Method and system for two-way communication between asset managers and asset custodians

• US 20020194097A1
• Filed: 05/07/2001
• Published: 12/19/2002
• Est. Priority Date: 05/07/2001
• Status: Abandoned Application

• Current Assignee: The Bank of New York (Bank of New York Mellon Corporation)
• Original Assignee: The Bank of New York (Bank of New York Mellon Corporation)
• Inventors: Reitz, James T.
• Application Number:
  US09/850,498
• Publication Number:
  US 20020194097A1
• Time in Patent Office: Days
• US Class Current: 705/36.00R
• CPC Class Codes: G06Q 10/107 Computer-aided management of electronic mailing [e-mailing]
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A two way messaging interface for communication between asset managers and asset custodians is disclosed. The interface transmits and receives SWIFT messages which are customized for event-specific messages to be transmitted within the SWIFT format. The messages are generally encoded in the SWIFT MT598 format and are passed along to recipients within the SWIFT data network. The messages may trigger routines for handling custodial transactions for the asset manager and the asset custodian.

Claims

1. A messaging interface system between an asset manager and an asset custodian, said asset manager and said asset custodian capable of transmitting and receiving messages over a data network for communicating said messages thereover during a defined business day cycle over regions having differing business day cycles, said system comprising:

an asset manager interface coupled to said asset manager and said data network, said asset manager interface for generating and transmitting event-specific messages; and

an asset custodian interface coupled to said asset custodian and said data network, said asset custodian interface for receiving said event-specific messages, said asset custodian interface initiating automated processes upon receipt of said event-specific messages.

2. The messaging interface system of claim 1 wherein said event-specific messages signify the close of business of said asset manager.

3. The message interface system of claim 2 wherein said event-specific messages signify account close of business of said asset manager.

4. The message interface system of claim 2 wherein said event-specific messages signify regional close of business of said asset manager.

5. The message interface system of claim 1 wherein said event-specific messages signify closed processing of said asset custodian.

6. The message interface system of claim 5 wherein said event-specific messages signify regional closed processing of said asset custodian.

7. The message interface system of claim 1 wherein said event-specific messages signify rolldate.

8. The message interface system of claim 1 wherein said event-specific messages signify start of business ready.

9. The message interface system of claim 1 wherein said event-specific messages are SWIFT formatted.

10. The message interface system of claim 1 further comprising:

a custody information database coupled to said asset custodian.

11. The message interface system of claim 10 wherein said custody information database suspends records in the database corresponding to a close of business message.

13. The system of claim 12 wherein said database is a relational database.

14. The system of claim 12 wherein said event-specific messages are SWIFT formatted.

15. The system of claim 12 wherein said event-specific messages signify the close of business of said asset manager.

16. The system of claim 15 wherein said event-specific messages signify account close of business of said asset manager.

17. The system of claim 15 wherein said event-specific messages signify regional close of business of said asset manager.

18. The system of claim 12 wherein said event-specific messages signify closed processing of said asset custodian.

19. The system of claim 18 wherein said event-specific messages signify regional closed processing of said asset custodian.

20. The system of claim 12 wherein said event-specific messages signify rolldate.

21. The message interface system of claim 12 wherein said event-specific messages signify start of business ready.

12. A system for transmitting and receiving electronic messages for trading securities among an asset manager and an asset custodian, said asset manager having one or more defined business day cycles, said asset custodian synchronizing to said one or more defined business day cycles, said system comprising:

a database for storing custody information concerning said securities; and

an interface coupled to said database for transmitting event-specific messages upon occurrence of predetermined events during said business day cycle.