Implement a secure, flexible, easy-to-use file exchange service for Clearstream customers
- Customers now have real-time access to clearing and settlement informationover the Internet
- Data is now delivered securely over asimple browser at the client end
- Customers can now automatetransmissions and reports
“We felt that SecureTransport allowed us to easily implement our new desktop reporting service at Clearstream as well as at our customers’ offices.”
A Leader in Settlement and Custody Services
With thousands of customers worldwide
As an integral part of the Deutsche Börse Group, Clearstream offers settlement and custody services to more than 2,500 customers worldwide, covering over 150,000 domestic and internationally traded bonds and equities. Clearstream’s core business ensures that cash and securities are promptly and effectively delivered between parties, and that customers are always notified of the rights and obligations attached to the securities they keep in Clearstream’s custody. Daily communication processes involve the transfer of numerous instruction files from customers to Clearstream as well as sending transaction status reports throughout the whole product lifecycle. The transfer of these files has led Clearstream to implement several connectivity solutions, each optimized for a specific clientele. With customers ranging from the largest financial institutions in the world to smaller specialized companies, all with diverse levels of technology in place throughout the world, a one-size-fits-all solution was not an option.
Communicating with Clearstream
The search for a better solution
Customers have always had the option to connect to Clearstream via a variety of methods, including Sterling Commerce Connect:Direct and SWIFTNet. Both solutions require modifications on the customer side, and for customers with even average requirements, these solutions were complex and difficult to configure and customize.
To better meet the needs of customers, Clearstream required a secure, easy-to-install, flexible IP-based solution, with easy-to-use desktop reporting capability. A desktop-based web solution would be easier for Clearstream and its customers to manage, reducing integration and maintenance costs.
The solution for Clearstream’s new service
Clearstream evaluated several solutions, but ultimately decided to build this new service on the Axway SecureTransport platform, an enterprise-class managed file transfer solution for moving critical business files, large documents, XML and EDI transactions over the Internet and private IP networks.
In the summer of 2004, SecureTransport Enterprise Edition was integrated with Clearstream’s existing clearing and settlement back-end systems. SecureTransport provides a Web-based interactive file delivery platform, as well as the ability to use client software on Windows and Unix for interactive and automated push and pull of files to and from the central servers. Very large files are uploaded and downloaded reliably using either the SecureTransport client software, or via an Internet Explorer Web browser — both of which provide guaranteed delivery and data integrity as well as checkpoint/restart capability.
Clearstream launched its CreationDirect via Internet service, which provides a data file transfer service to the customer’s desktop. As a result, Clearstream was able to offer customers real-time IP access to enhanced clearing and settlement information, instruction input, as well as transaction and position reporting.
“SecureTransport supports both FTP and HTTP and we were able to easily integrate our existing public key infrastructure (PKI) when we built our CreationDirect via Internet data transfer solution,” said Irene Mermigidis, Senior Project Manager, Clearstream Banking.
Now, customers only need to request authentication certificates for each user of CreationDirect via Internet and are immediately able to connect to Clearstream via the Internet. In addition to providing secure access from a web browser, the service also allows customers to automate transmissions and reports. With SecureTransport, Clearstream supports customers who specify defined retrieval schedules and automatically download reports to a folder or send to a printer.
A Secure Alternative
File transfer service for all
CreationDirect via Internet proved to be a very popular solution. Just four weeks after the service became available, 70 users within 35 customer companies had already deployed the service. Today, CreationDirect connects over 2,000 users in over 460 companies to Clearstream. The Internet-based service appeals to three types of customers in particular as a secure alternative to a Virtual Private Network (VPN) or leased line: smaller brokers with no IT department who need to send files and receive reports at low cost; regional offices of global companies; and departments within larger organizations that need to provide smaller departments with user-friendly reports for reconciliation.