The db trader Pre-Advice Facility (PRAF) is used to capture "Advices from Customers". These advices or instructions, which contain detailed client instructions related to security movements and /or settlements, are captured as an internal db trader record before the transaction processing stage.
The receipt of PRAF instructions is automated, i.e., through the use of SWIFT Messages, e.g., Receive Free, Receive Versus Payment, Deliver Free, and Deliver Versus Payment.
Most customer and counterparty advices concern transactions versus payment. An exception is Euroclear where free receives are matched as well.
After receipt of incoming messages it is possible to send confirming SWIFT Messages. Instructions captured by the PRAF Facility is transmitted to depositories. The system also tracks the status of outgoing SWIFT messages.
PRAF functionality incorporates Certificates Processing. This involves re-registration of securities; maintenance of records regarding certificate size and count control.
Highlights
Automated Processing of Incoming SWIFT InstructionsInterfaces to Depositories and Clearing AgenciesSWIFT Receive & Deliver MessagesSWIFT Confirmation MessagesQueue Repair FunctionAutomated Fee CalculationCertificate ProcessingVault AdministrationProcessing PartialsDepot ManagementInquiries On-Line: Trades,Positions Per Account, Certificates, Open PRAF, and SWIFT Status
