SIX Securities Services Introduces Advanced Settlement System

The new fintech solution will allow financial institutions to process settlement orders directly from their trading platforms.

SIX Securities Services, a Zurich-based provider of finance oriented technological solutions, has added Advanced Settlement to its services. Vontobel, a Swiss private bank based in Zurich, was involved in the development process, and is the system’s first client, beginning use of the pilot version on May 16 2017.

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Advanced Settlement is an automated system with a high straight-through processing (STP) and real-time basis, which allows financial entities to process settlement orders directly from the trading platform using a single interface. The system is said to both enhance efficiency and lower possible risks. The next step will constitute integrating Advanced Settlement with Standard Settlement Instructions (SSIs) for payments and invoices, which will further be automated and managed through a central database.

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Valerio Roncone, the Head Markets & Clients at SIX Securities Services, notes: “The changes underway in the financial sector are giving rise to fundamental challenges for our clients. With new value-added solutions such as Advanced Settlement, SIX Securities Services’ clients can focus more on their core businesses and build on their competitive advantages. We are proud to have such a reliable and knowledgeable partner like Vontobel with us as we launch this new era in securities settlement.”

“We are taking an active role in shaping change in the Swiss financial center. With Advanced Settlement, we can reduce operational risks and complexity in securities settlement for the whole market,” adds Head of Transaction Banking at Vontobel, Peter Camenzind.

In February this year, Finance Magnates reported on SIX Swiss Exchange, Switzerland’s stock exchange, adding EuroCCP as a new clearing provider. Both SIX Swiss Exchange and SIX Securities Services belong to SIX Group, acting as two of its business’ branches serving different needs of the financial industry.

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