OpenFinance is a leading enabler of data consolidation in the financial services industry. Omgeo partnered with OpenFinance to simplify investment managers' settlement communications with custodian banks. This joint solution unites OpenFinance TradeStream, a simplified and automated process for interfacing to multiple custodian banks, with Omgeo TradeHub, an open messaging system for reliable post-trade communications.
Through this partnership, TradeStream accepts executed trade information from investment managers, in any format, and automatically transforms the data into TradeHub's SWIFT messaging protocols, batches it by custodian, and transfers the data to the banks using a secure VPN connection. All trade details are then confirmed accepted by the custodian banks, to ensure that no trades are lost or delayed. By accepting investment manager trade data in existing formats, including XML or tab delimited files, investment managers are able to spend more time on core competencies rather than faxing, e-mailing and phoning trade settlement details. The result is a more reliable and less error-prone method of communication of trade settlement information to custodians.
Enhance STP and trading efficiencies, including automatic message translation and transmission of accepted executed trades from investment managers
Allow delivery of trade suballocation instructions
Improve data integrity through reduction or elimination of manual processes, such as phone calls
Enable reliable and secure U.S. and international messaging and communications between trading counterparties
Offer direct link to Omgeo's community of custodian banks
Supports equity and fixed income trades today