The solution “enables financial institutions to process their settlement instructions directly from the trading system – on a fully automated, straight-through processing (STP) and real-time basis – via a single interface”, according to the vendor.
Advanced Settlement is a new development. Its key aspect is that going forward, standard settlement instructions (SSIs – instructions on processing payments and invoicing) will be automatically generated by SIX Securities Services and managed via a central database.
The pilot client Vontobel has been “heavily involved” in the development of Advanced Settlement. In SIX Securities Services’ view, this indicates Vontobel “is sharpening its focus on its core business”.
Peter Camenzind, head of transaction banking at Vontobel, states: “We are taking an active role in shaping change in the Swiss financial centre”. Advanced Settlement will help reduce operational risks and complexity for the entire market, he believes.
Vontobel specialises in active asset management and investment solutions. It holds over CHF 195 billion ($200.6 billion) of client assets and employs 1,700+ people worldwide. Its head office is in Zurich.