The Central Depository and Settlement Corporation (CDSC) has finalized the integration of the CDS SWIFT messaging functionality, thus enhancing the processing of financial information between the CSD and capital markets participants in Kenya.
CDSC Chief Executive, Nkoregamba Mwebesa said through this integration, the central depository is assuring all stakeholders that its systems and processes adhere to internationally recognized standards for the processing of financial information.
“We consider this an important milestone that will sustain market confidence and demonstrate our commitment to continuously improve our infrastructure to meet the evolving market demands and trends,” CDSC Chief Executive, Nkoregamba Mwebesa.
This SWIFT connectivity will further heighten the security, speed and accuracy of information transfer between the CSD and its Central Depository Agents (CDAs).
“We are delighted to welcome CDSC Kenya to our community of 11,000 banking and securities organizations, market infrastructures and corporate customers in more than 200 countries and territories.” Olivier Lens, Head of Sub Sahara Africa, SWIFT.
CDSC Kenya joins more than 235 securities, payments and treasury market infrastructures on SWIFT.
Connecting to SWIFT will enable CDSC Kenya and its market participants to benefit from robust, reliable and secure financial messaging. These collaborative efforts will enable smarter securities processes that will help prevent falls, reduce costs and deliver enhanced customer experience.”
The full SWIFT-CDS integration by all participants will allow for efficient and secure communication between systems on services and processes including Inter-depository transfers; OTC market trades; Notifications for organized market trades and; Automated statements.
The depository commission said it continues to work with all stakeholders to ensure it offers solutions that are responsive to market demands and build confidence in the robustness of its infrastructure.
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