Broadridge Financial Solutions, Inc. has begun migrating clients from SWIFT’s Accord trade confirmation matching service, which SWIFT will retire in 2017, to the Broadridge Matching solution on a hosted basis.
The first client to transition commenced live operations on Broadridge’s solution in less than two months, enabling the bank to continue its operations without disruption, well ahead of SWIFT’s November 2017 migration deadline.
Broadridge’s transition service is designed to offer banks, broker-dealers, investment managers and other corporations a seamless transition from SWIFT’s Accord service to Broadridge Matching. The service includes assessment and evaluation, full program-planning and migration and features flexible deployment, seamless migration and global support. Broadridge Matching also includes access to SWIFT’s Confirmation Copy service, which supports Accord users choosing a new matching platform. SWIFT Confirmation Copy service enables users to automatically send a copy of all confirmation messages over SWIFT to a select third party matching provider, such as Broadridge.
Keith Tippell, Head of Securities & FX Markets, SWIFT, said “SWIFT is working with select matching providers, including Broadridge to ensure a smooth transition for Accord users to a new matching solution. Broadridge have passed the SWIFT "Health Check" on their interface infrastructure, a necessary first step to becoming one of our recommended service providers for the new SWIFT Confirmation Copy service. We look forward to working with Broadridge, and other matching service providers, as Accord users start the migration process to a new matching solution.”
Andreas Günther, executive director, global SWIFT relationship, Broadridge: “With the October 2017 Accord retirement date fast approaching, we are working closely with SWIFT to offer potential clients the best possible migration options for Accord users. We are preparing to onboard further Accord users and expect the rate of adoption to increase significantly in the first half of 2016. As a global SWIFT service provider with more than 25 years of matching technology expertise, we are uniquely positioned to support firms transitioning from Accord.”