ENTREPRISES & STRATÉGIES — Technologies

Security deliveries free of payment: a further step towards straight through processing



 (Photo: Repondo)

(Photo: Repondo)

A new internet based platform which supports the workflow of security deliveries free of payment
is now available. Repondo Financial Services S.A. based in Mertert (Luxembourg) has developed a
tool named “FreeDel” which assists operations staff in their work to receive depository
information to set up delivery instructions.
The idea behind
Transferring securities from one bank to another is linked to a process, which is not completely
standardized and time consuming for the operations staff. In order to receive the required
depository information for the delivery instruction, a first contact to find the right person at the
counterparty has to be established by phone. In most cases it not easy to find the right contact,
especially at bigger banks. A fax resuming the securities to be sent has to follow so that the
counterparty is in a position to provide the required information on the depositories where the
securities are deemed to be sent to. From now on “FreeDel” can take over the task of searching
correspondent information in a single process step.
Internet instead of fax, telephone and paper based workflow
All relevant information such as the recipient bank, the client’s custody account number, the
securities to be transferred and even the purchase prices and purchase dates can be seized in this
platform. The system supports the input with search functions so that banks can be identified over
their BIC and securities over their ISIN. This facility helps to avoid mistakes and makes the input
faster. As a standard the platform comes with an integrated double check function to ensure
adherence to the rules and procedures of the banks.
After having completed and checked the input, all information is transmitted to Repondo S.A. for
further processing. This means for the sending bank, that the completed custodian information from
the recipient bank can be expected. The custodian information from the recipient bank will be
attached to each position of securities to be transferred. With that information, the complete
settlement instructions can be set up. It is not relevant if the recipient bank is already linked to the
system or not. The sender of the information will receive the requested data in all cases over the
platform.
Licensed users can have a look on all orders in the platform and on their status. A search function
with search filter and searches on account numbers or recipient banks assists to retrieve the
necessary information.
Access to the platform is granted to the users through a secured internet connection. There is no
need to install new software as an Internet browser is already sufficient to start working with the
platform. Costs for the platform vary in dependence of the type of license chosen and the number pf
positions in an order as well as the target countries of the delivery orders. In comparison with the
time saved and the other advantages for the platform users, the low costs of the platform might
even be an additional argument to use FreeDel.
More than a support tool
FreeDel does not only support the information request workflow but helps additionally to track
initiated security deliveries. This supports the growing demand of traceability in connection with the
transfer of client assets. Each staff member who is authorized to use the tool can have a look at the
transactions in the system and their status. Any handover of pending transaction in case of
forthcoming absences is easier in comparison with the present paper based workflow.
Free tests
Interested banks can get in touch with Repondo S.A. and will be granted access to a test server. This
access is free and without any obligation. So all interested parties can have a close look on the
facilities of the platform and see how it works. Further information about the products and the
contact information can be found on “www.repondo.com”.