Alliance Lite for funds

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Alliance Lite for funds

  1. 1. I WE SSUE 16 DN 3 SE ESDA P2 Y 009 DAILY NEWS FROM SWIFT AT SIBOS issue 3 • WEDNESDAY 16 SEP 2009 Corporate actions automation takes a What’s on Wednesday 16 September 2009 quantum leap SWIFT, XBRL and DTCC combine to tackle one Sessions brought to you by SWIFT (SWIFT Auditorium unless otherwise stated) of the last bastions of manual processing. 9:00-9:45 Securities reference data: Identity crisis? 9:00-9:45 Workers’ remittances: High-value services for low-value payment (Room S226-227) 10:00-10:45 Proxy voting: Raising the standard of corporate governance 13:00-13:45 Trade matching on Accord: Extending the benefits from treasury to securities 14:00-14:45 New perspectives on the supply chain business in Asia 14:00-14:45 Workers’ remittances: Building your business network 14:00-14:45 SWIFT and risk management in the post-crisis environment: Operations risk. 15:00-15:45 MT/MX coexistence: Left to right: Brad Barton, senior relationship manager, SWIFT. Chris Church, chief executive Americas, SWIFT. Mark Bolgiano, preident and CEO, XBRL. Michael Bodson, executive Everything you always wanted to know, but managing director, DTCC. Brett Lancaster, president, DTCC were afraid to ask 16:00-16:45 Implementing and integrating Workers’ remittances A ttempts to automate based on a combination of SWIFT ISO 20022 coporate actions (CA) have messaging standards and XBRL’s digital SWIFT Showcase (on the SWIFT stand) bedevilled the industry for dictionary of business reporting elements. years because every CA A SWIFT Auditorium session on Tuesday 9:30 Watch issuer has a different way provided a glimpse into the components of 10:00 Funds 10:30 Trade matching on Accord of doing things. Now, at last, a breakthrough this partnership and how the trio is planning 11:00 Exceptions and investigations is at hand. The US Depository Trust & to revolutionise CA. 11:30 Trade and supply chain on SWIFT Clearing Corporation (DTCC), SWIFT and Brett Lancaster, president, DTCC Solutions, 12:00 Workers’ remittances XBRL US have joined forces to automate LLC, opened the session by outlining the 12:30 Trade matching on Accord the issuer-to-investor information process challenges 60x176mm  GCI 03 P51586a  Proof 03   07-08-2009 continued on page 8… Doremus  Deutsche Bank  Custody/Swft@Sibos the DTCC faces. “CA is a paper- S BO SI at 11 Where can I find a domestic custodian with a worldwide network and 1E d st an expertise in securities clearing, lending and fund administration? at Deutsche Bank has the solution.  s tu siVi We provide an extensive range of securities custody, clearing, lending  and fund services from a network spanning over 30 securities markets.  Contact us for more information:   www.tss.db.com tss.info@db.com For more information: www.db.com. This advertisement has been approved and/or communicated by Deutsche Bank Group and appears as a matter of record only. The services described in this  advertisement are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank operations in Dubai are  regulated by the Dubai Financial Services Authority from the Dubai International Financial Centre. Any financial services or products offered by Deutsche Bank from the centre are only available to  clients who satisfy the regulatory criteria to be a professional client, set out in the Authority‘s rules and this communication is directed only at such persons. Copyright © 2009 Deutsche Bank AG.  Visit swift.com for more information about SWIFT and its portfolio. Join the dialogue at swiftcommunity.net/Sibos SWIFT@Sibos - WEDNESDAY 16 SEP 2009 1
  2. 2. taxonomies (digital data sets) around XML NDC’s Alliance Lite deal business reporting standards.” But XBRL is not just being adopted in the US; it is to boost international also being taken up internationally and is standards in Russia currently in use at stock exchanges in Japan Market innovations aim to ease access and and China for disclosing dividend payments. increase efficiency. A bank perspective Ranjit Chatterji, global network manager Mark Bolgiano, preident and CEO, XBRL. securities and fund services, Citi, was on the panel session representing ISSA (International Securities Services Association), based nightmare,” he said. “Some documents an organisation active in promoting CA consist of up to 300 pages of free text ‘legalese’ harmonisation. Chatterji confirmed that that has to be waded through to extract the CA automation is also a top priority within Left to right: Steven Palstermans, head of