AIM Software, a leading provider of reference data management and risk management solutions to the financial industry, announced today that Danish private bank Sydbank (Schweiz) AG has selected AIM Software's data management solution GAIN DataDesktop for the integration of price, static and corporate actions data provided by Telekurs in Switzerland. This enables Sydbank to fulfil the requirements of the EU Savings Tax Directive consistently.
The fully-fledged data management platform GAIN DataDesktop of AIM Software will be used to integrate Telekurs VDF (Valor Data Feed) data automatically into the core banking system of Sydbank. Additionally, Sydbank will use AIM Software's solution for the processing of EU taxation data, thereby complying with the EU Directive taking effect on July 1, 2005.
"We will be able to completely automate the integration of VDF data into our APSYS banking application which will support us in improving our data quality and in reducing manual processes to a minimum level", says Thomas KÃ¶nig, Chief Financial Officer at Sydbank (Schweiz) AG.
The implementation of the EU Savings Tax Directive is scheduled to take effect on July 1, 2005. In order to cope with the approaching deadline, AIM Software offers an all-in-one solution for the automated processing of EU taxation data.
KÃ¶nig adds: "For Sydbank it was vitally important to have a reliable partner with comprehensive know-how and a large client base in order to fulfil the EU's Savings Directive in such a short period."
"The need for an out-of-the-box solution for a fast and low-risk implementation has frequently been voiced in the industry because of the EU'
s short deadline," says Martin Buchberger, Head of Marketing at AIM Software. "We were keen to bundle an attractive and standardized package which covers the requirements of our clients."