SS&C's web-based processing solution creates new opportunities for business growth and increased revenue
SS&C Technologies Holdings, Inc. (NASDAQ: SSNC), a global provider of financial services software and software-enabled services, today announced that Webster Bank has gone live on Lightning, SS&C's web-based processing platform for fixed income capital markets. The solution streamlines business processes to help Webster Bank increase productivity, improve customer service, and monitor exceptions in real time. Lightning provides Webster Bank opportunities to grow business relationships and revenue by offering new or incremental services to customers.
Webster Bank, a leading regional bank in the Northeast with over $25 billion in assets and 176 banking centers from greater New York City to Boston, implemented SS&C Lightning including its debt accounting module to create a single point of entry for trades and automate manual processes around confirms, cusip builds, reconciliation, sweep processing and more. As a result, Webster Bank can redirect resources to value-add projects that support its growth and enhance its customer service.
"SS&C's deep expertise in investment operations and strong regional presence influenced our decision to partner with them on our new platform. Utilizing Lightning has helped us reallocate important personnel to focus on priority items. As a result, we are more flexible and scalable, to help support agile business growth," said Denise Hall, Senior Vice President at Webster Bank.
SS&C's Lightning is a fully integrated and comprehensive web-based SaaS solution that seamlessly links the front, middle, and back-office for straight-through-processing of ﬁxed-income securities. Leveraging SS&C's Debt and Derivatives accounting technology, Webster seamlessly manages the operational and accounting aspects of OTC derivatives portfolios and provides an ideal valuation and accounting solution for multiple types of swaps, options, and FX forwards.
"Our clients achieve significant operational efficiencies with Lightning's enterprise model that addresses all the processing requirements. We are pleased to add Webster Bank to the SS&C family," said Tom McMackin, Senior Vice President, SS&C Technologies. "By using one Cloud based provider for all their trade processing needs, our clients are better able to manage their costs and risks. They are also able to focus on developing and improving their product and services instead of managing IT infrastructure."
SS&C is a global provider of investment and financial software-enabled services and software for the global financial services industry. Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has offices around the world. Some 11,000 financial services organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services.