Russia, CIS relevant data. This is then keyed and rekeyed the global securities industry. “Given the & Mongolia, central & eastern Europe, SWIFT. Nikolay Egorov, CEO, NDC. Christian Kothe, head down the chain from issuer to investor, which inefficiency, ambiguity and risk exposure of central & eastern Europe, SWIFT. Maria Ivanova, takes up time and risks manual error.” of manual processes, the first mile in CA business development directort, NDC. John Falk, senior manager, securities markets infrastructure, SWIFT. Given that DTCC handles some 200,000 automation is getting information from issuers CA events a year, representing 3.5 million in a clear, standardised way that can be The ability of financial institutions to access NDC, Russia’s central settlement depository for the servicing securities, finding a way to standardise the accessed by ISO formats. The DTCC, XBRL of state securities, via SWIFT Alliance Lite is a major process is crucial. and SWIFT initiative has global applicability step forward in aligning Russia’s financial infrastructure The third member of the trio, XBRL US because it offers a simple way for issuers to to global standards, NDC’s director general, Nikolay Egorov, told Sibos delegates at a session on Russian (which stands for extensible Business tag CA announcements that can eventually settlement issues. Reporting Language) has already been be structured into an international syntax.” Egorov, also senior VP and member of the executive institutionalised in the US since the SEC While the benefit to investors and board of Russian exchange MICEX, said that adopting Alliance Lite would permit clients to access both NDC mandated that all publicly-listed companies, intermediaries of CA automation may seem and other financial institutions in Russia and worldwide mutual funds and credit agencies must file obvious, why should the issuers care? As using internationally recognised standards. their reports using XBRL formats. Lancaster pointed out, producing concise, Commented on the memorandum of understanding (MoU) signed by NDC and SWIFT earlier this year, he As Mark Bolgiano, president and CEO, unambiguous information in a timely way said, “SWIFT and ISO are the international standards for explained, “XBRL involves a process of would greatly reduce calls from confused secure, automated communication between financial tagging documents, mapping elements and irritated investors. Since XBRL reporting market participants globally, reducing operational costs and risks and enabling improved straight-through processing. like headings, key words and phrases, has already been mandated by the SEC, By allowing all our customers to use ISO standards and calculation relationships, business rules and said Bolgiano, issuers – at least in the US – SWIFT to conduct their business with NDC, we are validations and designing these standard are already on the road to standardisation. supporting them in globalising their capability to conduct business around the world and not just in Russia. Under the terms of the MoU, NDC has agreed to J.P.Morgan partners with SWIFT and co-operate to support the adoption of ISO standards in Russia. A key element of this co-operation is the VocaLink for UK payments joint work by SWIFT and NDC to encourage the use of Alliance Lite by NDC customers. “The addition of SWIFT Alliance Lite as a channel for J .P. Morgan has selected SWIFT to connect to communication with NDC is especially significant for our VocaLink for Bacs payments. By using VocaLink’s customers who will benefit from the cost efficiencies and SWIFTNet Transmission Service (STS), J.P. the ease of access Alliance Lite provides,” said Egorov. Morgan is maximising its existing SWIFT channel “NDC’s addition of Alliance Lite as a communications capability. This move is part of a larger strategy for channel supports its strategic plan to further adopt J.P. Morgan to use SWIFT to connect to clearing international standards to improve automation in order and settlement systems throughout Europe where to reduce costs and risks for its customers,” added Alain available. Additional projects at the bank are currently Raes, chief executive, EMEA at SWIFT. “NDC will be underway in other countries in Europe. able to offer a range of new services using Alliance Lite, Previously, J.P. Morgan relied mainly on proprietary building on the benefits its customers already achieve networks for connectivity to clearing and settlement by communicating via SWIFT, and we look forward to systems. However, SWIFT’s reach to market working closely with NDC in the