iE has announced that it has been selected by The Bank of New York (BNY) to assist in the creation of BNY's 'Next Generation' European Fund Services Technology Platform. BNY's proprietary retail transfer agency system, RUFUS, has a proven and successful track record with many of the world's biggest financial services firms relying on the system to manage their retail funds. RUFUS accounts for around 25% of the UK retail funds management market alone. Given the ever-increasing development rate of the European funds market, BNY needed to enhance the RUFUS system to accelerate the Banks ability to deliver new capabilities and services.
In order to achieve this, BNY selected iE to undertake the migration of it's RUFUS system from AM to .NET based on iE's proven capabilities to rapidly develop and implement creative business solutions. iE's contribution to the project is the development, implementation and operation of the AM to .NET translator. The translator, which migrates AM's original business logic, converts the RUFUS system's proprietary code to a format that works within the open .NET framework.
Phill Blundell, chief executive of iE, said: "iE has already made the decision to take the .NET route for development of our new products. Building the AM to .NET translator is not only evidence of our continuing support to our customers but also enables them to utilise the advantages Microsoft's .NET can bring. We have already seen high levels of interest in the AM to .NET translator and will be offering the product to our AM customers worldwide." Bill Hookings, managing director of retail funds product development at BNY said: "Given iE's detailed understanding of both the market place and, as the developer of the AM platform, the RUFUS system, it was the logical choice for iE to work with BNY and Microsoft. This approach gives us a fast track to an open architecture, which has implications for long-term development costs. It also means we will have the opportunity to benefit from the .NET web services architecture as it evolves."
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