Vendors Picked for Global Securities System
LONDON - The Global Straight Through Processing Association has announced the five vendors it will work with to build a cross-border system for matching and processing securities trades.The vendors are the Society for Worldwide Interbank Financial Telecommunication, Depository Trust and Clearing Corp., International Business Machines Corp., SegaInterSettle AG, and TKS Teknosoft SA/Tata Consultancy Services.
They were chosen from 22 that participated in the request-for-proposal process.
The association, formed by members of the financial community, seeks to reduce the complexity, cost, and risk of cross-border securities processing.
Clearing Feature for B of A Internet Service
CHARLOTTE, N.C. - Bank of America Corp. said it has licensed automated clearing house origination software from Magnet Communications Inc.Atlanta-based Magnet will add ACH capability to Bank of America's Internet cash management service, which has been sold to 1,500 corporate customers. The service lets customers gain access to information reporting and image-based positive pay checking services.
The banking company will add Magnet's payments capabilities in 2000.
"We picked [Magnet] because we saw a lot of compatibility in the technical architecture as well as their expertise and commitment to customer service," said Debbie Kirby, Bank of America client access product manager for Global Treasury Services.
Magnet has sold its software to 14 banking institutions, including ABN Amro and Bank of Montreal and its Harris Bank. Another three banks use Magnet's consulting services.
Store Branch Builder, Furniture Maker Team Up
ATLANTA - A First Data Corp. subsidiary that designs supermarket bank branches says a new partnership with a Canadian office furniture maker will halve the time needed to assemble such branches.The First Data unit, International Banking Technologies, will work with SMED International Inc. of Calgary, Alberta. SMED makes modular furniture that can be moved easily.
International Banking Technologies has designed and built more than 2,000 in-store branches for 450 financial institutions in the United States, Canada, and Latin America. But because those branches used custom cabinetry and millwork, remodeling of a store in which a branch was located required that the branch be demolished and rebuilt, said John Garnett, chief executive officer of the First Data unit.
In contrast, a branch put together with SMED components will be "easily taken apart and moved to its new location in the store, in a minimal amount of time," Mr. Garnett said.
Miss. Bank Picks Dutch Branch Software
JEFFERSON CITY, Miss. - Central Bancompany, a $4.5 billion holding company, has selected branch customer service software from Getronics NV.Getronics is based in Amsterdam and has regional offices in Boston, London, Singapore, and Washington. The firm's Global/fs software lets financial institutions integrate customer relationship management across the branch, call center, and Internet delivery channels. The framework is built on Microsoft Corp.'s Distributed InterNet Architecture for financial services, known as DNAfs.
Central Bancompany's 13 banks will initially deploy Global/fs in branch teller operations. Later it will be used in opening accounts, sales and counseling, and account servicing.
"We were looking for a solution that would standardize operations for all our affiliates," said Jack Cox, president of Central Technology Services Inc., the operations arm of Central Bancompany. "We believe that Global/fs provides the framework, features, and architecture that will contribute to increased sales and further improvements to customer service."