future to maximise the infrastructures over a single network helps J.P. Morgan Left to right: Ed Adams, global client director, SWIFT. value we are offering to our mutual customers.” to reduce total cost of ownership (TCO), improve Alan Raes, chief executive, global client director, Russian central bank payment systems director Oleg resiliency and reduce operational risk. SWIFT. MartinWilson, CEO,Vocalink. DianeValsie, Perestenko said BESP, the RTGS system introduced “This is a strategic move for J.P. Morgan, especially global account manager, SWIFT. in 2007, would demonstrate to international investors HirsWinter, MD treasury services, J.P Morgan. . as we look to reuse our existing SWIFT infrastructure the “openness and transparency” of Russia’s financial to connect to clearing and settlement systems across sector. Effort now will go into making the system – which Europe,” said Chris Winter, managing director and “We added the STS to our portfolio as an alternative covers 11 time zones and replaces two-day with real- EMEA product executive at J.P. Morgan. “By selecting route for submitting payments into the UK Bacs time settlement – “more efficient and less risky”. SWIFT, we are leveraging our SWIFT infrastructure service by extending the use of banks’ existing He identified as new business opportunities presented to connect to clearing and settlement systems that SWIFT infrastructure,” commented Martin Wilson, by the infrastructure real-time money transfer to and otherwise would have to be managed individually. chief commercial officer at VocaLink. “Not only will from money markets via MICEX and redistribution of SWIFT eliminates that headache and as a result, we J.P. Morgan benefit from more efficient payments intraday liquidity. All credit institutions will participate in expect to gain improved efficiencies for our clients, processing, but they will also be able to pass these the system as from 2010. reduced costs and better customer service.” benefits onto their corporate customers.” Visit swift.com for more information about SWIFT and its portfolio.2 SWIFT@Sibos - WEDNESDAY 16 SEP 2009 Join the dialogue at swiftcommunity.net/Sibos
  3. 3. HKMA confirm the value of choosing SWIFT for CHATSSibos provided an opportunity for the Hong Kong MonetaryAuthority (HKMA) and SWIFT to celebrate the migration ofCHATS, Hong Kong’s RTGS system, from its proprietary network toSWIFTNet earlier this year. n late May, the HKMA I implemented a decision reached in 2006 to move its RTGS system onto SWIFTNet. There were twobasic reasons for the migration, explainedEsmond Lee, executive director, FinancialInfrastructure Department, HKMA. “Thebanks in Hong Kong have been SWIFTusers for many years,” he explained. Untilvery recently, however, each bank needed tohave its own system to convert internationalmessages into local formats and viceversa. “We realised that it would enhanceoperational efficiency if we were to have thesame formats for domestic and internationalpayments,” said Lee. Secondly, he explained, participation in the foreign currency payment Left to right: Hester Tang, head of payment systems, HKMA. Esmond Lee, executive director, financialin addition to the Hong Kong dollar RTGS systems developed in Hong Kong, it easier infrastructure department, HKMA. Michael Cheung,system, the market has four currency all round to SWIFT system.” The benefits of head of north Asiapayment systems that allow foreign banks moving to a platform already used by most ofto participate directly. “To facilitate overseas the banks were clear, said Lee.iCBC and BNY Mellon first to go live on exceptions & investigationsSWIFT solution helps banks cut investigation costsThe Industrial and Commercial Bank of China has signeda memorandum of cooperation (MOC) with BNY Mellon touse the SWIFT Exceptions and Investigations solution fortheir correspondent banking relationship, making them thefirst banks to go live with the tool. SWIFT Exceptions and Investigations allows banks toautomate the process of investigating payment-relatedissues. “The Exceptions and Investigations solution improvesour customer service, saves time and facilitates riskmanagement and controls,” said Zhang Yi, senior managerof the inquiry and problem investigation division, ICBC.The Exceptions andInvestigations solutionimproves our customer “The service we extend to our clients will be improved Executives of ICBC, BNY Mellon and SWIFTservice, saves time because we will be able to respond to investigations a lot gather at the signing ceremony for the new MOCand facilitates risk faster, reduce risk