News

14 November 2003

COR-STPS partners with B2BITS for FIX 4.4

London, November 14, 2003 - COR STP Solutions, a division of COR Financial Solutions, is deploying the B2BITS FIX engine within COR's Salerio e2e platform to enable FIX 4.4 messaging for allocations, confirmations and settlement instructions.

COR-STPS chose B2BITS as its preferred partner for FIX connectivity following a detailed analysis of a shortlist of market leading FIX engines. The FIX Antenna engine will be embedded within COR-STPS' Salerio e2e product suite and deployed to investment managers wishing to utilise FIX based messaging as part or all of their transaction management process.

Lee Runciman, COO of COR-STPS, said: "We believe that FIX 4.4 will become integral to the strategic direction of the investment management community due to the potential cost-savings it produces in the middle-office. As we are piloting our full FIX 4.4 solution with a key client and several major brokers, we believe that we shall be in a position to capitalise quickly from the uptake of FIX 4.4. We made the decision to partner with B2BITS for a number of reasons including their responsiveness, product strategy, and technology fit with Salerio e2e".

Robert Woodmansey, CEO of B2BITS, said: "The partnership with COR allows us to kick-start the uptake of FIX 4.4 and allow more investment managers to reap the benefits already realised by existing B2BITS customers. Our combined solution will be one of the first in the market utilising FIX 4.4 processing at a live client site."

Salerio e2e is unique in being the only STP application available that is specifically designed for investment managers: The standard applications allow operational efficiencies to be maximised through prioritised, exception-based workflows. The product suite offers a truly integrated approach to transaction process management across all instrument types, including notification, confirmation, settlement and reconciliation. The inclusion of FIX processing means that Salerio can now offer connectivity either directly to brokers or through the range of services already supported including OMGEO, SWIFT and the DTCC. Chris Brooke, Business development Director of COR Financial Solutions, said:" In partnership with B2BITS we will bring FIX connectivity to the Investment management market in not only a cost effective manner in its own right, but also in such a way that FIX can be deployed seamlessly alongside other transaction based services in whichever configuration best benefits the customer."

COR-STPS will be exhibiting Salerio e2e at the ISITC conference, London 20th November.

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