Boston, New York, London, 6th September 2005 â Omgeo, the leading provider of trade management solutions today demonstrated its commitment to driving innovation in trade processing by announcing its newest offering, Omgeo Connect. Omgeo Connect will provide pre-integrated connectivity to Omgeo and other third-party post-trade solutions across various asset classes, enabling trade and settlement management via an ASP environment. Developed in consultation with the industry, Omgeo Connect will provide a single point of access to the multiple market infrastructures, data providers and trade counterparties involved in the post-trade process. It will lower risk, reduce complexity in trade processing and increase efficiency for securities firms.
Ultimately, Omgeo Connect will provide a single technology window for investment managers and investment manager outsourcers to access Omgeoâs core offerings (e.g. Omgeo CTM), non-STP interactions (fax/email) and third party services. It will eliminate the inefficiencies typically associated with complex trading environments, such as the use of multiple systems, disparate data sources and manual processes. Clients will benefit from increased economies of scale, without the unpredictable on-going expenditures associated with maintaining proprietary environments or responding to industry-driven changes to standards. Clients using Omgeo Connect will be insulated from the costs associated with upgrades since future application and functionality requirements are handled through the service.
The initial release of Omgeo Connect is designed for investment managers with large, multiple asset class trading volumes and complex environments. Future releases will extend value to additional market segments including investment manager outsourcers who are looking to consolidate multiple investment manager operations onto a single platform. By the end of 2006, Omgeo Connect will provide a single point of access into fixed income and equity trades via Omgeo CTM and Omgeo OASYS (the US domestic ETC service), as well as offering enhanced settlement management functionality. Additional asset classes also will be added during this time.
Omgeo delivered the Omgeo Connect offering in the spirit of partnership. Omgeo partnered with Fundtech Corporation (NASDAQ: FNDT), a leading global provider of electronic payments, cash management and settlement solutions, to develop its hub capability. Fundtech was selected as the development partner due to their well-established track record in the development and implementation of transaction processing and connectivity solutions for financial institutions. In addition, Omgeo partnered with a group of early adopter investment management clients to ensure that the offering met industry needs.
Steve Matthews, Managing Director, Strategic Business Development at Omgeo commented, "As more and more firms employ a multi-faceted trading strategy in the front office there is a greater need to streamline processes in the back-office in order to mitigate risk and costs, as well as increase efficiency. Our clients tell us that our existing community and track record of handling global transactions makes us a logical provider for a centralised securities processing hub. We are pleased to be working with Fundtech to deliver this fresh solution to the market."
Reuven Ben Menachem, Fundtech CEO added, "Our extensive experience in delivering transaction processing solutions made us the ideal partner to support Omgeo in developing Omgeo Connect. We leveraged our expertise gained in transforming processing in the payments industry to help to bring this new hub offering to market for the securities industry."