Model-based software for the global securities industry
Press release
Coexis and Swisscanto Funds Centre team up to provide Syn~FundsSupermarket ASP service for Cantonal Banks.
16 November 2005: Coexis and Swisscanto Funds Centre
Limited have introduced an ASP (application service provider) service
to extend the mutual fund processing facilities offered to the Cantonal
(regional) banks in Switzerland. So far 13 Cantonal banks have signed
up for the service and moved into live production, which is based
on Coexis’s Syn
FundsSupermarket application.
Swisscanto’s Cantonal bank clients can now route orders, either directly to a series of custodians administering funds offered by the Swisscanto Group, or through to more than 70 fund providers round the globe. Orders can be submitted electronically or through a web service which provides completely integrated access to extensive fund data as well as providing capture and monitoring facilities. The service provides, where appropriate, comprehensive order aggregation and NAV deadline management capabilities. The system has allowed the banks to carry out all mutual fund trading through a single system, with consequent cost savings and efficiencies.
Mark O’Brien, Associate Director of IT & Operations, said: “The
initial driver for this project was the need to find a solution for
processing orders in funds at our clients’ offices, in a system
that was specifically designed for the purpose. We had already helped
to bring to market the SynFundsSupermarket solution, which we use internally, but were reliant on third party
supplier systems for the initial order capture, and subsequent routing
of orders to us, from the client end. These systems were largely
based on equity order routing systems, and could not handle well,
the unique and specific terminology and business processes of the
mutual fund market, and so, a purpose-built solution was necessary.
The extension of the
SynFundsSupermarket system into the ASP service allows our clients to use the benefits
of our system functionality at their offices, whilst maintaining
a very high degree of STP. We fully expect the remaining Cantonal
banks to be live in the production environment by the end of the
year. The next stage would be to offer an “extension” to
the functionality to our clients for deadline management on their
own client-side, together with the opportunity for them to further
enhance their own internal systems by interfacing directly into the SynASP
servers, which we can do in a variety of protocols that include FIX,
Swift and XML.”
Security was a key concern, and the service operates through a secure
IP network created by Swisscanto. The routing system uses Coexis SynFundsSupermarket to allow highly secure data partitioning and segregation within a
single copy of the product, thus simplifying data and service management.
SynFundsSupermarket is a grid application, allowing incremental and seamless scaling
as the order flow grows and new clients join.
SynFundsSupermarket supports mutual fund order management activities of both principal
intermediaries / supermarkets, and banks needing to manage internal
order flow from branches or directly from clients, and could even
be used at the transfer agent or custodian end. The process-oriented,
rules-based system manages order capture, deadline management, order
consolidation, execution allocation and notification, and transaction
enrichment, leading to virtually 100% STP rates. It can be operated
as part of
SynSettlements to deliver an end-to-end solution and is available as an in-house
solution or on an ASP basis.
About Swisscanto Funds Centre Limited
www.swisscanto.co.uk
Swisscanto Funds Centre Limited is the UK wholly owned subsidiary
of Swisscanto Holding AG the parent company of the Swisscanto Group
based in Bern. The name reflects the country of origin of the Group
and the ultimate ownership by the Cantonal banks of Switzerland.
The company is the international funds centre of the group providing
fund management and fund desk services.
About Syn and
Coexis
www.syn.com
Coexis, the creator of Syn® ,
is an IT product provider with 30 years’ experience of meeting
the software needs of businesses in the international capital markets. Syn applications
take advantage of a process-oriented, rules-based approach which
free users from the high cost of bespoke solutions and the rigidity
of off-the-shelf packages. Applications include SynSettlements,
(settlement of bonds and equities), SynFixRouter, SynFundsSupermarket,
and SynCustomer.
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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, business development
director
E: 020 7613 8800 E: donal.obrien at coexis.com
Coexis Limited 1 High Street Rickmansworth Herts WD3 1ET UK T: +44 (0)1923 720477