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Back to all ION Treasury announcements

WALL STREET SYSTEMS TO LAUNCH NEW PLATFORM FOR OUTSOURCED PAYMENTS PROCESSING AT SIBOS 2004

* Also on show will be new functionality for the US regional banking market, STP and structured products

New York and London, September 20 2004 - Wall Street Systems Inc., a leading
provider of global treasury and capital markets solutions, will launch its new platform for outsourced payments processing at Sibos 2004, which takes place in Atlanta, Georgia from 11-15 October. In addition, Wall Street Systems will be showcasing new functionality for the US regional banking market. Both solutions enable banks to provide their clients with improved service and product offerings.

The new payments solution from Wall Street Systems is specifically designed to enable banks to improve and increase the range of outsourced payments services they can offer to their corporate clients. It enables banks to obtain outsourcing business for corporates, where the corporates are looking to outsource and centralize their accounts payable processing. Already in use by a major Tier 1 bank, the solution takes advantage of the latest service oriented architecture and grid computing techniques to offer scalable, flexible and easily integrated payments processing. The new solution is based on the cash management and commercial payments functionality of The Wall Street System® treasury and capital markets solution, which has been implemented by many of the world's largest corporations including Procter & Gamble, Ford, Dow Chemicals and Hewlett-Packard.

With the new payments platform, banks can support multiple clients on a single system, which means minimal operational and infrastructure costs. The solution can be configured to meet the needs of individual corporate structures which will typically consist of hundreds of different entities and it has the scalability to handle Tier 1 transaction volumes. The banks'clients can manage all their in-house and external banking activity through a single web-based interface. The Best Market Practice process from The Wall Street System allows banks to significantly reduce the transition times for bringing new clients onto the system.

The payments solution provides comprehensive security and audit features, which are of paramount importance to banks when offering the service to external clients. A key component of the new platform is The Wall Street Systems® Payment Factory - a sophisticated rules engine that allows clients to save on transaction costs by converting cross-border wire transfers to cheaper local or cost free internal payments.

Mike Thrower, director of marketing at Wall Street Systems comments, "The new outsourced payments processing solution from Wall Street Systems will enable banks seeking to take a market leadership position in this space to radically change and enhance the outsourced payments services the offer to clients."

At Sibos 2004, Wall Street Systems will also be showcasing its solution for US regional banks. The system can support a bank's asset class coverage including FX, Fixed Income, Interest Rates and Derivatives and equips banks to offer a unique web interface to their customers, with full operational integration into the STP environment.

Martin Cook, head of business development, North America, Wall Street Systems observes, "The US financial institutions already using The Wall Street System® treasury and capital markets solution are retaining existing clients and winning new customers through improved service and product offerings. The solution provides comprehensive cross-product, market, credit and operational risk management in a single system. This fits with the need for US banks to meet the growing regulatory requirements and at the same time maintain flexibility and differentiation in their client services."

Wall Street Systems will also be showcasing the latest developments in STP and its Structured Products Framework. STP has always been at the core of the design and architecture of The Wall Street System® treasury and capital markets solution. At Sibos, Wall Street Systems will demonstrate how Release 4.1 of The Wall Street System has taken these design principles to the next level; enabling clients to achieve STP rates above 95% to reduce cost, headcount and operational risk in their treasury and capital markets operations. The Structured Products Framework supports a diverse range of interest rate and credit derivatives, with full deal structuring and modeling capabilities, enables banks to manage all asset classes on one platform and one database. Complete risk, data and process consistency from front to back ensure extensive management control, regulatory compliance and legislative reporting in response to Sarbanes-Oxley and Basel II as well as Fed, FSA and SEC requirements.