Northern Trust has launched PassportLink, a system integration tool that enables asset service clients to communicate trade messages and report data between their internal front-office systems and Northern Trust's custody systems through a plug-and-play solution.
PassportLink was developed as part of Passport, Northern Trust's online, institutional-client data delivery platform designed to work with Northern Trust's Web Trade Services solution, which offers automatic trade matching. Providing a two way data exchange, PassportLink allows clients to transmit settlement instructions or pre-matched trades from any order management system to Northern Trust's Web Trade Services solution. Conversely, Northern Trust can transmit reporting information such as holdings, cash or income data to their client's underlying systems.
PassportLink offers clients who are not members of the SWIFT network an alternative method of communication, according to Peter Cherecwich, head of Global Product and Strategy for Northern Trust's asset servicing business.
In addition to Passport, PassportLink has been implemented in conjunction with SimCorp Dimension and Wall Street Systems.