and errors and also be able to grow our businesses without a lot of added expense,” commentedmanagement and controls Francis Behlmer, executive vice-president and chief don’t stop here. For the Exceptions and Investigations operating officer, bank operations, BNY Mellon. solution to be the success it deserves to be, more banksZhangYi, senior manager Congratulating the two banks on their efforts in need to join this very exclusive club that has been formedof the inquiry and problem implementing the solution, Ian Johnston, chief executive, today. You have our commitment both globally and here ininvestigation division, ICBC Asia-Pacific, SWIFT, commented, “It is important that we Asia to continue the work towards that outcome.”Visit swift.com for more information about SWIFT and its portfolio.Join the dialogue at swiftcommunity.net/Sibos SWIFT@Sibos - WEDNESDAY 16 SEP 2009 3
  4. 4. Alliance Lite brings low-cost entry to the securities community Investment managers and funds processors can now enjoy the benefits of low-cost connectivity to SWIFT. but who would nevertheless benefit from becoming part of the SWIFT community. Invesco, already an Alliance Lite user, has done an internal survey and notes An industry study that since joining the SWIFT platform, conducted in Singapore calls from clients and counterparties to its revealed that the key concern customer service centre to extend trade for investment managers cut-off times, complain about delays or seek was risk management order confirmations has been dramatically reduced, streamlining overheads. Koen and the need to reduce Vierendeels, SWIFT market manager, errors and limit liabilities. KoenVierendeels, funds, confirmed that, “While cost is a KoenVierendeels, SWIFT market manager, funds SWIFT market manager, funds major consideration, an industry study conducted in Singapore revealed that the lliance Lite – an entry-level, key concern for investment managers was means faster, easier, more cost-effective A internet-based SWIFT connectivity solution – was introduced in November 2008 and has so far risk management and the need to reduce errors and limit liabilities that arise if orders are delayed.” Alliance Lite addresses these issues because, unlike faxes, SWIFT communications with their custodians and larger counterparties who are already using SWIFT. To join Alliance Lite, all that is needed is a PC, internet access and a gained over 200 payments customers, messages are sent automatically and require browser. SWIFT provides a security token according to Dirk Van Achter, SWIFT senior no manual intervention. In addition there is a (like a memory-stick) that handles digital product manager, Alliance and the co- full audit trail of all transactions as messages signatures, encryption, time dating and presenter of Tuesday’s session on Alliance are automatically stamped and confirmed authentication. Lite. The new version for securities has now on receipt. The next release of Alliance Lite is set for been released and is aimed at investment For many fund managers, becoming January 2010 and will bring SWIFT’s unified managers, fund distributors and others part of a single communications channel communications to market infrastructure whose transaction volumes may be low, that speaks one unified language organisations. Liquidity management 12 months on Banks face up to the need for closer liquidity monitoring F or Peter Akwaboah, head of treasury According to Cleaves, improving liquidity fact that financial institutions typically don’t have a operations at RBS Singapore and the management involves three main factors: identifying complete view of their global liquidity. “In many cases first speaker in Tuesday morning’s SWIFT problems in the system, reducing intraday risk and this means a 60% view of funds and even the best auditorium session on liquidity management, managing values and flows. This requires more efficient have incomplete information because of disparate September 15 2008 was a wakeup call. He was clearing systems, segmenting collateral needs, a higher systems, manual processes and a lack of a standard, on the way to Sibos Vienna when he found himself level of transaction scrutiny and increased due diligence consolidated view of their positions.” held back at the office reviewing the bank’s liquidity by network management – “all of which will likely mean “To address these problems,” Goyal said, “SWIFT exposure. “Overnight liquidity dried up and we found having to pass on these higher costs to clients.” provides a single channel and workflow with standard ourselves