Situation

With the SEC mandate to reduce settlement times from T+3 to T+2, asset managers are challenged to manage settlement risk and ensure accurate records with custodians and prime brokers. Charles River sought a partner to provide SWIFT expertise and connectivity, and to manage ongoing SWIFT updates within its Charles River Investment Management Solution (Charles River IMS) suite.

Solution

In June 2018, Broadridge and Charles River partnered to enable integration of the SWIFT network within Charles River IMS. By leveraging Broadridge’s message transformation and SWIFT connectivity capabilities, Charles River clients can connect to the SWIFT network via a high quality, SWIFT-compliant service at a reduced cost. Broadridge’s SWIFT solution also provides regular assistance with new message formats and the annual upgrades mandated by SWIFT.

Benefits

Broadridge’s SWIFT solution expands and enhances Charles River’s middle-office capabilities for investment managers and asset owners. It helps reduce risk, improve productivity, enhance efficiency and ensure a coordinated and timely transition to a shortened settlement cycle.