Harvard Management Company Implements SunGard`s SWIFT ASP Solution to Achieve ISO 15022 Migration.Business Editors & Technology Writers NEW YORK--(BUSINESS WIRE)--Nov. 4, 2002 SunGard Business Integration, an operating group of SunGard (NYSE NYSE See: New York Stock Exchange : SDS 1. (company) SDS - Scientific Data Systems. 2. (tool) SDS - Schema Definition Set. ), today announced that Harvard Management Company Harvard Management Company (HMC) is an investment arm of the Harvard University's Endowment Fund. HMC currently manages the $34.9 billion Harvard University endowment [1], the largest endowment in higher education [2] (HMC HMC Harvey Mudd College (Claremont, CA) HMC Harborview Medical Center (Seattle, Washington) HMC Hosted Messaging and Collaboration HMC Hoffman Modulation Contrast ) has gone live on its SWIFT ASP solution in order to achieve ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 15022 migration. SunGard Business Integration's SWIFT ASP solution provides a cost effective alternative for financial institutions that seek to improve the management of their SWIFT network operations. The services provided by the SWIFT ASP facilitate straight-through processing straight-through processing The direct exchange of cash and securities. Straight-through processing is a major objective for cross-border transactions that are generally much more costly to settle compared to domestic transactions. (STP STP or standard temperature and pressure, standard conditions for measurement of the properties of matter. The standard temperature is the freezing point of pure water, 0°C; or 273.15°K;. ) between the client's internal applications and external counterparties. Messages are sent to and from the client's host applications, and are transformed by the ASP into ISO15022 compliant SWIFT messages and routed as appropriate. The ASP service is hosted at SunGard's data center in Voorhees, New Jersey. HMC manages over $20 billion in assets and operates through a diversified custody network, using up to ten prime brokers and four custodians. It now relies on the SWIFT ASP solution to handle hundreds of SWIFT messages daily, representing a significant volume of complex global trades, converting all data from SWIFT 7775 message types to ISO 15022 compliant messages and providing fully automated message enrichment and repair. HMC went live in September, well before the November cutover (communications, networking) cutover - /cut-ov*/ Switching from an old (hardware and/or software) system to a replacement system, covering the overlap from when the new system is live until the old system has been shut down. date, and reports a 99% STP rate. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. John Bergen, director of back office systems for the Harvard Management Company, "The SWIFT ASP provided connectivity and comprehensive message processing for SWIFT ISO 15022 on time and on budget. This turnkey solution will also eliminate the need to invest in things like additional security hardware and software. This is money we'd rather allocate towards other areas of our longer-term STP initiatives, including automating and managing our global trading system, using MINT." Janet Lewis, managing director for SunGard Business Integration's US region commented, "We were delighted to provide Harvard Management Company with the robust and cost-effective SWIFT ASP solution they sought for ISO 15022 migration and look forward to helping them further with the next phase of their STP initiative, which includes use of MINT for the FIX protocol, integration with other applications and future connectivity to Omgeo and GSTPA GSTPA Global Straight Through Processing Association matching utilities." About Harvard Management Company Inc. Founded in 1974, Harvard Management Company is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Harvard University. Its primary role is to manage the University's endowment, pension assets, working capital and deferred giving accounts. Some 55% of its assets are managed internally. About SunGard Business Integration SunGard Business Integration provides comprehensive integration solutions for financial services. SunGard Business Integration works exclusively with major international financial services institutions, including banks, clearing and securities houses, asset managers, and trading networks. SunGard Business Integration's MINT Knowledge family of solutions enables financial services institutions to seamlessly integrate disparate business processes and their supporting applications, and deliver highly automated and robust straight-through processing and workflow management. For more information, visit www.integration.sungard.com About SunGard SunGard is a global leader in integrated IT solutions for financial services. SunGard is also the pioneer and leading provider of information availability services. SunGard serves more than 20,000 clients in over 50 countries, including 47 of the world's 50 largest financial services institutions. SunGard (NYSE:SDS) is a member of the S&P 500 and has annual revenues of $2 billion. Visit SunGard at www.sungard.com. Trademark information: SunGard, the SunGard logo and MINT are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders. |
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