Lucid Issuer Services
Lucid Issuer Services – Building a SWIFT Foundation
Challenges
Lucid Issuer Services had been operating using Telex to communicate with Euroclear Bank S.A./N.V. but had no such link to Clearstream Banking, société anonyme. A requirement to modernise, creating a platform for automation, coupled with the potential demise of the Telex service led to a business decision to connect to SWIFT. Lucid collect instructions from account holders in each of Euroclear and Clearstream and manage offers with instructions being issued through the relevant clearing system. With substantial volumes of information surrounding each offer, the ability to implement further automation was an important factor.
Solution
Synergy Financial Systems were selected to provide an outsourced fully hosted SWIFTNet FIN connectivity solution comprising a managed preconfigured IGT Plus SWIFT Interface with secure Internet VPN communication to Lucid’s premises and Internet VPN to the disaster recovery service provider for SWIFT messaging. Synergy’s ClaritySuite interfaces directly to the Lucid back office system providing the integration and message processing of received messages.
Benefits
Lucid Issuer Services now have a resilient SWIFT connectivity solution that has already delivered in terms of investment protection as business requirements continue to develop. The ClaritySuite interface has enabled Lucid to develop automated processes including an online real-time reporting system, which will replace a number of previously manual operations. This ongoing process will continue to streamline workflows around core business processes. Commenting on the Synergy solution, Lucid Issuer Services Managing Director, Sunjeeve Patel said: “The Synergy team have proven to be very responsive. As our business continues to develop, we are confident that the Synergy solution will provide us with a firm foundation for all of our SWIFTNet needs.”
Managing Director, Sunjeeve Patel commented:
“We selected Synergy because they promised investment protection and flexibility.
Any new requirements that we have are dealt with efficiently, making it possible for
us to rely on Synergy as an important element of our business strategy.”
About Lucid Issuer Services Limited
Lucid was founded in 2004 by a group of professionals with extensive experience of the debt capital markets, clearing systems, and the related information technology requirements involved with communicating the needs of issuers to their bondholders.
Lucid is an established and dedicated service provider working closely with issuers and their legal and financial advisors to optimise the communication flow between issuers and their creditors. As an agent, Lucid take a pro-active approach, comprehensively supporting issuers and their investors to promote maximum participation in any transaction.