London software testing news UK

Testing completed of MAS

Posted in Software testing by testing in London on January 15, 2008

From Securities Industry
Two Citigroup units (Smith Barney and Global Transaction Services) have completed end-to-end testing of the Depository Trust & Clearing Corp.’s (DTCC) new Managed Accounts Service (MAS), according to the post-trade processing utility.

DTCC’s automated, centralised platform will streamline communications among investment managers, sponsors and service providers using standardized message formats developed by New York-based DTCC and a committee of the Washington, D.C.-based Money Management Institute (MMI). MAS is scheduled for an industrywide launch by mid-2008.

Transmitting data over DTCC’s network will mitigate the operational risks associated with opening and maintaining managed accounts, said the utility. Investment managers typically deal with a multitude of sponsors, each using proprietary formats and procedures, and are often faced with a flood of paper-based communications that may not contain the necessary information to determine whether an account can be opened.

During testing, Smith Barney sent GTS messages for account opening, account funding, distribution of dividends and capital gains, and notification of an account termination. The account-opening message alone has about 190 unique data elements, according to DTCC.

Bergin said that DTCC soon will test MAS with other sponsors and providers of front-end connectivity to the investment management community. Among those that have signed testing agreements, or are in the process of doing so, are Charles Schwab & Co., CheckFree Corp., Dreyfus Corp., JP Morgan Chase & Co., Octavian, SunGard Data Systems and Vestmark Software.

Financial services software testing

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