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New service seeks to counter bitcoin money laundering

Euroclear is seeking to bring to market a service to allow banks and brokers to match receivables and payables from multiple counterparties for improved automated claims management. Dubbed SetClaim, it stems from a partnership with long-standing specialist in the receivables and payables arena, Ireland-based Merit Software.

Head of product strategy at Euroclear, Angus Scott, says Euroclear had been looking for some time at how it could add more services on top of its infrastructure. It met with Merit Software and saw a synergy, with the latter typically selling to large investment companies. Merit Software has its Claim Manager platform which provides bi-lateral claims management facilities.

Work was carried out over 18 months starting with a proof of concept. ‘It took a few months of work but it was a lot quicker than a standard in-house development would be,’ says Scott. Euroclear brings the infrastructure, security, resilience and disaster recovery, while Merit Software brings the functionality.

For its part, Merit Software’s CEO, Kerril Burke, says there wasn’t a great deal of development needed. Euroclear brought the technical environment to support a centralised repository where counterparties can lodge and acknowledge claims. Scott notes that, while Merit Software has been selling to large firms, Euroclear brings a confidence around data sharing that might not be there with a relatively small software house.

There is one customer that has committed to take SetClaim, says Scott, and several others that are close to signing. As a ‘network product’ it needs a critical mass but he is confident that this will be achieved. Both parties claim it should be straightforward to connect. Burke says that for an existing Claim Manager user, it should take less than a week; for a new client, it might take a couple of weeks for initial connectivity. ‘We’ve developed connectivity software that is pretty much plug and play,’ he says.

By Martin Whybrow

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