BT and iWay Software Deliver Cost-Effective, Secure Global Trading
Company Size
1,000+
Region
- Europe
Country
- United Kingdom
Product
- iWay’s Secure Messaging Option
- BT’s Secure Messaging Services
- Euroclear's Secure Settlement Engine (SSE)
- Common Communications Interface (CCI)
Tech Stack
- Service-oriented architecture (SOA)
- PKI security topologies
- SOAP/HTTP
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Application Infrastructure & Middleware - API Integration & Management
- Application Infrastructure & Middleware - Data Exchange & Integration
- Cybersecurity & Privacy - Network Security
Applicable Industries
- Finance & Insurance
Applicable Functions
- Procurement
Use Cases
- Fraud Detection
- Regulatory Compliance Monitoring
Services
- Software Design & Engineering Services
- System Integration
About The Customer
BT is a leading provider of secure, reliable, and scalable communications and connectivity to the global financial community. The company was tasked with the challenge of eliminating inefficiencies and back-office costs for cross-border trade settlements by winning a bid to provide two-way, secure communications for Euroclear's new central Common Communications Interface. BT's strategy was to create a secure messaging gateway with straight-through processing that adheres to standards and business protocols. The company aimed to further progress in delivering €300 million in savings through a single settlement platform, which would result in significant back-office savings and higher levels of confidence through secure interactions.
The Challenge
The European capital markets have been hampered by national origins and traditions, which have resulted in high costs and inefficiencies for cross-border clearing and settlement. Each country typically has its own centralized and integrated structure, or central securities depository, to carry out this service. Handling cross-border settlements means the clearinghouse must deal with institutions that have different payment systems, message formats, and policies to handle trades. These differences have hindered market globalization. Euroclear, the world’s largest settlement system for domestic and international securities transactions, developed the Secure Settlement Engine (SSE) to consolidate five disparate processing platforms into one and provide a Common Communications Interface (CCI) to serve as the single gateway interface for clients to access all Euroclear settlement services. To develop the CCI, Euroclear needed a strong partner to build the communications network and provide secure messaging services for its clients. BT was selected as one of the key providers to facilitate two-way client communication through secure gateways.
The Solution
BT built their solution using iWay Software’s Secure Messaging Option. Rather than using multiple platforms with different message types and security procedures, customers will now be able to link to the Euroclear depository of their choice through a single, secure communications interface. iWay Software’s service-oriented architecture (SOA) platform and Secure Messaging Option was selected to enhance BT’s Secure Messaging Services across the STP chain. iWay is a critical component of the solution, providing significant improvements in the levels of security, scalability, and performance to process more than one million transactions per day with guaranteed delivery and comprehensive non-repudiation. BT, using iWay Software, is the intermediary to implement these standards and minimum set of requirements, while allowing a range of alternatives on how the financial institutions could send and receive messages with Euroclear. By leveraging iWay’s extensive connectivity experience and a comprehensive toolbox of adapters and facilities, BT addresses the complex integration needs for the Euroclear gateways and its customers.
Operational Impact
Quantitative Benefit
Case Study missing?
Start adding your own!
Register with your work email and create a new case study profile for your business.
Related Case Studies.
Case Study
Real-time In-vehicle Monitoring
The telematic solution provides this vital premium-adjusting information. The solution also helps detect and deter vehicle or trailer theft – as soon as a theft occurs, monitoring personnel can alert the appropriate authorities, providing an exact location.“With more and more insurance companies and major fleet operators interested in monitoring driver behaviour on the grounds of road safety, efficient logistics and costs, the market for this type of device and associated e-business services is growing rapidly within Italy and the rest of Europe,” says Franco.“The insurance companies are especially interested in the pay-per-use and pay-as-you-drive applications while other organisations employ the technology for road user charging.”“One million vehicles in Italy currently carry such devices and forecasts indicate that the European market will increase tenfold by 2014.However, for our technology to work effectively, we needed a highly reliable wireless data network to carry the information between the vehicles and monitoring stations.”
Case Study
Safety First with Folksam
The competitiveness of the car insurance market is driving UBI growth as a means for insurance companies to differentiate their customer propositions as well as improving operational efficiency. An insurance model - usage-based insurance ("UBI") - offers possibilities for insurers to do more efficient market segmentation and accurate risk assessment and pricing. Insurers require an IoT solution for the purpose of data collection and performance analysis
Case Study
Smooth Transition to Energy Savings
The building was equipped with four end-of-life Trane water cooled chillers, located in the basement. Johnson Controls installed four York water cooled centrifugal chillers with unit mounted variable speed drives and a total installed cooling capacity of 6,8 MW. Each chiller has a capacity of 1,6 MW (variable to 1.9MW depending upon condenser water temperatures). Johnson Controls needed to design the equipment in such way that it would fit the dimensional constraints of the existing plant area and plant access route but also the specific performance requirements of the client. Morgan Stanley required the chiller plant to match the building load profile, turn down to match the low load requirement when needed and provide an improvement in the Energy Efficiency Ratio across the entire operating range. Other requirements were a reduction in the chiller noise level to improve the working environment in the plant room and a wide operating envelope coupled with intelligent controls to allow possible variation in both flow rate and temperature. The latter was needed to leverage increased capacity from a reduced number of machines during the different installation phases and allow future enhancement to a variable primary flow system.
Case Study
Automated Pallet Labeling Solution for SPR Packaging
SPR Packaging, an American supplier of packaging solutions, was in search of an automated pallet labeling solution that could meet their immediate and future needs. They aimed to equip their lines with automatic printer applicators, but also required a solution that could interface with their accounting software. The challenge was to find a system that could read a 2D code on pallets at the stretch wrapper, track the pallet, and flag any pallets with unread barcodes for inspection. The pallets could be single or double stacked, and the system needed to be able to differentiate between the two. SPR Packaging sought a system integrator with extensive experience in advanced printing and tracking solutions to provide a complete traceability system.
Case Study
Transforming insurance pricing while improving driver safety
The Internet of Things (IoT) is revolutionizing the car insurance industry on a scale not seen since the introduction of the car itself. For decades, premiums have been calculated using proxy-based risk assessment models and historical data. Today, a growing number of innovative companies such as Quebec-based Industrielle Alliance are moving to usage-based insurance (UBI) models, driven by the advancement of telematics technologies and smart tracking devices.
Case Study
MasterCard Improves Customer Experience Through Self-Service Data Prep
Derek Madison, Leader of Business Financial Support at MasterCard, oversees the validation of transactions and cash between two systems, whether they’re MasterCard owned or not. He was charged with identifying new ways to increase efficiency and improve MasterCard processes. At the outset, the 13-person team had to manually reconcile system interfaces using reports that resided on the company’s mainframe. Their first order of business each day was to print 20-30 individual, multi-page reports. Using a ruler to keep their place within each report, they would then hand-key the relevant data, line by line, into Excel for validation. “We’re talking about a task that took 40-80 hours each week,” recalls Madison, “As a growing company with rapidly expanding product offerings, we had to find a better way to prepare this data for analysis.”
