Products & Solutions

Clearing and settlement

BT SettleNET

Overview

BT celebrates 20 years providing secure messaging services to CREST

20 years ago on 15th July 1996, the CREST service for electronic post-trade settlement of UK securities was launched. BT is proud to have served CREST members continuously since its launch by providing secure, managed messaging connectivity. To mark the twentieth anniversary of its launch, we’ve co-sponsored a report into what exactly has made it so successful. Take a look at the report: ‘CREST Revealed: From Paper to Automation – Streamlining UK Securities Settlement’.

The secure messaging solution for users of CREST/Euroclear UKI

BT SettleNET is the managed service that links financial institutions internationally with CREST/Euroclear UKI, the central securities depository for the electronic settlement of UK, Irish and international securities. It provides a secure, reliable and resilient message exchange service designed specifically to meet the rigorous requirements of the financial markets community. SettleNET has been designed from the outset to provide a flexible and scalable solution for CREST connectivity and to support changing requirements. Its users include the UK and Irish registrar community, the majority of brokers and investment managers, as well as custodians and investment banks.

Since it was launched in 1996, users of SettleNET have exchanged billions of messages with CREST/Euroclear UKI and not a single message has been lost.

Get in touch with your BT Account Manager or email us at settlenet@bt.com to find out more about BT SettleNET and how you can have secure and cost-effective messaging for CREST/Euroclear UKI.

Key benefits

Managed, secure messaging for users of CREST

BT SettleNET offers a variety of benefits to users of CREST/Euroclear UKI.

One-stop shop for accessing CREST/Euroclear UKI

BT SettleNET offers a flexible, one-stop-shop approach for BT customers. It includes all elements of equipment provision, connectivity, service set-up, support and maintenance.

Added value

BT SettleNET offers as standard a range of services that might otherwise be costly extras for Euroclear UKI’s users. These include:

  • Comprehensive, free support during initial CREST trialing for new users.
  • No traffic charges for CREST testing and trialing activity.
  • No SettleNET charge for an unlimited number of customer workstations using the CREST GUI for interactive access.

Contingency

BT SettleNET is the CREST connectivity service of choice for many CREST users. It can also provide a simple, low-cost contingency solution for organisations that want a complete approach to business continuity.

Key features

Security and reliability with non-repudiation

BT SettleNET’s features are all designed to offer you secure and cost-effective messaging for CREST/Euroclear UKI:

  • Fully-managed, fast, reliable, secure and efficient financial messaging service for CREST settlement.
  • The ability to use both CREST DEX and ISO 15022 message formats.
  • Simple, well-defined file-transfer interface for back-office connectivity.
  • A range of security features to ensure confidentiality, integrity, authenticity and non-repudiation.
  • User-site configuration options to meet customers’ requirements for live running and business continuity.
  • Your choice of flexible support packages.
  • Proactive management of the service through BT’s network management centres.
  • 24/7 call reception through the BT Service Centre Help Desk for all support issues.
  • Dedicated customer account manager as a single point of contact for all elements of the service.
  • Monthly usage reports.
  • Consolidated quarterly billing for all elements of the service.

Detailed description

Confidentiality, integrity and security in depth

Providing users of CREST/Euroclear UKI with secure and reliable messaging services is at the heart of BT SettleNET:

  • Authentication of originator: Cryptographic techniques are used to prove the identity of the originator of messages sent across the network.
  • Message confidentiality: Messages can be encrypted as they pass over the communications network, preventing unauthorised disclosure of message content.
  • Message integrity: Message authentication codes are calculated and added to messages being transmitted. These codes are checked on reception to verify that the message has not been altered in transit.
  • Non-repudiation: This provides the ability to confirm that a given transaction took place at a given time. Copies of messages and associated security data are logged and maintained (normally for a period of years) within a secure central audit facility. This enables re-verification at later date to prove that a specific transfer of information did or did not take place.
  • Hardware acceleration: Cryptographic operations are performed with hardware acceleration implemented in an isolated, protected, tamper-resistant device.
  • Network security: In order to access the infrastructure, participants require BT-supplied gateway equipment configured with valid, authorised network information. Only gateways suitably configured can send messages onto the network.
  • Replay attack: Each message is supplied with a unique reference to prevent the message being sent more than once. Further transmissions of the same message are rejected.
  • Certificate validity checking: Prior to receiving message security keys the user’s security certificate is checked as being both active and valid. A certificate may be revoked if it is suspected that it has been handled in an unauthorised manner or has been compromised in some way. Attempts to use a revoked certificate are rejected.

Technical specifications

SettleNET: managed secure messaging

BT SettleNET is designed around a highly secure and resilient central infrastructure with substantial redundancy and is managed through dual management centres, providing comprehensive network management tools and automatic alerts and escalations. Security is based upon an underlying Public Key Infrastructure (PKI), with BT as the Certification Authority providing online certificate services to the SettleNET community, including certificate request, issue and revocation.

The BT SettleNET gateway is the secure interface to the customer’s systems. It uses well-defined interfaces to send and receive messages, providing extensive error reporting and recovery mechanisms. BT manages these gateways remotely and provides automatic software updates. A customer-configurable facility enables users to specify the level of remote access allowed.

BT SettleNET security includes originator authentication, message confidentiality, message integrity and non-repudiation.

Users have a choice of service levels and resilience levels for BT SettleNET. A dedicated helpdesk provides a single point of contact for problem reporting and resolution. The support team is co-located with the operational team to ensure timely resolution of problems.

Who should buy

A messaging solution for CREST/Euroclear UKI users

BT SettleNET is the ideal secure communications solution for financial institutions that use CREST. It can also provide a simple, low-cost contingency solution for organisations that want a complete approach to business continuity.

Why BT

Delivering CREST messages securely for 20 years

BT is a leading provider of secure, scalable network-centric services to the global financial community, and has been supplying highly-secure messaging services to the international securities industry for 20 years. BT is certified as a provider of security solutions to the UK Ministry of Defence.

The BT Radianz Cloud offers a platform optimised for the specific demands of the financial services sector. Built on BT’s 21st Century Network, this international infrastructure provides secure and reliable access to the world’s largest secure networked financial community.

Since it was launched, users of SettleNET have exchanged billions of messages with CREST/Euroclear UKI and not a single message has been lost.

Resources

Datasheets

BT SettleNET datasheet

PDF-248 KB

Managed secure messaging for financial institutions

BT Radianz Messaging

PDF-585 KB

Fully managed, secure, end-to-end financial messaging