Barclays Plc and ObjectWay, a private Italian group specialised in software solutions for the banking and financial sector, have signed an agreement for the ObjectWay Financial Suite Solution (OFS) adoption to support the Financial Advisory Services delivered by Barclays in its Western Europe Division (Italy, Spain, France, Portugal).
OFS platform has been successfully deployed in Italy and it is also operational in Spain, thus Barclays has chosen it as a European Standard for MIFID Financial Advisory. Barclays has scheduled to extend the ObjectWay platform in Portugal and France by October 2010.
Barclays Spain, the largest foreign bank in the country with about 5,000 employees and 700 branches, is to date the sixth banking group by managed assets to operate in Spain.
OFS solution will support the innovative Barclays service model called âBarclays Premierâ. OFS manages all processes related to the financial advisory service, according to the requirements of the MiFID directive. OFS supports client management and profiling, portfolio analysis, personal asset allocation, appropriateness and suitability compliance checking, client personal reporting and continuous portfolio monitoring.
OFS platform flexibility has allowed Barclays to obtain a tailor-made solution adapting the application modules âPorfolioâ, âPersonal Financial Planningâ and âMiFID Adequacy and Appropriatenessâ to its needs. Barclays has quickly implemented an innovative advisory service, detailed reports in terms of client categorisation and portfolios monitoring, operating in different languages (Spanish, Catalan and other native languages).
The seamless updating of the ObjectWay Financial Suite platform to the regulatory and financial requirements of the Spanish market allows ObjectWay to be immediately operational in Spain, where the company intends to grow and extend its business.
âThe choice by a leading group like Barclays to use the ObjectWay Financial Suite platform as an European standard for financial advisory servicesâ - stated Luigi Marciano, Chairman and CEO of ObjectWay S.p.A â âis a further confirmation of the high specialisation of our solution, as well as of ObjectWayâs ability to provide competences, professionalism and support, not only in Italy but throughout Europe: we are qualifying as one of the principal Italian software companies, specialised in finance and banking, capable of operating on an international scaleâ.
âOFS was first implemented in Italy with excellent results, then it was successfully put into operation in Spain. It was adapted to the specific requirements of the Spanish market, which is characterised by an evolving, multilingual clientele and an innovative service model like âBarclays Premierâ. Full operational effectiveness is expected in Portugal and France by October 2010â - commented Alberto Cuccu, Head of the ObjectWay Group's Financial Software Business Unit.