Diasoft, a global provider of cutting-edge core banking solutions, continues the complex project of FLEXTERA BI implementation in Interprombank.

Currently FLEXTERA BI “Reporting” implemented in Interprombank supports all of the 15 reporting forms, including: 0409102, 0409110, 0409115, 0409117, 0409118, 0409125, 0409135, 0409251, 0409257, 0409808, as well as currency control forms like 0409401, 0409402, 0409405, 0409407, 0409664. The choice of FLEXTERA BI is based on a long-lasting cooperation of Interprombank with Diasoft. The bank is an active user of Diasoft`s complex core banking solution.

Development of Interprombank business required an increased performance and improved business-processes, while constant changes of regulatory requirements made the extended reporting functionality critical for the bank. As a result of FLEXTERA BI implementation Diasoft automated key processes of Interprombank in terms of the most complex reporting forms.

“Reporting” solution, developed based on FLEXTERA BI Analytical Center, allows building an effective reporting process and ensures the increased performance of work due to the high level of productivity and flexibility in setting of every reporting form by Interprombank business-users with minimal involvement of IT-specialists. The system provides data enrichment and reports specification opportunities for the additional analysis basing on industrial visualization tools. Ability for inter-form and cross-form quality control of input and processed data allows forming the reliable reports and discovering weak points in accounting systems through analysis of identified errors.

“We were able to achieve first business results within only 5 months period after the project start. Since all the necessary data has already been collected within a single storage model further implementation of reporting forms appeared to be much faster”, - said Irina Nikotineva, Head of Reporting Department, Interprombank. “We order the implementation of additional FLEXTERA BI forms step by step - according to our real time requirements. Due to recent tightening of calculations algorithm by local regulator we launched in production reporting form 0409125 “Information on assets and liabilities by claiming and repayment period” basing on FLEXTERA BI. I want to highlight the professionalism and teamwork of Diasoft specialists involved into requirements analysis and implementation of this reporting form in Interprombank.”

ElectraCard Services (ECS), provider of software solutions for electronic payment systems, successfully helped launch the Western Union® ICICI Bank Prepaid Card in India recently, as Western Union’s preferred technology and processing service partner.

The Western Union® ICICI Bank Prepaid Card offers millions of under-banked Indians who carry cash 24/7; a much-safer way to store and access their money any time along with new spending options locally.
 
ECS’ award winning Electra prepaid platform hosted from its world-class PCI-DSS certified data centers brings significant advantages with its advanced functionality, high reliability, scalability and the required flexibility to provide innovative services on an on-going basis, across the entire card life cycle.

ElectraCard Services, a subsidiary of Opus Software Solutions, provides software and third party processing services for cards and payments management industry across the world including MasterCard® and VISA®. ElectraCard Services enables financial institutions, retailers, finance companies and corporations to electronically process, in real-time, any type of payment transaction, including credit, debit, pre-paid, and Account Clearing House.
 
The Western Union ICICI Bank Prepaid Card elevates Indians into the financial mainstream in a nation where usage of bank accounts by those aged 15+ are 35.2 per cent; 8.3 per cent receive a wage into a bank account; 1.9 per cent receive remittances into an account and 4.1 percent use an account for business[1] .
 
Indians can load monies derived from income, government payments, gifts and other earnings including remittances after they have been cashed out.  In addition the card will soon offer card-to-card transfers and third-party top-up capabilities
 
 “For over 19 years in India, Western Union has been proud to lead the way in enhancing the lives of hard-working overseas Indians and their loved ones at home by moving their hard-earned monies through our Agent network,” said Kiran Shetty, Managing Director Vice President, Western Union India.
“In a nation where 65 % of the population are under-banked and resort to makeshift ways to protect their cash, the Western Union ICICI Bank Prepaid Card will provide a more secure way to store cash and encourage greater savings and future planning, including emergencies,” said Mr. Shetty.
“In introducing this innovative financial service – unique collaborations were forged with many parties besides ICICI Bank and Mastercard.  In particular, we are delighted with our association with ECS – the combination of their world-class technology platform and a real collaborative approach has made a difference towards our speed to market”, he said.

Mr. Ramesh Mengawade, CEO, ElectraCard Services said, “As the preferred partner of the world’s largest card providers - at ECS; we are privileged to form part of a team that has introduced a financial mechanism  that will benefit millions of Indians and bring them into the financial mainstream.
 
“While we marry technology to facilitate card service – it is really gratifying to bring all these forces together to serve consumers conveniently without the individual having to deal with the complexity of having to own or access sophisticated technologies,” he said.

BCS Prime Brokerage (‘BCS’), the international arm of the largest trader of equities and derivatives on the Russian exchange, has announced a strategic partnership with ARQA Technologies to implement ARQA’s automated back-office software – backQORT. 

The multipurpose back office system, which provides record-keeping, trade settlement, regulatory reporting and partial management accounting, will provide BCS clients with access to new markets and a more efficient transaction clearing model.

The BCS platform will now perform accounting of spot instrument operations in various markets including the Moscow Exchange (MOEX) the London Stock Exchange (LSE) and the MOEX Currency market.

The backQORT system makes calculations of various taxes applicable to companies operating in accordance with EU regulations. One of the improvements introduced into the system is the function to directly clear transaction at exchanges and through international clearing organisations.

The new functions acquired by the system over the course of the latest implementation are now available to all clients of ARQA Technologies.

Tatiana Chepeleva, Managing Director, Head of IB operational strategy at BCS, added: “The main challenge we faced was to implement a universal system that would incorporate different markets, instruments and currencies. While developing the system there have been wide consultations made and we have met the high standards and business requirements of the company. Implementation of the software has been a huge success.”

