IBSJ Latest Issue

This month's news in brief stories

First live site for Bankfusion

Misys’ new universal banking system, Bankfusion, has gone live in its first site, at Standard Bank in Zimbabwe.

Euroclear buys ICMA’s Xtrakter

International Capital Markets Association (ICMA) has signed an agreement with Euroclear to sell its subsidiary, Xtrakter Ltd, which specialises in trade matching and regulatory reporting systems, and information services.

First corporate live on Misys’ multi-bank trade portal

Agribusiness, Bunge, has become the first corporate to go live on the multi-bank version of Misys’ Trade Portal. Bunge had already piloted the solution and it seems clear that it was an influence on the recruitment of the first two banks for the Portal, ING and KBC.

Temenos sets out route for Financial Objects users

Temenos has been setting out its strategy for the Financial Objects business that it acquired a few months ago.

Temenos snaps up BI specialist, Lydian Associates

Temenos has acquired a small UK-based provider of Business Intelligence (BI) software, Lydian Associates.

Raiffeisen takes Infosys’ Finacle, retains Midas

Raiffeisen has decided to implement Infosys’ Finacle for its retail banking requirements and retain Misys’ Midas for wholesale banking.

Santander to move all payments to Clear2Pay’s OPF

Within a multi-year project, Santander has decided to move all of its international and domestic payments across the globe to Clear2Pay’s Open Payment Framework (OPF).

FRSGlobal acquires Secam+ from SAP/Business Objects

Statutory reporting specialist, FRSGlobal, has acquired the Secam+ UK securities reporting business from Business Objects.

Butterfield Bank takes Flexcube with EDS

Butterfield Bank, the universal bank based in Bermuda, has signed a deal which will see EDS act as a system integrator of Flexcube, the core banking system of Oracle Financial Services Solutions (FSS).

iMAL first to gain seal of approval from AAOIFI

iMAL, the Islamic banking system from Path Solutions, has become the first of its kind to be certified by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), an international standard setting body.

MCB turns to home after Maldives cut-over

Mauritius Commercial Bank (MCB) has now turned to its domestic operations for the roll-out of Temenos’ T24.

Troubled Citi’s Indian technology units up for grabs

There are persistent rumours that crisis-hit Citigroup, whose shares dropped by 26 per cent on the 20th November, will sell parts of its business.

Standard Bank implements Thunderhead NOW

The UK division of Standard Bank is to go live with a new enterprise communications platform, Thunderhead NOW, from the UK-based developer, Thunderhead.

BCM adds FinArch to European expansion plans

Banque Chaabi du Maroc (BCM), part of Group Banques Populaires, has selected Financial Studio from Financial Architects (FinArch) as a regulatory reporting system for Europe.

Platform unveiled for cross-currency basis swaps

The world’s first electronic trading platform for cross-currency basis swaps has been developed and launched by Trayport, a UK-based provider of trading and order matching software, and its parent, GFI Group.

Australia streamlines fixed income processes

Australia-based investment bank, Macquarie, has gone live on a streamlined fixed income platform, created by interfacing Omgeo’s middle and back office software with Yieldbroker’s front-end system.

Banca Fideuram live with Finantix

Italy’s Banca Fideuram has gone live with Finantix’s front office solution after a twelve month implementation project.

Asset management start-up, Wealtheon, live on Eximius

The Eximius wealth management system has gone live at the Belgian operation of Wealtheon, with the Dutch operation scheduled to switch on in a few weeks and the Swiss operation planned to be live early in 2009.

Coexis finds larger parent in Australia-based GBST

Coexis, the UK-based provider of Syn, a core software solution for the securities industry, is to be acquired by GBST, an Australia-based firm which focuses on securities transaction and fund administration technology, and more recently wealth management technology.

e-MID moves from SIA-SSB with new platform

Italy-based interbank deposit and swaps exchange, e-MID, is implementing a new electronic money market platform that will provide services to 258 participants across 26 countries.

Nodal Exchange prepares for pioneering launch in early 2009

Set for launch in early 2009, US-based Nodal Exchange will become the first independent electronic commodities exchange for nodal (locational) forward trading products of the North American power markets.

