Leading asset management firm streamlines messaging
processes with Babel, boosting efficiency and cost
savings
London, 10 October 2012 (ASX: BVA) - Bravura Solutions
Limited (Bravura) - a leading global supplier of transfer
agency and wealth management software applications and
professional services - today announced that Schroder
Investment Management (Luxembourg) S.A (Schroders) has
implemented its Babel financial messaging platform, as it
continues to streamline its Straight Through Processing
(STP) functions. The agreement sees the leading asset
management firm using the solution to boost efficiencies
and reduce costs, as it centralises localised transfer
agency (TA) processing, by providing a global centre of
excellence in Luxembourg.
Babel integrates with Schroders' proprietary funds solution
that interfaces to Bravura's Global Fund Administration
System (GFAS) transfer agency platform. The end-to-end
solution delivers true STP capabilities, and enables
multiple connections and messaging standards to be managed
at a single source. The increased levels of automation
deliver significant cost savings; including the ability to
manage head count, as STP increasingly becomes the most
efficient method for completing financial transactions.
Schroders was heavily involved in the development of
Bravura's Depository Trust and Clearing Corporation (DTCC)
connection and has deployed the offering across its
business. The private circuit provides quick and easy
access to the National Securities Clearing Corporation
(NSCC) network and its associated services, enabling
Schroders to take advantage of high speed message transfer
services in the US.
"Direct connectivity to NSCC, using Babel to replace our
previous arrangement of access via an intermediary agent,
has bought us closer to our clients in the Americas and has
enabled us to deliver a higher quality of service," said
Gary Janaway, Head of Operations at Schroder Fund Services,
Luxembourg.
"Using Babel we have been able to extend our service
offering to include options such as the NSCC Automated
Customer Account Transfer, a service requested by our
broker dealers. The development of direct connectivity with
DTCC and the addition of services; reinforces our trust and
confidence in Bravura as a supplier of robust and reliable
technology," added Janaway.
Schroders manages £194.6 billion on behalf of institutional
and retail investors, financial institutions and high net
worth clients from around the world, and is benefitting
from Bravura's wider product offering following the
acquisition of MFT in 2010. The combination of GFAS
(maintained by Bravura after the MFT deal), Babel and the
DTCC connection offers Schroders efficient TA and messaging
services for many jurisdictions, including funds
administered in Luxembourg.
Tony Klim, Bravura's CEO, said, "As messaging rates
continue to rise year on year, STP is still the most
cost-effective way to do business, reducing manual errors
and increasing efficiency. We are keen to ensure our
customers have access to the best services available and
are confident that our expanding product line delivers this
requirement. Schroders is a long standing customer of ours
and this work reflects our strategic commitment to continue
building on our relationship."
Babel connects message providers with any distributor
platform and TA back office system. Processing any message
format, it integrates with Bravura's TA solution suite, as
well as a wide range of proprietary third-party TA systems
and order management solutions.
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