Vladimir Kurlyandchik, Director of Business Development at ARQA Technologies, commented: “This project has demonstrated a combination of experience in development of complex software and the know-how of a leading financial market operator. The upgrade and implementation of the software has only taken six months thanks to efficient work of business analysts of the BCS group.”

Throughout the third quarter of 2013 ARQA Technologies carried out the implementation of front-end program complex QUIK at 5 investment companies and banks including Baikal Bank from Ulan-Ude and Bank Stroykredit from Moscow.

A QORT-based solution – the middle-office midQORT – was implemented in ROSBANK (Moscow). The midQORT solution is particularly efficient for post-trade risk management as it works in conjunction with the front-office QUIK and employs online control of client positions, limits and P&L. ARQA Technologies is delighted to welcome on board ROSBANK as a new client who will be using its increasingly requested middle-office solution.

ARQA Technologies (ARQA), the independent financial markets software provider, has announced it will provide clients with a consolidated financial data feed provided by S&P Capital IQ Real-Time Solutions. The global provider of next generation trading products will address the growing demand from ARQA clients for differentiated low-latency data at different speeds. 

S&P Capital IQ Real-Time Solutions is one of ARQA Technologies’ long-standing partners in the provision of ‘fast’ market data delivery. The global ConsolidatedFEED, an additional offering from the firm, is designed for investors, sales/traders and risk managers, as well as electronic quote and news applications. The end-to-end market data feed is delivered to support electronic trading applications and real-time risk management. The solution provides both normalized and value-added market data and promises seamless integration with existing legacy or in-house distribution systems. 

As well as investment banks and asset management companies, the innovative ConsolidatedFEED benefits corporate and financial institutions that need to power in-house applications such as middle-office portfolio and risk applications. It may also be used for back-office applications as snapshots of real-time data needed to price portfolios and positions.

Integration with ARQA’s products will bring the global consolidated feed to end-clients and trading desks of companies which use the QUIK front-office system. When QUIK is employed as a risk server the new feed may serve for the purposes of online real-time pre-trade checks, as well as post-trade analysis of positions opened in global markets. Existing solutions integrating ARQA’s products to back-office platforms will transparently bring relevant data into accounting systems of companies and banks. The implementation of the global ConsolidatedFEED to solve such tasks will reduce overall costs of market data for clients without loss of quality compared to ‘fast’ alternatives. The feed consolidates data from 21 points of presence and provides the data from hubs inside co-location facilities in New York and London. 

Brian Cassin, Managing Director at S&P Capital IQ, commented: “The consolidated data feed is for clients that do not have ultra-low latency as their most important requirement. They may be looking for low latency, but also broad coverage of global exchange data, data aggregation, normalisation, ease of implementation and ease of data consumption.”

The General Director of ARQA Technologies, Yuri Voronov said: “We believe some of our customers may discover that the new consolidated data feed offers an opportunity to enhance their performance due to better access to global exchange data and, thus, offer improved service to their own customer base.”

The next release of SLIB CRMS - SLIB’s innovative pan-European risk platform - features SLIB’s native implementation of Eurex Clearing Prisma.

Eurex Clearing Prisma is the new risk methodology of Eurex Clearing, one of Europe’s leading clearing houses. It will replace the current RBM (Risk-Based Margining) method. When fully deployed, Prisma will cover all the products cleared by the German CCP within a uniform portfolio-based framework. The initial release, already in production at Eurex, covers listed equity derivatives and equity index derivatives. Fixed-income derivatives and cross-margining with related OTC products are expected in May 2014, with equities scheduled for the final release.

SLIB’s native implementation replicates the algorithms of Eurex Clearing Prisma and integrates the related data flows. SLIB CRMS will offer both Prisma and the current RBM method running in parallel. This will allow SLIB’s customers to choose the migration strategy and timing best suited to their needs and to the requirements of each of their clients.

“Prisma is a state-of-the art methodology that is substantially more complex than RBM. Clearing members wishing to replicate and integrate the Eurex Clearing algorithms in their systems are faced with a major challenge. With SLIB CRMS, they can benefit from a reliable native implementation of Prisma and obtain significant savings. They can also benefit from SLIB CRMS’s flexibility to schedule migration of their clients progressively,” said Kazimierz Sycz, Risk Solutions Product Manager at SLIB.

OptionsCity Software, the provider of electronic trading solutions, today announced that the company has completed conformance testing with CME Europe, a new London-based derivatives exchange (subject to Financial Conduct Authority Approval) and wholly owned subsidiary of CME Group. Upon the September 29, 2013 launch date of the exchange, and pending regulatory approval, OptionsCity will provide its clients that are members of the exchange with direct access to CME Europe.

“We are pleased to offer our customers access to trading futures on CME Europe,” replied Hazem Dawani, CEO of OptionsCity Software. “Our direct connectivity will offer highly reliable access and further competitiveness for our clients, allowing them to capitalize on opportunities in new markets. This is a milestone in our expansion in Europe.”

OptionsCity customers will be able to choose between trading the initial range of FX futures on CME Globex or by submitting block or EFPS trades via CME ClearPort for clearing. Clearing services will be provided by CME Clearing Europe, the London-based clearing house regulated by the Bank of England.

Customers will access products listed for trading on CME Europe via OptionsCity’s Metro and Freeway platforms. Metro, the firm’s flagship electronic trading and market making platform fully integrates with Freeway, a multi-asset automated trading platform that gives developers and traders a comprehensive development environment to create and back-test automated trading strategies, and execute trades to the market with micro-second speed.