Bravura’s Babel, an automated end-to-end STP messaging technology solution, offers fund groups access to Calastone Settlements, a new settlements transaction service, with the recent go live of Bank of New York Mellon (BNY Mellon).
First State Investments is the first fund manager to use the service, with administration being carried out by BNY Mellon. The system automates the reconciliation and settlement process of investment funds, with fund connectivity provided by Babel, enabling significant efficiencies in managing post-trade reconciliation. Through the system, settlement payments are automated and transacted net, which could result in settlement payment volumes and values by up to 52%[1].
Bravura first signed an official partnership with Calastone Settlements in 2010, giving Bravura’s clients direct connectivity to Calastone’s live messaging service and transaction network.
Andy Chesterton, Chief Operating Officer, Funds Administration, Bravura Solutions said:
“This is a huge step forward for the industry resulting in automated matching of trades and timely payment on the settlement date which in turn vastly improves automation in the post-trade market and fund manager liquidity.
“The Babel user interface retains a full history and audit trail of the payment history, with any discrepancies highlighted well in advance of settlement date allowing for early identification of unmatched transactions enabling proactive management of the settlement process. Bravura is pleased to partner with BNY Mellon on this important initiative and we look forward to supporting further fund manager and distributor partnerships in the future.”
Bravura’s COO, Global Fund Administration, Andy Chesterton was quoted in this press release. To ask Andy a question regarding the release or to discuss it in more detail, email [email protected].
[1] https://www.calastone.com/solutions/transaction-services/settlements/