Asset manager Schroders has joined Calastone Net Payments Hub, the STP settlement service providing matched netting and the Barclays payments service.
The Net Payments Hub will allow the net settlement and payment of matched trades as well as aggregates the net settlement positions to build a single whole-of-market position for each settlement day.
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With this service, customers can get earlier reconciliation information that enables them to organise their cash flow, reduce their liquidity exposure and meet their liquidity obligations earlier in the day.
Additionally, the Payments Hub will also benefit customers from a settlement account with pre-funded or provisional credit facilities from Barclays Bank.
Schroders head of transfer agency UK Alex Murton said: "Being part of the Net Payments Hub, we will now benefit from full STP throughout the lifecycle of orders routed through Calastone. No entry duplication, full transparency throughout and better still, we now receive earlier information about our liquidity obligations."
Barclays director financial institutions group Andrew Fenton said: "We are very pleased to be partnering with Calastone and are delighted by customer confirmation that the Calastone Net Payments Hub offers a practical means for firms to further reduce their costs and counterparty risk."
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