Netik, a financial software company, has introduced an Internet-enabled data base and risk management technology called xNetik.
Financial institutions can use the system to deliver consolidated information to corporate and individual customers and to departments within the company without having to replace or duplicate existing systems.
Wholesale straight-through processing and SPACE-single point of access, control, and entry-can be implemented "without the extremely high costs and lengthy time-scales previously associated with such projects," said John Wise, Netik joint chief executive officer. "Web-enabling or integrating systems can be achieved within days rather than years."
He said xNetik is being piloted in several banking systems and a letters of credit delivery system using intranets and extranets.
Netik is closely allied with Microsoft Corp., its Windows NT operating platform, SQL Server, and Component Object Model programming standard.
"By using a Microsoft platform and Internet technology, Netik delivers low-cost, effective solutions to organizations and will enable them to improve both their productivity and efficiency," said Nicholas Illedge, financial markets industry manager, Microsoft Europe.