taking on the role of debt collectors,” For Aseem Goyal, head, payments & cash message types so that liquidity can be monitored he said. “From easy credit and interbank lending, management markets, Asia Pacific, SWIFT one of centrally in realtime. This means that cash positions can the environment changed to an emphasis on cash the biggest hurdles to liquidity management is the be optimised and funding issues can be flagged up early.” management and a going back to basics. Over the past year, said Akwaboah, the regulators have stepped in. “The challenge moving forward is personal responsibility and leadership versus the initiatives Left to right: of industry regulators – we need to strike the right Peter Akwaboah, balance,” he commented. head of treasury Maurice Cleaves, managing director, transaction operations, RBS. banking, Deutsche Bank AG London was next to speak. Maurice Cleaves, “In the past, liquidity was taken for granted, but it is at the managing director, Deutsche heart of banking – we must have liquidity in the system Bank. Aseem and ensure that liquidity risk doesn’t become credit risk,” Goyal, head, he said. “To ensure this we need a clear view of intraday payments and funding availability. But the challenge in managing risk is cash management that banks can only control outgoing payments.” markets, SWIFT. Visit swift.com for more information about SWIFT and its portfolio.4 SWIFT@Sibos - WEDNESDAY 16 SEP 2009 Join the dialogue at swiftcommunity.net/Sibos
  5. 5. Information visibility means Alliance integratorbetter cashflow smooths the message flow from applicationsThe efficiency of trade services can only SWIFT looks to ease the transfer of databenefit from automation through TSU. from companies’ own applications to and from the SWIFT network. Companies looking to integrate information flows between their business applications and Alliance Access systems can now look to Alliance Integrator, an integration framework from SWIFT to help them process business documents into SWIFT messaging formats. This was a task that was usually left to businesses themselves, who were required to create their own proprietary solutions to convert documents into standard formats such as MX and MT. The framework provides businesses with a set of working tools that connect back office applications, such as funds management and exceptions and investigations, allowing them to send and receive SWIFT traffic with ease. As well as the necessary adaptors required to do this, SWIFT also provides the expertise required to install the framework. It will be fully automated xx as soon as it is implemented, reducing the risks that s information visibility the towards this end both Standard Chartered may arise from altering and I answer to the supply chain and Deutsche bank are leveraging the re-testing your own challenge? According SWIFT Trade Services Utility (TSU) platform. business applications. to the two panellists “We see that in order for banks to Fredda Cole, at this SWIFT session re-intermediate themselves in the end- product manager,– Ashutosh Kumar, director transaction to-end financial supply chain, provision Alliance Integrator, SWIFTbanking and global head of trade product of funds is just one part of the equation,”management at Standard Chartered and says Richman. “The other is to provide Fredda Cole, product manager, Alliance Integrator,Jonathan Richman, managing director automated services that speed the explained the benefits of the service to an audience in the SWIFT auditorium on Tuesday afternoon.global head of trade and financial supply payment to reconciliation and settlement “Implementing Alliance Integrator will take you lesschain, Deutsche Bank, New York – the processes amongst all counterparties time to get from the idea of implementing an applicationanswer is a resounding yes. Greater visibility and ensure that our clients have full to use with the SWIFT network, to actually being able to do so,” said Cole. “It will be fully automated as soon asof cashflow information frees up working cross-enterprise visibility and control of all it is implemented, reducing the risks that may arise fromcapital and enables banks to extend credit activity.” To be really successful, however, altering and re-testing your own business applicationsto their customers faster – ideally at the Richman noted that, “we have to ensure as well as bringing down maintenance costs.” These advantages, continued Cole, will allow companies topoint of a purchase order. Enabling this that all counterparty banks buy in to this focus on their core business operations.visibility is electronic integrated connectivity, vision of creating better financial supply OLPC - SWIFT at Sibos 210 75 - Color:Layout 1 9/13/2009 5:54 PM Page 1which means standardised messaging and chain visibility and efficiencies.” Give a laptop. Change the world. Sibos Lounge 4 Exhibition Hall 3 Next to the SWIFT standVisit swift.com for more information about SWIFT and its portfolio.Join the dialogue at swiftcommunity.net/Sibos SWIFT@Sibos - WEDNESDAY 16 SEP 2009 5
