European securities depository Clearstream has been commended for progress in straight-through processing in an independent review conducted by interbank payments outfit Swift.
The review and analysis, completed last month, focussed on the key operational areas of custody, settlements, reconciliations, network management and studied aspects such as customer service, ISO 15022 implementation, message quality and MT 599 usage.
In settlements, Clearstream was shown to be achieving STP rates of up to 98.5%. A significant improvement in performance attributed to a series of system and process enhancements implemented by the Luxembourg-based depository over the past five years.
Charles Welham, director STP and initiatives, Swift, says: "The results demonstrate that a comprehensive implementation of ISO 15022 can really improve operational efficiency."