The first system application setting up a two-way electronic link between investment managers and their multiple custodians was launched by State Street last month.

The new product, known as Quadrant, combines message formatting, SWIFT access, network support and data management in a single product. Developed by US-based ICM Electronic Banking Services, the system combines an NT server with a fault tolerant Tandem Hub to create a two-way communication system between the client's systems and the back offices of the custodians.

Erika Arevuo, vice president, global cash management at State Street in London says: Working with some of the industry's most innovative investment managers across the world, we have gained a good understanding of the challenges they face.

"State Street Quadrant has been developed to help them meet those challenges and we are delighted to be able to offer it to our clients in the UK and Europe."

The system incorporates many security components, with user ID numbers necessary both for system and database access while all transactions are authenticated and all database retrievals and transmissions fully encrypted.

The system also includes an audit trail report for all transactions and other activities, including logon and user maintenance."

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