London, U.K., 2 July 2001 – HelioGraph, specialists in the financial messaging technology sector, today announced that the Global Securities Division of Commerzbank , one of the largest banks in Germany, has signed an agreement to implement its corporate actions processing solution, eVent.
Commerzbank's operational team in London are focused on initiatives that will reduce risk, realise true STP (Straight Through Processing) operational practice and prepare for the move to the SWIFT ISO15022 standard. Whilst this is a challenge for the entire industry, Commerzbank found that it could take a quantum step forward in improving its existing corporate actions process by adopting the eVent solution. In line with the company's strategic goals of building and maintaining its position as a key player in Europe with a strong presence in the world's major financial centres, Commerzbank is keen to invest in innovative technology that will ensure it is able to continue delivering ongoing shareholder value through operational efficiencies.
"The introduction of the new ISO15022 message standard, which is more complex but also far more powerful than the old 7775 messages, means that at last the complicated area of corporate actions processing can be automated. In our opinion, eVent is the only product capable of automating the entire process, end-to-end, and we are delighted that Commerzbank has opted to be one of the first major brokers to implement it. The move from a predominantly manual process, with its inherent risk and high cost, to a cost-effective, fully automated STP solution is one which will give them a real edge over their competitors." said David Baxter, Director, eVent Systems.
The eVent solution combines the technological strength and proven reliability of HelioGraph's open STP platform, with the business knowledge of eVent Systems and is designed to eliminate the risks associated with the corporate actions process. From initial 'cleansing' of data, through calculation of entitlement and internal systems updates, to automatic generation of instructions and receipt of confirmations, the corporate action user is able to monitor and manage the progress of each event from start to finish, thereby ensuring that as exceptions arise these can be dealt with in a timely and efficient manner.
David Pearce, Head of Operations, Commerzbank Investment Banking, said: "We conducted a thorough evaluation of our options before choosing to proceed with the HelioGraph solution. As regards corporate actions processing, our main aim is to eliminate risk and deliver enhanced levels of service to our customers. We believe that eVent should make a significant contribution towards meeting these goals."
This latest announcement follows only two weeks after the official product launch. Corporate actions processing in general and eVent in particular are generating an enormous amount of interest. More announcements are expected soon.