Monday's official launch of the Global Straight Through Processing (GSTP) Transaction Flow Manager (TFM) followed the completion of parallel-run testing. Close to 20 financial institutions worldwide took part in the parallel run. These investment managers, brokers/dealers and global custodians tested the GSTP utility in a live production environment, and will now go live with the TFM.
webMethods, Inc., a provider of integration software, announced a strategic partnership with Omgeo, a provider of global-trade-management solutions, to give greater flexibility and ease of use for securities firms implementing trade-management solutions for straight-through-processing initiatives. As part of the strategic agreement, webMethods will develop eStandards modules for Omgeo Central Trade Manager, a central-matching platform, which automates post-trade executions.
City Networks Ltd announced that Schroders Private Bank has purchased a number of the CityNet Treasury and Securities modules (CARS & TIPS) in their drive for STP. These cover the cash and stock reconciliation and exception-processing operational requirements of the Private Bank. Schroders has been a City Networks customer for over 10 years, using the CityNet Treasury Confirmation Matching (TRAM) module to handle its FX confirmation matching and the CityNet Treasury Broker Message Management (BART) module, allowing them to receive broker confirmations electronically.
Fundtech Ltd., a provider of global-electronic payments, settlement and cash-management solutions, announced that 24 banks are now fully functional with PAYplus USATM, Fundtech's new generation payment solution. Eleven of those banks have gone "live" so far this year. Among the banks taking advantage of PAYplus USA's workflow design, architecture and filters, are Guaranty Bank, TIB-The Independent BankersBank and Union Bank of Florida.