  6. 6. KEB go live over Bombay Stock Exchange chooses SWIFT on electronic SWIFT Corporate Actions Solution documents exchange Standardising the flow of corporate actions New project promises to reduce cost and processing time. data is seen as a priority. he Bombay Stock T Exchange (BSE) has signed up for SWIFT’s Corporate Left to right: Connie Leung, head, trade and supply Actions Solution as it aims chain markets, Asia Pacific, SWIFT. Patrick de Courcy, head of markets and solutions, Asia Pacific. Shin to standardise corporate Mizutani, chief Manager, KEB. Heetaek Hwang, actions data and move away from its current regional manager, SWIFT. Michael Cheung, head of north Asia, SWIFT. Yuko Ochi, vice president, SWIFT. paper-based system. The BSE joined SWIFT in July this year, K EB, CCB and BTMU plan to go live on the electronic exchange of trade documents and is currently testing the Corporate Left to right: Arum Tiwari, head of Indian sub- continent, SWIFT. James Shapiro, head of market over SWIFT FileAct. Korean exporters Actions solution. It will go live with the development, Bombay Stock Exchange. Anik Mehta, will be exchanging electronic trade documents with product in the next few weeks. deputy manager, Bombay Stock Exchange. Charles counterparties in China and Japan through SWIFT. Legrand, head of South Asia, SWIFT. Korean exporters will use utradehub, a service provided “We are targeting global custodians, by Korea International Trade Association, to generate who want our corporate actions data in “We are seeing growing international interest electronic documents, and these documents will be a standardised format,” said Anik Mehta, in the Indian equities market.” transmitted over SWIFT FileAct from KEB in Korea to CCB in China and BTMU in Japan. The implementation deputy manager, information products, BSE. SWIFT’s Corporate Actions solution of this project will help reduce costs and time for trade James Shapiro, head, market combines ISO 15022 messaging standards processing for all trading parties. development, BSE, added that the BSE’s and SWIFT connectivity to enable the “SWIFT can help Korea become a financial hub by providing a single gateway,” says Michael Cheung, head use of the solution will give clients access to standardisation and automation of corporate of North Asia, SWIFT. “As a widely adopted platform higher quality corporate actions data. “There actions communication flows between with global ISO standards, SWIFT can have a huge is a lot of international interest in corporate information sources, market infrastructures, synergy with KSD and the local financial community including the advanced clearing and settlement actions data from India, and we think the local agents, global custodians and systems. This can contribute to Korea’s financial hub timing of this launch is very good,” he said. investment managers. initiative while attracting more foreign investment.” SWIFT training underway at Oriental Bank of 4CB announces next step Commerce in T2S development On-site programme to operate and manage new Alliance Messenger software is set to revolutionise the bank. The 4CB consortium: Deutsche Bundesbank, Banca T l’Italia, Banco de Espana and Banque de France, has he Indian-based Oriental Bank of Commerce only save on travel costs on our side, but we can also today announced it will work with SWIFT Standards is currently training 150 of its staff on its new continue our operations during the training. The fact that consultancy services to develop ISO 20022 standards Alliance Messenger software. The training SWIFT will be customising the training to our specific for Target2Securities “We have begun the development began on Monday this week, on-site in Mumbai, needs is another big advantage: every employee will process, adapting existing messages and defining new Noida and Chandigarh, and will run for six sessions receive the same, personalised information.” ones and are pleased to confirm we are on track to with an experienced SWIFT instructor. Alliance Messenger will further modernise the bank, meet the 2013 deadline for