place via CLS where appropriate. This service has already been successfully tested and implemented by Record and one of its principal custodians, Northern Trust.
Joel Sleigh, Director of Operations at Record, comments: “The MT304 messaging service provided by Misys Treasury allows us to communicate with our custodians more quickly and efficiently, reducing our processing times and the inherent costs associated with manual processing. In addition, the ability to settle transactions via CLS delivers further benefit direct to our clients by eliminating settlement risk. Following our initial successful roll-out with Northern Trust, we look forward to expanding the service to all our custodians.”
Mark Davies, CEO of Misys Global Managed Services, also comments: “What we are providing to Record is pioneering an automated means of foreign exchange matching, custodian and CLS notifications for the fund management community. We look forward to working with them to expand this offering to include all CLS and non-CLS trades across all counterparties and custodians. As one of the only companies currently able to offer the combination of MT304 messaging and CLS notifications, we are keen to provide this service to more fund managers over time.”
For further information, please contact:
Shamira Alidina / Adelaide Harrison
Write Image
+44 (0)20 7959 5400
shamira@write-image.co.uk / adelaide.harrison@write-image.co.uk
Write Image
+44 (0)20 7959 5400
shamira@write-image.co.uk / adelaide.harrison@write-image.co.uk
Gilmore Bray
Head of Product and Marketing, Misys Global Managed Services
Misys Wholesale Banking Systems
+1 845 501 0770
gilmore.bray@misys.com
Head of Product and Marketing, Misys Global Managed Services
Misys Wholesale Banking Systems
+1 845 501 0770
gilmore.bray@misys.com
Andy Coulter
Head of Marketing & Business Planning
Misys Wholesale Banking Systems
+44 208 897 1188
andy.coulter@misys.com
Head of Marketing & Business Planning
Misys Wholesale Banking Systems
+44 208 897 1188
andy.coulter@misys.com
About Misys Wholesale Banking Systems
Misys GMS is the business unit within Misys Wholesale Banking Systems created to offer new ASP and managed services propositions to banks, corporate customers and fund managers.
Misys Wholesale Banking Systems is a trusted provider of innovative technology solutions: over 1,000 employees in 30 offices around the world have built up the domain expertise to deliver world-class solutions with an understanding of local requirements. Misys Wholesale Banking Systems' staff are committed to developing and supporting a product family that embraces trade services, international banking, treasury managements services, capital markets, confirmation matching, continuous linked settlement (CLS), ebanking, middleware and financial messaging.
Misys Wholesale Banking Systems is a trusted provider of innovative technology solutions: over 1,000 employees in 30 offices around the world have built up the domain expertise to deliver world-class solutions with an understanding of local requirements. Misys Wholesale Banking Systems' staff are committed to developing and supporting a product family that embraces trade services, international banking, treasury managements services, capital markets, confirmation matching, continuous linked settlement (CLS), ebanking, middleware and financial messaging.
Misys Wholesale Banking Systems is part of Misys plc’s Banking & Securities Division, which serves over 1,200 customers across more than 120 countries, including 92% of the world's top 50 banks and 56% of the top 250. (Source: The Banker, July 2003).
