KELER system enhancement program continues

UniCredit Bank Hungary Zrt.
Thu, 30/09/2021

Updates of KSDP Service Description were made available

Following the financial development in the market, the Hungarian CSD, KELER continues its system enhancement program with the second round of user tests. Following the completion of the first round of Market Tests (MAT1) of the KELER Service Development Program (KSDP) in July, the second phase of the Market Business Acceptance Test (MAT2) is taking place between 1 September - 5 November 2021.

The objective of the MAT is to test the functionality of the services and function sets that are to be implemented by KELER in the KSDP based on interface connections. It also aims to test the coordinated functioning between the participants of the securities settlement system and KELER's IT systems, to test the effectiveness of the IT developments and, last but not least, to test the transactions used in live business in an integrated manner, in line with the market practice of the counterparties by performing full process tests.

Participation in the market test is mandatory for all direct clients with a securities account at KELER and accessing the settlement system through the KI, SWIFT, or WARP applications. UniCredit Hungary has been actively taking part in all test phases and it is planned that during MAT 2, testing possibility will be provided to UniCredit Hungary’s clients as well.

KELER has recently announced 6 December 2021 as the official go-live date of its Service Development Program (KSDP). On this day, the new securities settlement standards, SWIFT message rules and procedures will be introduced on the Hungarian market.  Clients of KELER are expected to submit instructions in line with the requirements set by the new system as of the above date. According to the plans, the migration tasks will be accomplished on the weekend of 3-5 December 2021.

Further updates to the Service Description document of KSDP were recently made available, the paper is published in English on the CSD website at the following link:

UniCredit GSS already compiled a summary of the KSDP changes and the related modifications of its settlement service. The document (KSDP Summary of changes July 2021) will be amended according to the updates and a new version will be available on the GSS website at the following link:  Documents | Custody | UniCredit Group