Ifsam picks Calastone for Swift connection
International Fund Services & Asset Management (Ifsam) has picked Calastone to facilitate a single Swift connection solution that bypasses the need for multiple point to point connections.
The solution is meant to enable Ifsam to send and receive messages in the ISO 20022 or 15022 standards through a single route via Calastone. Ifsam’s Luxembourg based services include fund dealing, custody and research for banks, insurers, pension funds and funds of funds. The company is part of the HSH Nordbank Group.
Calastone provides technology that can route, for example, order messages to multiple recipients, including re-formatting different types of messages into the same ISO standard, to make them acceptable to different recipients.
Luc Duarte, partner of Ifsam said, “As a niche player supplying value added services to our European client base, by using Calastone we immediately become ISO 20022 compliant and don’t need to spend time and effort supporting point to point connections or converting existing protocols. This allows our firm to concentrate on servicing our clients by increasing substantially our [straight through processing] rate to the market. Regardless of our counterparties connectivity or message standard our connection to Calastone enables us to automate the trade transaction life cycle.”
Peter Hermans, director of European Sales and Business Development at Calastone said the deal with Ifsam illustrated his company’s ability to provide cross-border coverage.