IBS Journal July – August 2015
Euroclear launches receivables and payables service, SetClaim
Euroclear is seeking to bring to market a service to allow banks and brokers to match receivables and payables from multiple counterparties for improved automated claims management. Dubbed SetClaim, it stems from a partnership with long-stand- ing specialist in the receivables and paya- bles arena, Ireland-based Merit Software. Head of product strategy at Euroclear,
Angus Scott, says Euroclear had been looking for some time at how it could add more services on top of its infrastructure. It met with Merit Software and saw a syner- gy, with the latter typically selling to large investment companies. Merit Software has its Claim Manager platform which provides bi-lateral claims management facilities. Work was carried out over 18 months
starting with a proof of concept. ‘It took a few months of work but it was a lot quick- er than a standard in-house development would be,’ says Scott. Euroclear brings the infrastructure, security, resilience and dis- aster recovery, while Merit Software brings the functionality. For its part, Merit Software’s CEO, Ker-
ril Burke, says there wasn’t a great deal of development needed. Euroclear brought the technical environment to support a
Euroclear HQ, Brussels
centralised repository where counterpar- ties can lodge and acknowledge claims. Scott notes that, while Merit Software has been selling to large firms, Euroclear brings confidence around data sharing that might not be there with a relatively small soft- ware house. There is one customer that has com-
mitted to take SetClaim, says Scott, and several others that are close to signing.
As a ‘network product’ it needs critical mass but he is confident that this will be achieved. Both parties claim it should be straightforward to connect. Burke says that for an existing Claim Manager user, it should take less than a week; for a new client, it might take a couple of weeks for initial connectivity. ‘We’ve developed con- nectivity software that is pretty much plug and play,’ he says.
AxiomSL sets out stall for ECB’s AnaCredit regulations
AxiomSL has announced compliance for its reporting platform with the Analytical Credit Dataset (AnaCredit) regulations which are due to be introduced in the euro- zone and other EU countries from 2017. On the one hand, the claim is that it has
a sufficiently flexible offering to cope with new, complex reporting needs, so compli- ance requires little or no investment. On the other hand, the supplier feels it is impor- tant to state the ability to comply because of the market interest that the regulations are already generating. Because firms are look- ing ever more for strategic reporting solu- tions to cope with current and future needs, AnaCredit is part of today’s planning, even though the deadline is some way off.
AnaCredit would see the creation of a
central register of granular data about the credit granted by financial institutions. The expectation is that there will be more than 100 data attributes, which will typically be spread in most institutions across multiple systems and with some having not previ- ously been required for external report- ing. The fact that the ECB is considering a threshold for reporting as low as €25,000 at a borrower level means a large number of institutions will be impacted. Part of AxiomSL’s confidence in its abil-
ity to comply stems from the fact that the new regulations are similar to ones already
...continued on following page © IBS Intelligence 2015 David Attenborough, AxiomSL
www.ibsintelligence.com 7
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