More news on the progress being recorded by SWIFT's MyStandards Readiness Portal. SWIFT says anno that Barclays and Navigators have successfully used the collaborative standards management platform that eases the client onboarding process for financial institutions and their customers.

The MyStandards Readiness Portal allows users to test their messages against specifications and prove their ability to reach certain quality and straight-through-processing rates, helping to improve the speed and accuracy of on-boarding processes.

“Barclays worked with SWIFT and a number of other banks to develop the tool,” says Nick Morrissey, director, cash management channels, Barclays Corporate. “Through MyStandards, our customers can adopt an automated, self-service approach to test messaging early on in the process, eliminating the need to rely solely on bank resources to complete the testing. It removes the bottlenecks and streamlines the onboarding process to the point where we have enhanced the on-boarding time for new clients from months to weeks.” 

Ellen Dion, VP and corporate treasurer at Navigators Insurance says: “MyStandards played a key role in helping to onboard Navigators Insurance with Barclays. It is a useful tool that provides one view into the testing activity across multiple parties, so you can see exactly where you are in the process. The testing provided great feedback that enabled us to progress the implementation more smoothly, it made the onboarding with Barclays very quick and easy.”

Nomura Research Institute (NRI), a provider of consulting services and system solutions, reports the successful go-live of its custody solution with Golomt Bank of Mongolia, which it describes as a pioneer among Mongolian banks in introducing initiatives to accelerate development in the regional financial sector.

Large banks which spend between US$6 billion and $9 billion processing standardised trades each year, and could reduce those costs by up to 40 percent by adopting a “utility” model, according to a new study by Broadridge Financial Solutions.

Sungard reports that French insure Generali Vie has gone live on its IntelliMatch Operational Control solution to manage its cash and securities reconciliations from a single, centralised enterprise platform. 

Multifonds, a Temenos company and provider of investment fund software, reports the expansion of its core transfer agency (TA) solution, Multifonds Global Investor (MFGI). 

Brown Brothers Harriman (BBH) is the first global custodian to go live on the new Omgeo ALERTS GC Direct service.