The selection process was a detailed one, with a wide range of suppliers evaluated. The bankâs Head of IT, Frank Iller, says: âThe main requirement is to monitor, from a business perspective, the exchange of Swift messages, both incoming and outgoing. For each, we want to understand the different status to improve the efficiency of our settlement processesâ.
A key reason for Aqua Globalâs success was a two-day proof of concept workshop in which it was able to demonstrate processing of outward payments, treasury and securities messages and automatic inward booking of payments. Proven integration with Olympic was another factor, with this live in a number of sites. Aqua Global Solutionsâ Sales Manager, Peter Truckle, says: âThe success was a testimony to the standardisation and depth of integration between Intercept e2gen and Olympicâ.
This assertion is backed up by Mr Iller: Intercept e2Gen was chosen, he says, because it, âfits the purpose, seems to be the most mature product and interfaces more easily than others with our production systemâ.
The first phase will focus on cash management and inward payment processing. UBS has also signed for outward message processing for payments, securities and treasury, as well as the treasury and securities message matching modules. The aim is to fully automate settlement processing within Olympic. The phased implementation is due for completion by mid-2006. This is Aqua Globalâs first success within UBS.