London, 17 February 2009 (ASX: BVA/OTC: BRVSY) – Bravura Solutions (Bravura) – a leading global supplier of wealth management applications and professional services – is pleased to announce that it has been selected for the 2009 Finextra Innovation Showcase. The showcase highlights the most innovative technologies, products and projects in financial services over the last 12 months.
Bravura’s submission for the financial messaging and connectivity category focuses on its Babel Vestima+ service, which, in partnership with Luxembourg-based e-Business & Resilience Centre (eBRC), seamlessly connects EMX, the leading UK based electronic funds trading system, with Vestima+, the automatic funds order routing service. eBRC is an information security and data management company that serves various banking institutions in Luxembourg.
Bravura’s CEO EMEA, Tony Klim said: “We are as pleased to be featured in the Finextra Innovation Showcase, as we are proud of our Babel Vestima+ service. We believe being selected for inclusion in this showcase clearly demonstrates the leading edge nature of our company, and of the Babel Vestima+ service. It is also testament to our commitment to ongoing research and development to drive innovation in the financial services industry.”
Bravura’s Babel intelligent messaging platform is widely deployed by financial institutions to transform message formats from a variety of industry standard bodies and proprietary sources into a format that can be translated by the systems of its customers.
Mr Elton Cane, strategy director, Finextra said: “In launching the Innovation Showcase, we sought to highlight some of the most interesting financial technology developments over the past 12 months. What were we looking for? Newness, uniqueness and impact; clever ways of solving a problem; and projects at the leading edge of new industry trends.”
About Bravura’s Babel Vestima+ Cane said: “Despite efforts in recent years to create a borderless investment funds market in Europe, fragmentation of market infrastructures and a lack of automation have continued to act as a brake on the industry’s development. Babel Vestima+ provides a valuable service to help investors benefit from automation without an upfront investment in infrastructure.”
Since going live in August 2008, the Babel Vestima+ service now allows investors to hold UK assets on the Vestima+ platform and trade and settle them electronically as if they were offshore assets. The automation of this process via Babel has eliminated the need for manual processing together with its attendant risks, and also decreased costs by reducing the number of different processes employed to process transactions.
In order to serve Luxembourg based funds effectively, the Babel Vestima+ service is carried out in partnership with eBRC. Together, they use the Babel software in ‘bridging mode’ between Vestima+ and EMX, with Babel acting as a relay between the two platforms, translating message formats as required.
This is offered as a service to the financial industry from the data centres of eBRC, which complies with the legal and security standards set by the Luxembourg regulator (Commission de Surveillance du Secteur Financier) CSSF and has Luxembourgish Professional Sector Finance (PSF) accreditation.