Press Release Summary:
Available for financial institutions operating on Red HatÂ® Enterprise LinuxÂ®, TradeFlow™ enables wealth managers to minimize trading risks and optimize efficiency across post-trade activities, such as trade capture, data enrichment and management, confirmation and affirmation, and settlement and clearing. Open source solution supports central counterparty clearing of OTC derivatives through MarkitSERV, and facilitates automated import of Standing Settlement Instructions from Omgeo ALERT.
Original Press Release:
Fiserv Releases TradeFlow for Linux to Help Greater Number of Financial Institutions Reduce Cost of Post-Trade Processing
- New release operates with systems running Red Hat Enterprise Linux
- Solution provides firms with substantial savings by automating post-trade clearing and settlement processes
- Open source enterprise technology increasingly leveraged by wealth managers
Brookfield, Wis. — Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that its multi-asset post-trade processing solution, TradeFlow(TM), is now available for financial institutions operating on Red Hat(R) Enterprise Linux(R), the leading global provider of open source enterprise-class technology. TradeFlow for Linux is designed to meet the demand from wealth managers for secure and scalable financial solutions designed for an open source technology stack.
TradeFlow for Linux allows wealth managers to minimize trading risks, reduce operating costs and enhance efficiency across a number of post-trade activities, including trade capture, data enrichment and management, confirmation and affirmation, as well as settlement and clearing. The solution integrates support for central counterparty clearing of OTC derivatives through MarkitSERV, and facilitates the automated import of Standing Settlement Instructions from Omgeo ALERT.
"TradeFlow for Linux represents a major step forward for wealth managers that desire post-trade processing capabilities on an open source enterprise platform. Our solution helps firms reduce their post-trade IT expenses for hardware, licensing, maintenance and support," said Mike Foster, general manager of institutional management solutions, Investment Services, Fiserv. "We are now seeing a systemic migration by wealth managers to enterprise Linux systems, and TradeFlow for Linux offers them a highly secure, performance-driven infrastructure for post-trade processing."
Enterprise migration to Linux has accelerated over the past few years, according to the 2013 Enterprise End User Report published by The Linux Foundation and Yeoman Technology Group. The third-annual report is based on a survey of more than 350 IT professionals from major wealth managers like Morgan Stanley, Goldman Sachs, Bank of America, Deutsche Bank, Bank of New York and MetLife.
The report finds that more than 80 percent of respondents plan to increase their use of Linux servers over the next five years, while more than 75 percent will deploy Linux for new services and applications and 73 percent plan to increase Linux use for mission-critical workloads. Based on these statistics, TradeFlow for Linux is entering the market for open source post-trade processing solutions during a groundbreaking information technology era for wealth managers.
Linux was created in 1991 by University of Helsinki student Linus Torvalds, who first introduced the operating system on an Internet newsgroup. Red Hat Enterprise Linux officially launched in 2002, and is now the global leader in open source enterprise technology, serving major wealth managers and other corporations worldwide.
- TradeFlow from Fiserv - http://www.fiserv.com/tradeflow
- The Linux Foundation - http://www.linuxfoundation.org
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider serving the financial services industry, driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more information, visit www.fiserv.com.