Israel Discount Bank of New York has announced an agreement to install a Mimics Inc. investment system for its securities and custody business.
The system, which will operate in a personal computer environment, will be used for the back office processing of the bank's trading operation.
Philip Permet, first vice president, said the system will streamline the bank's operation by eliminating the multiple work of preparing entries and posting them.
"We now will be able to input a trade into Mimics that will automatically be interfaced with the safekeeping module, which will allow us to verify that the trade is supported by the appropriate documentation and has been properly authorized and executed," he said.
Israel Discount plans to integrate the system into a PC network of approximately 10 workstations to support multiple screen entry, debit/credit ticket printing, and extensive on-line inquiry capabilities.
Jump in Custody Accounts
Currently, the bank uses a single PC to control and report custody account holdings for a small number of customers.
By bringing the system on board, the bank will be able to expand by sixfold the number of custody accounts both here and abroad, said Paul Campanaro, a vice president.
The bank plans to add the ability to work with foreign instruments once the system is installed.
The bank is a subsidiary of Tel Aviv-based Israel Discount Bank Ltd., which has $17.2 billion of assets worldwide. The New York bank has assets of$3.5 billion.
Mimics Inc. is based in Angel Fire, N.M., and specializes in trading and investment software.