T2S,” commented Siegfried “Since we have such a large number of employees explains Sharma. “We previously ran DOS-based Vonderau, head of division, securities Settlement, SSP that needed this training, we are grateful to receive it software called PC Connect, and so the benefits of Management and Operations, Deutsche Bundesbank. at our premises,” commented Sheel Sharma, general changing to the web-based Alliance Messenger are manager at Oriental Bank of Commerce. “We will not obvious and plentiful.” Back row: Lorenzo Gimmohead of TARGET2, Banca d’Italia. Vincent Bonnier,TARGET@ securities project manager, Banque de France. SiegfriedVonderau, Deutsche Bundesbank Front row: Angeles Colombas, unit manager, BancodeEspana. Juliette Kennel, head of business development, SWIFT. The teams from Xchanging, Oriental Bank and SWIFT Visit swift.com for more information about SWIFT and its portfolio.6 SWIFT@Sibos - WEDNESDAY 16 SEP 2009 Join the dialogue at swiftcommunity.net/Sibos
  7. 7. Citi launches next-gen Ysstech installs automated solutionelectronic banking platform for Chinese fund managers Clients to benefit by combining accounting and connectivity iti has launched CitiDirect BE, its next-generation C collaborative online banking platform for institutions. The new service from Citi’s Global Transaction Services offers clients greater efficiency around their end-to-end banking processes. Building on the CitiDirect Online Banking platform introduced in1999, CitiDirect BE – BE stands for Banking Evolution – will includecapabilities for sophisticated analytics and user-generated content, Left to right: Que Shang Qin,Ysstech. Eric Shua, head of Shanghai, SWIFT.a media and video channel and Citi’s Electronic Bank Account PatrickYeh, head of sales services, Asia Pacific, SWIFT. Yan Jian Bing,Ysstech.Management (eBAM). Lisa Sung, manager, partner relations, Asia Pacific, SWIFT. The eBAM module enables clients to reduce the paper and Y sstech, a software vendor their transactions. “Ysstech currentlyduplication associated with account-related events such as incremental for the Chinese asset accounts for 90% of the QDIIaccount openings, signatory management and account maintenance, management industry, has accounting applications in the Chinese implemented the SWIFTReady market, so by partnering with them toacross multiple legal entities and accounts. create a single platform solution, we automated solution for its qualified domestic institutional investor (QDII) are able to help a significant number ofMultiple access clients and has become a Lite fund managers to invest overseas with wholesaler, the first in the Asia-Pacific ease,” commented Eric Chua, head of CitiDirect BE makes these tools available via multiple delivery Shanghai, SWIFT. region.channels, including a web portal, straight-through connectivity via The deal means that Ysstech’s QDII Ysstech’s product offering includesSWIFT, and mobile devices. It can be customised easily for multiple clients will be able to automate their Golden Finger, a fund accounting transaction processes and benefit from module. “With SWIFT’s Lite connectivityusers at large or small institutions, providing permissions-based access and Ysstech’s applications, Chinese straight-through-processing, increasedto different levels of content and transaction-related activities. efficiency and lower operational costs, AMCs will enjoy a single window of “Corporate treasury departments can use CitiDirect BE to significantly while complying with SWIFT standards. communication to their counterparties; Previously, fund managers would be they custodians and brokers. Thisreduce the time to open and maintain bank accounts,” said Gary is a win-win situation for SWIFT, our have used manual processes, suchGreenwald, chief innovation officer of Citi’s Global Transaction Services as fax and telephone, to process partner and customers.”business. “By making use of digital signatures, they can automate whathistorically have been paper-intensive processes, achieving greaterefficiency, visibility and control, as well as enhanced auditing proceduresto meet regulatory requirements.” Its analytics capabilities provide improved control and managementof financial flows through trend analytics and business intelligence onareas ranging from operational processes such as straight-throughprocessing and repair rates, to liquidity and working capital metrics. “These tools make it easier for companies to analyse a wide range ofparameters within their operational, payments and liquidity processes,”said Greenwald. The media channel also features extensive knowledge managementand collaboration capabilities, including video-based content ontreasury and trade services created by Citi experts.Left to right Anne Suprenant, global account manager, SWIFT. Paul Simpson, managingdirector global transaction services, Citi. Hein Hellemons, client director, Microsoft.Richard Delvaux, senior corporate market manager, SWIFT. Manish Jain, managingdirector eChannels, Citi. Gary Greenwald, chief innovation office, Citi. Scott Florio,global client director, SWIFT.Visit swift.com for more information about SWIFT and its portfolio.Join the dialogue at swiftcommunity.net/Sibos SWIFT@Sibos - WEDNESDAY 16 SEP 2009 7
