Sweden's Central Bank, Sveriges Riksbank, which is the world's oldest central bank, has selected SimCorp's TMS2000 investment management system for its Market Operations division. With a 40 user licence, the bank will use the system's full straight through processing (STP) functionality in managing and monitoring its front office, middle office, back office and accounting activities. This includes Riksbank's asset management, foreign currency transactions, monetary policy operations and payments.
Riksbank selected SimCorp's system after a thorough procurement process in which some 15 different systems were considered. TMS2000 fulfilled the Riksbank's requirements very well as a comprehensive STP solution and it was considered to be the economically most advantageous solution.
SimCorp sees this order as a confirmation that the system's functionality in specific areas is superior to others, taking into consideration that competing tenders included those that are dedicated "best-of-breed" systems supporting those areas.
TMS2000 will be fully installed and implemented by January 2004.