Swift is partnering with software provider SmartStream Technologies to evolve its confirmation matching engine, Accord.
Under the agreement, SmartStream will provide underlying components of the updated Accord platform, including elements of the firm’s Transaction Lifecycle Management (TLM) solution suite.
The improved Accord platform, currently used by 500 institutions worldwide, will support all commonly traded instruments, allow for the rapid addition of new asset classes, and provide value-added features such as an affirmation model and fax and e-mail processing, according to Swift.
“Given the ongoing market transformation, regulatory pressure and the increasing complexity of traded instruments, post-trade processing is once again at centre stage and a top priority of many operations executives,” says Javier Perez-Tasso, head of marketing, Swift.
SmartStream’s existing 1,500 clients who have deployed TLM across their back offices will now have the option to access Swift’s Accord rather than deploying TLM, or another matching solution on site.
Philippe Chambadal, CEO, SmartStream Technologies, says, “We’re excited to see our products leveraged in this way, creating an industry-owned confirmation service which will support clients and communities in need of a common matching platform as they seek to control the cost and risk of trading a broader array of products in increasing volumes.”
The new Accord platform will be launched in early 2014, with further releases to follow.
Swift also announced this week that its corporate treasury user community has surpassed 1,000 corporations, with a sharp rise in the number of Asia-Pacific corporates. Samsung SDI, NTT Data Corporation, Toshiba and Rakuten are four of the corporations that recently connected to Swift, and the organisation adds that Asia Pacific is the fastest-growing region in terms of traffic.
The British Broadcasting Corporation (BBC) is also among the corporates that recently joined the network.