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MIDDLE & BACK OFFICE SECURITIES PROCESSING
ObjectWay SMIT2 can support middle and back-office securities processing of numerous Italian and international Private Banks based either on their own information systems or those of outsourcing service centres.
The integrated nature of the solution, constant regulatory updates, ease and efficiency of use, the ability to be customized and the know-how provided by ObjectWay make ObjectWay Securities Middle and Back Office the ideal support for Private Banks’ business needs.
ObjectWay Securities is a straight-through processing platform that assures the fluid cooperation of separate departments of a credit institution with respect to order management, compliance, regulations, securities master data, corporate actions, accounting, tax and reporting.
ObjectWay Securities is a solution of the SMIT2 product family. It is multicurrency, multilingual, modular, flexible and extendible and is constructed on secure and scalable service-oriented architecture.
The solution has the following middle & back Office functions regarding securities processing:
The solution’s strong points are:
WHO & WHAT
Barclays selected the ObjectWay Financial Suite components - ObjectWay Financial Planning, ObjectWay Portfolio, and ObjectWay Mifid Adequacy & Appropriateness - to support MiFID compliant advisory services for its “affluent”, “top affluent”, and “private clients”. Barclays uses the ObjectWay Financial Suite in its Italian and Spanish subsidiaries for nearly 1,000 branches. The software has been used in Italy since 2008 and will be introduced in Spain at the end of 2009. Nathalie Couveignes, Marketing Director, Barclays France and head of Barclays University for the Global Premier Banking described ObjectWay as a “scientific and holistic” support of Barclays Premiere business model that is fully compliant with MiFID and explained that the platform would soon be introduced in four other European countries.
The Wealth Management, Private Banking division of Credit Suisse, serves approximately 700,000 high net worth individuals around the world. Credit Suisse Italy’s Personal Bankers and Relationship Managers provide financial, retirement and insurance advisory services in 29 locations throughout Italy.
Credit Suisse Italy uses the full ObjectWay SMIT2 platform - Front, Middle & Back Office – for all aspects of asset management and administration: order input, straight-through processing trading on domestic or international markets; asset management services for private and institutional clients, SWIFT settlements, securities custody, taxation and reporting.
Credit Suisse uses ObjectWay integrated solutions for CRM and MiFID-compliant advisory services.
BofA MERRIL LYNCH
With 20,000 advisors and 2,500 billion in client assets, Bank of America Merrill Lynch is the world’s largest broker.
The Italian branch of Merrill Lynch Global Wealth Management selected to use the entire ObjectWay SMIT2 software product line in its Private Banking business, adopting the ObjectWay front-office and back-office solutions for investment management of clients' safekeeping accounts and discretionary portfolios.
The solution is an integral part of the Bank’s global infrastructure. Introduction of continuous 24-hour availability eliminated business cut-offs and accelerated data updates, thus increasing the accuracy of portfolio information provided by private bankers to their clients.