Model-based software for the global securities industry
Press release
SWISSCA feels benefit of Syn
FundsSupermarket'
technology independence with switch to Oracle
Project completed on time, within budget with no changes required to business logic and processes.
LONDON: 12 June 2003. Changing the underlying technology
platform is a nightmare for any business and usually results in significant
disruption to existing applications software, with at best compatibility
issues to resolve and at worst their entire replacement. Swissca
Securities Limited, the London-based funds management and broking
services provider, has recently switched to Oracle for its database
platform and experienced at first hand, the benefits of using the
technology-independent SynFundsSupermarket application from Coexis. The hitch-free project was completed within
10 months – including extensive regression and user acceptance
testing - on time, within budget and without any major changes to
functionality, workflow processes or business logic.
The Swissca Group, was established by its owners – the Swiss Cantonal Banks – to provide centralised fund management and other related financial services. The London subsidiary provides fund management and broking services across bonds and unit trusts, on behalf of their owners and their largely Swiss clients. As business grew the company decided to automate order management with the goal of achieving end-to-end straight through processing via electronic links to collect orders, interface to client systems via the internet or Reuters ITD as well as to the existing back office system. With no off-the-shelf package available at the time, Swissca selected Coexis to develop a funds supermarket-style application. Coexis was chosen because of their pioneering business process-driven and rules-based approach to developing software which isolates valuable business logic and intellectual property from the technology landscape. The decision to switch to Oracle was taken to improve performance of growing transaction processing volumes.
Coexis’s claims for technology independence have been vindicated, as Mark O’Brien, Swissca’s associate director for systems and operations, comments: “We set aggressive timescales for the switch which had to be completed before our year end in June 2003. We needed to see dramatic improvements in transaction processing throughput and we were confident we would achieve this by switching to an Oracle database. The bulk of the ten month project was spent in converting data and rigorous regression testing with very few changes being made to the code of the application. This has been one of the smoothest platform changes that I have experienced.”
Terry Williams, chief executive officer, Coexis says: “We
are still living in a world where the underlying technology is subject
to constant change. Our Syn family
of applications isolates the business logic and intellectual property
of a business – where uniqueness and competitive advantage
reside - from the technology. The business is then free to take advantage
of different or new technology platforms without incurring high conversion
costs, as indeed we have seen Swissca do.”
About Coexis www.coexis.com
Coexis is an IT product provider with 30 years’ experience
of meeting the software needs of businesses in the international
capital markets with SynSettlements,
(settlement of bonds and equities) and
SynFundsSupermarket (order routing and funds supermarket). Built upon the Syn technology
platform these applications take advantage of next generation software
development techniques which free users from the high cost of bespoke
solutions and the rigidity of off-the-shelf packages. In addition
with
SynCustomer,
Coexis is first to provide the flexibility to support reference data
management across a range of industries and environments.
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Press contact: Salli Roskilly Saffron Communications Limited
T: +44 (0)1763 208708 E:salli at saffroncoms.com
Further information from Donal O’Brien Coexis Limited
T: +44 (0)207 251 7200 E: donal.obrien at coexis.com