Euroclear has selected BT as one of its providers of secure messaging services to facilitate two-way client communication through its new Common Communication Interface (CCI). Commencing in 2008, the CCI will serve as the sole interface for Euroclear group clients to access all services offered by each Euroclear operating entity. It is an integral part of Euroclear’s goal to reduce settlement costs by consolidating five processing platforms into one.
BT’s service will deploy managed gateways operating over BT’s shared market infrastructure for open, standards-based, authenticated messaging capabilities with non-repudiation for all CCI communication channels (screen, message and file). BT will also provide an Internet screen-based connectivity option.
“As we move forward in creating our single-access gateway to Euroclear, we are pleased with BT’s offer in meeting our requirements for reliable providers of secure and cost-effective messaging services for our new CCI,” says Wim Claeys, managing director and head of strategic programmes at Euroclear. “Clients migrating to the CCI using BT’s global messaging solutions will benefit from industry messaging standards, strong end-to-end security and high levels of client service, enabling them to achieve significant back-office savings from the CCI,” he continues.
Kevin Covington, executive vice president of product and business development at BT Radianz, says, “We are delighted to be selected by Euroclear as one of their providers of secure messaging services for the new CCI. This new contract builds on BT’s ten years of delivering the secure messaging SettleNET service for CREST and five years of BT Radianz delivering connectivity to Euroclear Bank and Euroclear France clients.”
Euroclear recently completed the launch of its Single Settlement Engine, the first major milestone in delivering a ‘domestic market for Europe’ for domestic and cross-border securities transactions.