Oesterreichische Nationalbank (OeNB) is now live with Simcorp Dimension as part of the bank’s transformation drive.
As part of its modernisation project, OeNB chose SimCorp Dimension to support its monetary policy and manage its investment activities.
Additionally, SimCorp has a highly automated approach and has already lowered the bank’s total cost of ownership by replacing costly, ageing legacy infrastructure, and several outdated best-of-breed solutions.
Working together, OeNB and SimCorp have implemented functionality across the entire investment lifecycle to streamline the bank’s vital competencies, including collateral management and foreign exchange.
SimCorp Dimension now supports all the bank’s key front office workflows and in the back office, SimCorp’s accounting book of record (ABOR) delivers advanced processing of SWIFT and cash management.
Franz Partsch, director of OeNB’s treasury department, said: “We are pleased to partner with SimCorp, who have been instrumental in our transformation effort.”
“Going live with SimCorp Dimension has enabled us to automate much of the investment process and provide better analytics to support investment decisions.”
“By overhauling and consolidating our investment operations, we’ve already seen numerous benefits from leaner processes, less manual workarounds, and reduced costs.”
Christoph Martinek, director of OeNB’s IT and customer service department, added: “Replacing our treasury software landscape was a vital part of our modernisation programme.”
“We aimed to phase out our mainframe infrastructure and to use modern, user-friendly software running on widely used operating systems instead. Moreover, a concerted data set for all business areas is a clear advantage compared to the landscape we used until recently.”
Dr. Ralf Schmücker, managing director at SimCorp Central Europe, commented: “It is a pleasure to welcome Oesterreichische Nationalbank to our established global community of clients, which includes several leading central banks.”
“Their decision to transform operations onto a modern automated platform is vital for the bank’s efficiency. The partnership underscores SimCorp’s ability to deliver a scalable and highly automated solution to central banks around the world, delivering them the operational and cost efficiencies needed in today’s market.”
