Rhyme

Rhyme Systems Announces Launch of Arrow-SP for connectivity to the Euroclear Single Platform

Aug 6, 2007

Rhyme Systems, a leading provider of asset management solutions, today launches ArrowSP, a real-time solution designed to interface to Euroclear’s Single Platform supporting ISO 15022 and 20022 messaging as well as traditional CREST Proprietary standards for existing legacy applications.

ArrowSP is based on the proven technology of Rhyme’s industry-leading CREST interface solution, Arrow. ArrowSP embraces the principal of Euroclear’s Early Harmonisation programme allowing migration from legacy standards to ISO compliance at the earliest opportunity. Its flexible gateway management allows integration to the existing BT Radianz or SWIFT messaging services supporting the Common Communication Interface (CCI) gateway to Euroclear’s Single Platform.

Euroclear’s Single Platform will be introduced from January 2009 and will be accessed only through a CCI-compliant gateway. It will support harmonised ISO messaging only, which will be mandatory, initially for custody functions. Settlement functions will be compulsory from January 2010. This represents a potentially huge investment through development of existing legacy systems, back office re-engineering to support the migration from proprietary to ISO messaging where both regimes will coexist during the migration period. Further investment is required for technical infrastructure planning and implementation and back office personnel training where proficiency with new ISO workflows (particularly corporate actions) will assume prerequisite knowledge.

ArrowSP 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 CREST, to connect to the Euroclear Single Platform and at the same time it also supports ongoing legacy processing with CREST.

Mark Wellham, ArrowSP Product Manager, Rhyme Systems, said: “A key fundamental benefit of ArrowSP is that it removes the requirement for firms to reengineer existing message formats and therefore eliminates the risk of significant software development and migration costs.

Rhyme will be hosting a breakfast briefing in the autumn to appraise organisations of the forthcoming changes. The briefing will outline a preparatory action plan for readiness to appreciate the full benefits of the Early Harmonisation programme and the period of market trialling and participant acceptance testing.

To pre-register for the breakfast briefing, please email marketing@rhymesystems.com.