Yorkshire Building Society Goes Live

Yorkshire Building Society, one of Britain’s top three building societies, which has assets of £11 billion, has gone live with its new treasury management system, becoming one of the first such operations in the UK to adopt true straight through processing. Its SimCorp TMS2000 system is now supporting its wholesale fund management, liquidity management and risk management activity. "The system has been implemented within 12 months," says Chris Parrish, group treasurer of Yorkshire Building Society, "and we are now reaping the benefits of its straight through processing capability, which was one of the main reasons why we purchased the system."

The straight through processing facilities on SimCorp’s TMS2000 system enables the Yorkshire Building Society to update limits in real-time as deal transactions are keyed in. Furthermore because the system is based on a single database it cuts out the operational risk associated with re-keying of data and removes the laborious process of data reconciliation.

Other benefits that are being realised are achieved through the system’s highly configurable structure. "This in turn gives us a lot more flexibility in the management of transactions," explains Chris Parrish. "It means that we can introduce new instruments and structure more complex bespoke transactions."

Yorkshire Building Society selected SimCorp’s TMS2000 system after a thorough review of the market. "We short listed three vendors," says Chris, "immediately we could see an excellent track record for the TMS2000, with over 60 other European users. We then awarded points according to functionality of the various systems and took into account the fact that the SimCorp system was the preferred choice of our information systems people. Furthermore, we had worked with SimCorp in the past and like the way they work.

"Throughout the implementation they have been very open minded and willing to co-operate in adapting the system to our needs. The release of version 2.9 is imminent and this will have a lot more functionality that is totally relevant to us – we are looking forward to it."

TMS2000 provides a highly integrated solution for the management of financial data and supports a very wide range of treasury instruments. It is also proven in supporting equity and fixed income asset managers. In providing support for front, middle and back office functions, TMS2000 allows simultaneous improvements in efficiency and productivity.

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