WestLB Asset Management has extended its license for DST International’s (DSTi) OpenMessenger product to include its Dusseldorf office and additional capabilities in London.
OpenMessenger was developed to automate the communication and confirmation of business data with external parties.
The product links automatically with investment accounting systems and features components for trade confirmation, settlement notification and confirmation, and for the reconciliation of stock holdings, bank statement transactions and monetary income with custodians.
WestLB's London branch has been using the system for trade confirmations since the beginning of the year and will extend the implementation to include trade settlements. Mohammed Bhatti, WestLB Asset Management's head of UK operations, says he expects this to "significantly improve our STP".
Implementation at both sites is expected to be completed by mid December.