Standard Bank Plc, the London based subsidiary of Standard Bank of South Africa, awarded Thomson Beta Systems a [10 year] contract and is using CAPITAL for securities settlement in its London and New York offices and plans to roll-out to Moscow and Hong Kong in 2006 from a central hub in London. Standard bank wanted to increase business efficiency by replacing legacy systems and also to increase control and support of back office operations through automation and exception management â and chose CAPITAL to deliver the solution.
As a specialist Institutional back-office solution, CAPITAL delivers clients an essential, cost effective straight through processing from deal capture through to clearers, providing coverage for a wide range of financial products and support for a wide variety of system interfaces and settlement links.
Steven Quigley, Managing Director, Operations Standard Bank commented: "In todayâs markets we are proactively pursuing opportunities to help increase operational efficiency and risk control in our back-office, and have been impressed with CAPITALâs business centric and advanced approach in this area. Our Straight Through Processing rates increased dramatically, reducing unit costs and increasing capacity in one swoop".
Peter Hald, Managing Director, Thomson BETA Systems (Europe) added: "We are delighted that Standard Bank selected CAPITAL as its strategic settlement platform. Our close working relationship has ensured that CAPITAL has already added considerable value to its back office operations, and through further phases of the project, will assist Standard Bank to continue streamlining its processes".