Swiss Re were using HiPortfolio in Zurich, London, Dublin, Amsterdam, Munich, Rome, Bermuda, Johannesburg, Hong Kong and Melbourne, and have just rolled it out to its Canadian and U.S. operations. With over 50% of Swiss Reâs business volumes coming from North America, the success of the project was imperative.
In order to satisfy Swiss Reâs North American legal reporting requirements, DSTi developed four new modules. To accommodate Schedule D - US Regulatory Reporting Requirements, with which all insurance companies must comply - DSTI developed three modules. For Canadian Tax Reporting, DSTi now has another module. The new modules calculate and format Swiss Reâs financial exposure on a quarterly and yearend basis for the Swiss Re entities that are covered under this legislation. In the case of schedule D, this includes eleven Swiss Re entities Jorge Riera, Swiss Reâs head of information systems, aid, "HiPortfolio is the only asset management and accounting system available in the market today that is capable of handling our wide range of assets under management, local accounting principles and STP required in each of our investment centres. DSTi has an excellent team, very capable of developing and delivering solutions to meet our complex North American asset management, accounting and regulatory reporting requirements."
Mike Winn, DSTiâs group managing director, said, "Weâre delighted with the whole Swiss Re relationship. Their vision has really taken HiPortfolio forward and their input has helped us produce software to manage all the complex US regulatory (Schedule D) reports. Swiss Re are also kindly helping us to launch HiPortfolio/3 in the North American market. Itâs a great success story and an enduring relationship. "
By using one global solution, Swiss Re was able to integrate all of its accounting and backoffice systems onto one database. It now has only one IT system landscape to be maintained. Any new systems will need to be interfaced only once for all of Swiss Re globally. Any new developments (reports, subsystems, etc) will be available to all of Swiss Reâs investment centres. There are no redundant systems and processes anymore. The OpenMessenger module of HiPortfolio is used for electronic trade confirmations (ETC) and electronic trade settlements (ETS) and reconciliation with banks and custodians of
income and stock positions. This Straight Through Processing is available to all global operations, allowing Swiss Reâs global back office operations to be more efficient. Swiss Reâs monthly, quarterly and year-end closings will be expedited with considerably much more reliability and quality. This is due to the fact that the group accounting reporting is coming now from one database and is fully automated. More timely data is available in better quality. Trades are processed and booked the same day, confirmed and settled automatically.
The solution at Swiss Re was a culmination of DSTi products, over 6,000 man days of design and development, followed by DSTiâs consultancy and support to implement the customised solution.
OpenMessenger uses Heliograph technology for its Swift application.