In 2010 Strate implemented a key strategic project which automates and enhances many of manual Equity Corporate Action processes which aligns us with global standards and best practice principles, and mitigates many risks associated with the manual capturing and processing of Equity Corporate Action Event information.
The automated solution serves as a solid base for building the business on a stable and robust platform in order to provide additional services to our clients.
The implementation team comprised members of Strate’s Corporate Actions department, Project and Innovation Management Office (PIMO), and Information Technology Division as well as Strate’s Strategic Partner, TCS.
The following were some of the key requirements that were met:
- The new system functionality that is able to process all Equities Corporate Action Events as defined by SWIFT and Global Best Practice;
- A brand new Graphical User Interface that replaces the old Mainframe-based interface;
- The ability to view all SWIFT messages, including the ability to view the content of each and every SWIFT message utilised for the processing of Corporate Actions directly from the new Graphical User Interface;
- The ability to interface with other Strate systems, including the Clearing and Settlement modules;
- The ability to automatically calculate entitlements and eligibility for Corporate Action events (including Warrants);
- A new front-end for participants and business partners to communicate and submit SWIFT messages with Strate;
- The ability to be flexible around timelines that wouldn’t necessarily fall within to the South African Corporate Actions timeline i.e. Dual-Listed Companies. This means the system is flexible enough to amend salient dates for some Corporate events (such as multiple record dates); and
- The ability to automatically process payments via Strate’s Banker through the use of specific SWIFT messages.
The project has been a massive success with both the business (internally at Strate) and with the CSD Participants. The utilisation of the PRINCE2™ methodology by Strate’s Project and Innovation Management Office (PIMO) and other supporting methodologies ensured that the project went in on-time, below budget and within scope. Supported by an extremely dedicated and professional IT division, testing team and business specialist team, the project is a significant milestone for Strate.
The implementation of this project further enhances our strategic goals of being customer centric; ensuring operational excellence; and effectively managing enterprise risk while driving innovation and market best practise.
For further information on this project, please contact the following: