Brampton York Software Technologies, the software and systems development company, has assisted Soci'et'e G'en'erale Global Securities Services (GSS) - a division of Soci'et'e G'en'erale (SG) - in becoming the first Central Securities Depository Participants (CSDPs) to participate in the South African Share Transactions Totally Electronic (STRATE), the electronic settlement system for equities traded on the JSE.
"Brampton York was approached last year by GSS to assist the bank in upgrading its straight-through-processing capabilities. By May 2000, the whole development function had been outsourced to Brampton York, and by November GSS was the first bank to link its settlement back office directly to the system - four months ahead of the JSE deadline," comments Stuart Mackereth, managing director, Brampton York. Johannesburg-based Soci'et'e G'en'erale Global Securities Services is the first South African STRATE participant to switch over completely to the SWIFT (Society for Worldwide Inter-bank Financial Telecommunications) inter-bank messaging network that provides the foundation for STRATE. Following a two-year operational pilot phase, STRATE is now geared up to start accepting the other CSDPs participating in STRATE.
The integration of GSS`s with STRATE via SWIFT enables the complete automation of the production process. The end-to-end automation of processes, or straight through processing, which previously required human intervention, reduces risks and costs and increases efficiency. "The system we assisted in developing has significantly enhanced SOCGEN`s business as it has allowed them to move fast and adapt efficient business process. By being the first CSDP to move across to STRATE, GSS has aligned itself with world-leading banks in terms of technology and service."
Brampton York used the NEONet middleware system, a system already implemented at GSS, to translate messages from the internal system, Megara (a custody clearing system), to the external system SWIFT - the communications channel to STRATE. Through Middleware, necessary changes within the environment that were required to effectively allow the system to talk to STRATE via SWIFT were made with minimal impact on GSS`s internal systems. "Despite the complexity of this changeover process - a process which has kept other banks at the back of the queue, Brampton York was able to provide GSS with the necessary skills and base support to stay ahead of the competition," concludes Mackereth.
The other six CSDPs have had until March 2001 to integrate their back offices to STRATE before remaining listed companies on the JSE are required to move to STRATE.
Brampton York, the technology-focused group consisting of Software Technologies and Investment Contracting, focuses on cutting-edge technology and wealth creation for both the company`s employees and its blue-chip client base. Dedicated to innovation and strategic implementation of new ideas in the local IT industry, Brampton York is based in Johannesburg. Further information on Brampton York can be found at www.bramptonyork.com.
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