The new Bureau Service is based on a common infrastructure and allows users to share services for managing servers, networks and gateways for Arrow-SP.
The basis for Arrow-SP is the proven technology of Rhyme’s industry-leading CREST interface solution, Arrow. Arrow-SP embraces the principal of Euroclear’s ‘Early Harmonisation’ program, allowing migration from legacy standards to ISO compliance at the earliest opportunity. Its flexible gateway management allows integration to the network providers supporting the Common Communication Interface (CCI) gateway to Euroclear’s Single Platform.
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 while simultaneously supporting their legacy processing in the CREST system.
Mark Wellham, Arrow-SP product manager at Rhyme Systems, said: 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 organizations to remain compliant is unrelenting. This is particularly the case for organizations 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 organizations 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.
