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COR Financial Solutions announces new contract with Muzinich & Company limited.

COR-IBS, the banking and securities applications software division of COR Financial Solutions, has won a contract to supply and implement a tailored version of Sable, its STP securities settlements solution, to Muzinich & Co. Ltd., the London based international investment firm, a subsidiary of Muzinich & Co. Inc of New York.

Muzinich offers customised asset management and advisory services to a select number of institutional clients and thus has to provide highly flexible and efficient levels of customer service. For their securities settlement operations they had been using an external bureau service, but now wished to improve and enhance their reporting capability. Muzinich decided to find a reliable, cost effective in-house solution to bring their settlements processing operation directly under their own control, and achieve the transition with the minimum risk of business interruption.

Muzinich chose Sable over ten alternative systems, as they were impressed by its rich functionality and flexibility. Sable's modular architecture meant that Muzinich were able to go live within seven weeks of signing the contract because the solution is highly configurable and can be rapidly adapted to meet both business and financial requirements.

The latest version of Sable, now operational at Muzinich incorporates a fully integrated trade feed from Bloomberg using Cassini, COR-IBS's configurable messaging software. This automatically captures trades dealt by Muzinich's London and New York offices. The trades are then validated and processed straight through, via configurable interfaces, to Counterparties, Settlement Agencies and Custodians and then into a fully integrated multi-currency, multi-department and multi-company accounting system. The direct link with Bloomberg eliminates the risk of errors on trade input and increases productivity by removing the need to re-enter data. Finally, Sable's easily accessible relational database facilitates downloads to spreadsheets and other packages for risk, compliance and regulatory reporting, all achieved from a single source of accurate information.

Philip Morris, Head of Operations at Muzinich & Co. Ltd. in London commented: "Sable was chosen because it was seen to be the most cost effective solution to fulfill our business and technical requirements. Real-time online portfolio reporting is essential to our business and as a result of the new system we have been able bring our securities settlement processing in-house, improve the service we deliver to our customers and deliver a rapid return on our investment."

Chris Brooke, Business Development Director at COR Financial Solutions added; "We are delighted that Muzinich & Co. Ltd has joined the roster of prestigious firms using our solutions. We continually strive to develop applications that enable our customers to reduce their operational costs and improve the efficiency of their businesses, we see this as a model for the future development of our business."