Financial data integration specialist Volante Technologies has launched its TARGET2 Securities (T2S) Accelerator.
The T2S Accelerator is designed to support rapid integration to the T2S settlement platform. It offers full T2S message library including cross field validations and where relevant, off-the-shelf transformations from existing ISO 15022 MT5xx series messages to the equivalent T2S messages.
T2S is to be implemented by the European Central Bank (ECB) in July 2015 and is designed to improve post-trade efficiencies in Europe. Through the removal of barriers across countries, the new T2S settlement rules include changes to the messaging standards that underpin current messaging processes. At present, most securities settlement uses ISO 15022, which in response to the regulation, will change to ISO 20022 compliant XML to ensure T2S-compliance.
The T2S Volante Accelerator transforms ISO 15022 messages to their equivalent ISO 20022 messages. In addition to bi-directional mappings, the T2S Accelerator provides definitions and cross-field validations for all other non-equivalent messages, as defined by the User-Detailed Functional Spec (UDFS) produced by the ECB. The T2S Accelerator enables organisations to map their own propriety data that may be specific to that firm’s internal message and data standards by offering a number of generic adaptors such as XML, CSV, Fixed-Width and COBOL copybook. The Accelerator also supports all T2S connection models such as Push, Pull, Message or File.
Firms can either automatically convert new messages or adapt messages in-house, by T2S participants including institutional banks, CSDs, global custodians and securities services companies. The T2S Accelerator also includes browser-based html capability to define dashboards for exception management and screens that simplify manual input for lower volume organisations and provides a platform to process ad hoc requests.
Volante’s technology is completely system agnostic, giving firms the ability to connect via SWIFT, SIA/Colt or through Direct CoreNet-based connectivity.
Fiona Hamilton, vice president EMEA operations, Volante Technologies, says: “T2S will ultimately help create efficiencies in post-trade securities resulting in lower overall settlement costs. However, participating firms face the challenge of migrating from the current ISO 15022 standards to the more comprehensive list of detailed T2S ISO 20022 compliant standards. By implementing Volante’s T2S Accelerator, part of a series of out-of-the-box accelerators, organisations can adopt new standards quickly and efficiently without changing their infrastructure. This ultimately helps by reducing project times and lowering total cost of ownership.”