29 April 2002 - American Management Systems (AMS), the international business and information technology consulting firm, has enhanced software and systems at NECIGEF, the Dutch central securities depository, to support the introduction, today, of the SWIFT 15022 message standard. NECIGEF’s clients will be able to migrate to the 15022 standard at their own convenience, rather than facing a ‘big bang’ conversion imposed by the depository.
NECIGEF provides secure, high volume settlement of securities transactions for institutional clients of the Euronext Exchanges. The depository handles approximately 30,000 - 35,000 transactions every day, in a highly automated Straight Through Processing environment. The new message standard introduced by NECIGEF complements its proprietary message format and SWIFT 7775 standard messages. It will allow NECIGEF to accept messages in any of the three formats and allow clients to choose between using the SWIFT network or the Advantis network. Outgoing message formats can be set on a per client basis and can be changed in real time by modifying the client profile.
In a relationship that has extended over the last ten years, AMS has developed, supported and continuously enhanced NECIGEF’s software infrastructure. Joannes Hengeveld, Associate Manager of the Amsterdam Clearing & Depository and responsible for NECIGEF Business Development, said: “AMS has been a key partner for NECIGEF over many years, helping us to achieve one of the most advanced settlement processes in the world and, crucially, ensuring the continuing stability and reliability of that process. The software AMS developed has the design flexibility to allow us to provide a flexible service to our clients, phasing in enhancements to suit their individual needs. The robust infrastructure of the software means we can add capacity, virtually at will.”
The introduction of the SWIFT 15022 message standard is a key milestone in realizing NECIGEF’s strategy of migrating all its interfaces to SWIFT standards and the SWIFT Network. Once all clients have been moved over to SWIFT, NECIGEF will be processing in excess of 120,000 MT500 series messages per day.
Joseph Berman, a senior member of the AMS team supporting NECIGEF, commented: “For over ten years, AMS has supported a mission critical, high volume system that is crucial to the continuing success of the depository and fundamental to the operation of the Exchange. During this time, we have expanded and enhanced the system to provide innovative services to NECIGEF’s clients, while ensuring the reliability essential to a key component of the securities market. We are delighted to be part of a world class operation providing a first class service to its clients.
“In this specific project, we will not only be providing NECIGEF’s client base with the latest SWIFT messaging capabilities, but also laying the technical foundation for NECIGEF to be integrated into Euroclear’s settlement model to support the single order book objective for Euronext.”
NECIGEF ( http://www.euronext.nl) is the Dutch CSD. It provides settlement and custody services for domestic and non-domestic instruments held by institutional clients of the Euronext Exchanges.
AMS is a billion international business and information technology consulting firm whose customers include leading financial institutions, telecommunications and energy companies around the world as well as federal, state and provincial governments in the U.S. and Canada. With deep industry experience and technology know-how, the company delivers results that measurably impact business performance and the relationship between an organization and its customers. Founded in 1970, AMS is headquartered in Fairfax, Va. with 49 offices worldwide. European headquarters are in The Hague, The Netherlands and AMS has staff and offices in 11 European countries. The company is traded on the NASDAQ under the symbol AMSY. For detailed information about AMS, visit http://www.ams.com .
This release may contain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained in the forward-looking statements. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "intends" and similar expressions are generally intended to identify forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: risks in project delivery and staffing, risk of revenues not being realized when expected, risk of increased competition in the markets, and the effects of economic uncertainty on client expenditures as well as other factors described in item 7 of AMS's Annual Report on Form 10-K for the year ended 2001. The Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company's (estimates or) views as of any subsequent date.
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