• Beta program to ensure CCI Migration readiness is now open

LONDON, 28th October, 2008 – SMA Financial (www.sma.co.uk), SWIFT Regional partner for UK, Eire and Channel Islands today announced that it had completed testing preparation for migration to Euroclear’s Common Communication Interface (CCI).  SMA is actively assisting all of its clients and inviting them all to join its beta testing program to ensure readiness for the forthcoming mandatory changes.

Euroclear is introducing a new environment called the Single Platform to replace legacy communication services currently in use for clearing and settling UK stocks and communicating with international and national Central Securities Depositories (CSDs).  These changes will significantly alter the way in which financial institutions use, and interact, with the Euroclear UK & Ireland (formerly known as CREST) and Euclid PC/Server environments.

Implementation of the Single Platform has now moved to the testing stage and Euroclear is encouraging institutions to get on board as soon as possible and thus be amongst the first to benefit from cheaper cross border settlement.

SMA’s recent seminar on CCI migration was well attended and demonstrated the benefits to be gained from selecting a migration partner and starting work now.  However, over 40% of attendees admitted they had no formal plan in place for their CCI migration.  The clear message for institutions is to start planning this vitally important project now and sign up for the test slots that Euroclear has made available.

“Institutions that do not act will see an erosion of their competitive position from the early adopters.  By entrusting CCI migration to SMA and joining the beta test program, institutions will gain the ability to settle transactions more efficiently and at a lower cost.  Subscribers to the SMA Bureau Service can also access the full range of SWIFT services,” said Simon Murby, Managing Director, SMA Financial.

SMA has already started work with Service Bureau customers and subscribers to SystemCare on the initial steps required for this project.  SMA provides full support for any institution that is looking for a partner to help them with CCI migration.

“Whenever there is a mandatory change to the way in which institutions process or settle transactions, many companies leave testing to the last minute and thus incur additional costs and stress of meeting deadlines.  SMA is receiving daily enquiries from institutions looking for advice on moving to the Euroclear Single Platform.  By completing our testing preparation, we can help any institution cope with changes to their financial messaging connectivity,” concluded Murby.