New York, NY and Denver, CO., October 2, 2002 IBM and Access International Financial Services today announced the completion of an agreement to jointly market Access International's Global Product Suite consolidated security master applications. Under the terms of the agreement, Access International and IBM will license the Global Product Suite to banks, broker/dealers, Fund managers, and other securities processing organizations as a complete consolidated security master solution with implementation and integration services provided by IBM Global Services.
The completion of this agreement is the culmination of more than 18 months of extensive work involving a number of IBM divisions. These divisions include Financial Services Industry Marketing and Sales, Global Services, Server Group, and Software Group. Under this agreement, each of the IBM business units will actively participate in technology support, integration, marketing, and sales of Access International's Global Product Suite.
Many of the costs associated with unsettled transactions result from invalid reference data. In addition to unsettled transaction costs, organizations are also incurring high systems and data management operations support costs by maintaining multiple and duplicate databases with this information. Global straight-through processing requires accurate and reliable consolidated financial instrument data to drive automated transactions from order management to clearance.
Access International's Global Product Suite provides a single application to capture and consolidate financial instrument data within one database for a broad array of global financial instruments including; equities, debt, options, currency, mortgage backed securities, futures/forwards, money markets, funds, commodities, asset contracts, units/synthetics, rights/warrants, and multi-class deals. The Global Product Suite is also designed to rapidly add new financial products and asset classes.
Access International has worked closely with IBM Global Services and IBM Data Management Division packaging the Global Product Suite as an offering that exploits the scalability, reliability and manageability of key IBM technologies. The Global Product Suite applications are offered in an open Java architecture utilizing WebSphere and DB/2.
"Our world class application combined with IBM's technologies and integration services, provides customers a complete solution for consolidating and managing global securities data in a cost effective manner," said Jeff Metter, President and CEO of Access International. "The Marketing Relationship Agreement provides Access with the benefits of working closely with IBM's world class hardware, software, services, and sales and marketing organizations".
"The completion of this agreement demonstrates IBM's continued leadership in providing comprehensive solutions for addressing global STP requirements," says Thomas Shaw, IBM Director of Financial Markets. "Global Product Suite, delivered by IBM Global Services on platforms such as Linux, AIX, and S/390, will help financial market customers reduce the time and cost to deliver a consolidated security master database application."
IBM and Access International are also developing an offering to deliver consolidated securities data to organizations though the use of the Global Product Suite fully managed within an IBM hosting facility. The Security Master Utility is part of IBM's strategic initiative, "e-business on demand, The Next Utility."