Frenzy of activity in European trading sector

Not to be outdone by all the action happening in the trading space across the Atlantic, the European exchange marketplace is also buzzing. Some positive, some not so positive.

Bank of America steps in as partner for Bloomberg FX platform

Bloomberg Tradebook Services LLC, an international trading solutions provider, has launched its new electronic FX platform with Bank of America (BoA) as execution and settlement counterparty.

OTC credit derivatives clearing takes centre stage

The race to gain control of clearing facilities for over-the-counter (OTC) credit derivatives markets further heated up in the past month with many a twist and turn but no real conclusion at the time of going to press as to who would be up and running first.

TSE’s ‘arrowhead’ touted for go live in 2010

Tokyo Stock Exchange (TSE) has announced the revised date for launching its next generation trading system for cash equity products, dubbed ‘arrowhead’.

Survey seeks to reveal ‘Millenials’ trends

A survey undertaken for Microsoft has sought to provide an insight into the banking preferences of the so-called Millenials (18 to 30 year-olds) in North America, the UK and Australia, and the technology that will be needed to serve these.

Caplin Systems gains deal with Unicredit

European giant, Unicredit, has chosen Caplin Trader from Caplin Systems Ltd for its online FX trading business, as a result of a six month selection process.

Survey reveals system and business priorities of UK’s foreign banks

A survey of foreign banks in the UK has found that 36 per cent of operations are expected to have new back office systems within the next five years.

Editor’s Note- December 2008 / January 2009

It used to be the case, a long three months or so back, that banks competed to a large degree on the rates of return on their products. Their advertising shouted the attractiveness of their interest rates and an ever less loyal set of customers duly signed up. What will be the differentiators going forward?

Who’s Bought What? - December 2008 / January 2009

Including Öhman Fondkommission, Nedbank Capital, Axis Bank, Conister Trust, amongst others.

The IBS Interview: Ken Harvey, HSBC

Two years in, how is HSBC faring with its ambitious strategy to standardise its platform and processes across the globe? There have been wrong turns but the man responsible, Ken Harvey, believes the bank is gaining important benefits.

Cloud Computing: Cloud on the horizon

Can cloud computing – accessing IT resources on an on-demand basis via the internet – have a role to play in financial services, asks Lawrence Freeborn. In the current climate, such efficiency could make sense but banks still seem more reluctant than their counterparts in other sectors to take the plunge.

Bizner Bank: Dutch courage

With turbulent financial conditions and recession looming over everyone, banks need to differentiate themselves from their competition by offering innovative products. One bank to do just this is Dutch SME direct bank, Bizner Bank. It has seen rapid growth in its local market by offering highly targeted customer-centric products.

Halyk Bank Kazakhstan

Halyk Bank has been at the forefront of banking technology development in Kazakhstan and CIS, claiming precedence in a variety of ventures, from card processing to biometric security. The bank is now halfway into replacing its core software. Dr Askar Kussainov, deputy chairman of Halyk’s management board, tells IBS Journal about the ups and downs of this ambitious project.

SG Hambros’s central line

Since being acquired by Société Générale, the business of what was Hambros has had a complete system overhaul centred on solutions from ERI, Touchstone and Odyssey, on a centralised basis.

FIMA: Feeling the flak

If reference data isn’t a priority now, will it ever be? Were the calls for improvement at this year’s FIMA conference falling on deaf ears, asks James Ling

Money Transfers London: Remittances reality check

James Ling sat in on the annual gathering of the International Association of Money Transfer Networks in London. Although not immune from the economic turmoil, cross-border remittances is an area for enthusiasm for a growing number of institutions.

On The Move - December 2008 / January 2009

Temenos, Open Solutions, TwoFour, DST International and others announce new appointments.

Backchat - December 2008 / January 2009

People’s United Bank narrows the choice down to a shortlist of three vendors to provide a new core system across the group; a group of well-known individuals from the core banking sector have had a first success with a new company; Tesco issues an RFP for a new banking system for its Tesco Personal Finance (TPF) business unit.