  8. 8. EastNets introduces SWIFT-Ready Fraud Prevention Solution New system integrates seamlessly with a company’s existing SWIFT environment. astNets, a global provider fraud losses. We are pleased to be introducing E of compliance and a new fraud solution that complements our Hazem Mulhim, payments solutions and anti-money laundering solutions used today by CEO, EastNets. services for financial over 350 customers.” institutions and corporates, “Convergence toward a unified framework Alliance Connector, for example, it delivers has announced the introduction of its new for both compliance and fraud systems, by seamless integration with a customer’s fraud solution delivering real-time fraud combining processes and technologies, existing SWIFT environment, ensuring real- prevention and management to meet the creates an opportunity for financial institutions time fraud monitoring of both incoming and growing threat of online, ATM, wire and to benefit from improved risk control, reduced outgoing SWIFT messages and immediately credit card fraud. The new anti-fraud offering, complexity and a more cost-effective prevents the emission of suspicious en.SafeWatch Fraud, is part of EastNets’ enterprise risk and compliance environment,” messages into the SWIFT Network. comprehensive enterprise compliance said Neil Katkov, senior vice president of management framework, offering financial Celent’s Asia Research Group. What’s on institutions a single integrated environment EastNets’ en.SafeWatch Fraud solution Wednesday 16 September 2009 to improve risk protection, meet global provides real time SWIFT-ready fraud … continued from page 1 regulatory requirements, and streamline prevention and management, monitoring operational efficiencies to increase profitability. multiple sources across multiple channels SWIFT Showcase (on the SWIFT stand) “The requirements to provide faster and regions. It is seamlessly integrated with payments and seamless STP, while improving EastNets’ anti-money laundering solutions 13:00 Alliance Lite the speed and convenience of customer (AML) for real time watchlist and sanctions 13:30 Professional services services, can introduce new vulnerabilities filtering, and suspicious activity monitoring 14:00 Alliance integrator 14:30 Asset servicing and risks to financial institutions, including and detection. 15:00 Workers’ remittances fraud,” said Hazem Mulhim, CEO of As with EastNets’ watchlist filtering and 15:30 Intraday cash reporting EastNets. “Accurate real-time prevention customer profiling solutions, the new 16:00 Watch and risk assessment are vital to help financial fraud solution offers multiple data source 16:30 Alliance Lite institutions identify fraudulent activity and block connectors to adapt to a financial institution’s 17:00 Funds 17:30 Trade and supply chain on SWIFT transactions to immediately protect against specific business processes. Through SWIFT Polar - SWIFT at Sibos 210-75 - Color:Layout 1 9/13/2009 6:05 PM Page 1 Get Sibos ready to green up! Sibos Lounge 4, Exhibition Hall 3 Next to the SWIFT stand Credits Publisher: Rosie Halfhead, Head of Stakeholder Relations, SWIFT Legal notice: Managing editor: Andrew Carrier, Marketing Communications, SWIFT SWIFT © 2009 Reproduction is authorised with acknowledgement of source. All other rights reserved. SWIFT@Sibos is written and produced by Information Partners on behalf of SWIFT SWIFT, the SWIFT logo, Sibos, Accord, SWIFTReady, and SWIFTNet are registered Advertising is sold by Publishing Events on behalf of SWIFT: k.morrey@publishingevents. trademarks of SWIFT. Photographs feature SWIFT employees, customers and partners. com. Tel: +44 20 7841 5963 Printed in PrintWorks Global Services, Hong Kong Visit swift.com for more information about SWIFT and its portfolio.8 SWIFT@Sibos - WEDNESDAY 16 SEP 2009 Join the dialogue at swiftcommunity.net/Sibos

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