Rhyme Systems, a provider of asset management solutions, has launched a new bureau service for Arrow-SP, an interface that allows users to connect to Euroclear’s Single Platform, supporting ISO 15022 and 20022 messaging, as well as traditional CREST proprietary standards for existing legacy applications at Euroclear UK & Ireland. The new bureau service is based on a common infrastructure and enables Arrow-SP users to share services for managing servers, networks and gateways. A team delivers support for the Arrow-SP product, whilst UNIX, database and networks administration are managed by technical staff located at a manned operations centre.
The basis for Arrow-SP is the technology of Rhyme's CREST interface solution, Arrow. Arrow-SP embraces the principal of Euroclear's 'early harmonisation' programme, allowing migration from legacy standards to ISO compliance at the earliest opportunity. Its gateway management allows integration to the network providers supporting the Common Communication Interface (CCI) gateway to Euroclear's Single Platform.
According to Rhyme Systems, Arrow-SP is designed to cope with the phased implementation of Euroclear's Single Platform. It enables correspondents that currently use their own in-house solutions to settle business in the CREST system, to connect to Euroclear's Single Platform whilst simultaneously supporting their legacy processing in the CREST system.
"As the financial industry continues to impose new regulation and change, for example MiFID and Euroclear's Single Settlement Engine and Single Platform, the risk facing organisations to remain compliant is unrelenting," says Mark Wellham, Arrow-SP Product Manager, Rhyme Systems. "This is particularly the case for organisations relying on in-house solutions as the need to manage sizeable and complex developments increases."
"The aim of the Arrow-SP bureau service is to manage this regulatory risk for organisations as well as provide the surrounding infrastructure services to manage the technical needs. In addition, through a shared managed service arrangement users will benefit from a lower syndicated cost," continues Wellham.