Newedge Group (UK Branch)
Newedge operates a busy trading desk in London. The bank required a solution to address several key areas:
The middleware requirement was to provide application integration (EAI) between Newedge’s front-office (FX & Money Market) systems and SWIFTAlliance. These systems generated MT300s and MT320s and were manually input for dispatch to SWIFT. The bank wanted this process to be automated.
Financial Reporting was required to provide instant information on demand for the following areas:
Management Information System (MIS) The bank wanted Statistics, Traffic Reconciliation (e.g. duplicate message checking, gap reports etc.) and Billing.The key requirement was to have full integration with Microsoft Office and Adobe Acrobat, so that data could be exported to Word, Excel or PDF.
Message Investigation and Archiving The bank needed a solution that would provide better historic archiving and message search capability than that support by SWIFTAlliance Access.
Application development Toolkit & API’s Newedge needed a solution that would integrate as a central middleware hub for future messaging needs. Thereby providing in-house developed applications to utilise its messaging services through a Secure Application Framework, support via Java API’s.
Synergy proposed its Web Server based middleware messaging platform, namely “ClaritySwitch”.
ClaritySwitch receives FX & MM deal tickets from Newedge's front office applications and transforms these into SWIFT MT300 & MT320 messages using it’s XML based SWIFT message library.
These messages are then transmitted to SWIFTAlliance using Automated File Transfer (AFT) for onward transmission to SWIFT.
Financial reporting and MIS functionality is fully addressed using ClaritySwitch browser applications, namely “Financial reporting, Traffic and Billing”.
Another ClaritySwitch browser application “Message Investigator” provides easy and comprehensive retrieval and search capability on all SWIFT messages sent or received by SWIFTAlliance.
Information and data from messages held in the ClaritySwitch database repository are accessed via desktop browsers anywhere within the organisation.
This allows users to save outputs in PDF, Excel and Word formats.
Using the ClaritySwitch API framework, Newedge has written a number of in-house applications to address specific banking needs, for example Securities Reconciliations.
Every one of Newedge’s objectives has been met.
ClaritySwitch was installed three years ago and has significantly reduced operational costs.
It is working successfully as a strategic middleware system by enriching, transforming and managing messages between Newedge’s FX and Money Markets applications and SWIFTAlliance interface system.
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