Replacing VKB's existing portfolio management system structure TMS2000 will be implemented as an integrated solution creating a full straight-through processing environment that will make for substantial efficiency gains throughout the organisation. The TMS2000 solution will provide support for a wide range of financial instruments for more than 30 users in front, middle and back office.
With the selection of TMS2000 VKB has given a high priority to the system's Straight-through Processing facilities and its compliance with the regulatory requirements for the German insurance industry. VKB's TMS2000 implementation project will be initiated in July of this year and will be completed during Q2 of 2003.
With the German savings banks organisation as majority owner, VKB offers a range of insurance and pension products and services. In terms of business volume as well as assets under management Munich-based VKB ranks between the 10 largest insurance groups in Germany. The new licence agreement is therefore further strengthening TMS2000's market position within the German insurance industry.
In accordance with SimCorp's revenue recognition principles VKB's licence agreement will not affect recognised Group revenues in Q2 as technical installation will take place after the end of the quarter. As the new TMS2000 order is already included in SimCorp's forecasted order inflow for 2002, the Group's previously announced expectations for the order inflow and the financial outlook for 2002 are maintained.