Hedge Funds Achieve Cash Payment Automation as IntegriDATA’s CashWire Integrates With SWIFT Gateway Provider
May 30, 2013
NEW YORK, NEW YORK — IntegriDATA, a full-service NY-based solutions provider, announced the integration of its CashWire Management System with a SWIFT service bureau. This integration enables hedge funds to achieve cash payment straight-through processing (STP) via SWIFT. IntegriDATA offers CashWire as a comprehensive end-to-end cash payment solution with multiple layers of security and control checkpoints. The system allows firms to replace their current paper-based manual process. “We are very excited to have achieved seamless, secure integration with the SWIFT network. We are now able to offer our clients a true STP solution that is highly scalable, quick to implement, and at an affordable price,” says Mitchel Schulman, founder and CEO of IntegriDATA. CashWire’s features include:
Highly controlled client specific workflow and approval process Secure storage of standing instructions and historical cash movement requests Central repository that maintains back-up documentation and comprehensive audit trails Multiple cash payment request delivery method options (e.g. SWIFT, FTP, email, fax) Cash payment processing is challenging, given the need to coordinate the efforts of numerous internal parties, and disseminate these requests to multiple external institutions. This function is time sensitive, and the required intra-day hand-offs need to occur within a short time frame. “Cash payment processing automation is one of the final frontiers left for hedge funds — firms recognize the need to aggressively address any inherent internal control weaknesses and security concerns with their current process,” says Mr. Schulman.
Since building integration with SWIFT, IntegriDATA has seen increasing interest from the hedge fund community to leverage the SWIFT network for their payment processing needs. Firms see the value in having a single integrated process for all cash movements, thus eliminating the need to log on to various proprietary web portals.
About IntegriDATA Business & Technology Solutions, LLC IntegriDATA is a full-service consulting and software solutions provider dedicated to helping investment managers — hedge funds, private equity, institutional — improve operational efficiencies, controls and capabilities through the use of technology. Offering a full spectrum of business advisory, system implementation and proprietary development services, IntegriDATA’s charter is to provide investment managers with solutions to enhance their operational infrastructures. For further information on CashWire Management System or other IntegriDATA products and services, please call 212.302.6200 or go to www.integri-data.com