ABG extends mandate with Torstone to include middle office workflow
25 May 2021 UK
Image: stnazkul/stock.adobe.com
ABG Sundal Collier (ABG), the Nordic investment bank, is extending its use of the Torstone Technology platform to include middle office workflow in addition to Nordic settlement services.
ABG originally adopted the Torstone platform in September 2019, replacing a legacy vendor platform, to become Torstone Technology’s first Nordic client.
Use of the Torstone’s middle office platform is set to enhance operational efficiency through allocation and confirmation workflow, improving straight-through processing of its business and lower operational risk with the removal of manual data processing.
The solution will provide ABG with a full multi-asset capability, supporting the operational requirements for equity and fixed income products through a single unified workflow.
It will also see the integration of CTM, DTCC’s central trade matching system, together with comprehensive support for manual allocation, and a flexible confirmation template capability.
ABG will also benefit from bringing its full operational workflow onto a cloud-deployed solution underpinned by a single unified data model, allowing the investment bank to further improve digitalisation and automation through the entire post-trade process.
Brian Collings, CEO of Torstone Technology, says ABG’s decision “is testament to the quality and breadth of our offering”.
“The middle office is critical to supporting front office performance – automating workflows, creating efficiencies and giving access to real time flow through a fast, flexible system to streamline operations and future-proofs the bank to give an edge over the competition,” Collings adds.
Geir Olsen, CFO at ABG Sundal Collier, comments: “This project is a significant step forward in our collaboration with Torstone to leverage a solution configured to our needs. The middle office is a critical part of the trade life cycle, and Torstone’s solution will improve our asset allocation and confirmation workflows.”
ABG originally adopted the Torstone platform in September 2019, replacing a legacy vendor platform, to become Torstone Technology’s first Nordic client.
Use of the Torstone’s middle office platform is set to enhance operational efficiency through allocation and confirmation workflow, improving straight-through processing of its business and lower operational risk with the removal of manual data processing.
The solution will provide ABG with a full multi-asset capability, supporting the operational requirements for equity and fixed income products through a single unified workflow.
It will also see the integration of CTM, DTCC’s central trade matching system, together with comprehensive support for manual allocation, and a flexible confirmation template capability.
ABG will also benefit from bringing its full operational workflow onto a cloud-deployed solution underpinned by a single unified data model, allowing the investment bank to further improve digitalisation and automation through the entire post-trade process.
Brian Collings, CEO of Torstone Technology, says ABG’s decision “is testament to the quality and breadth of our offering”.
“The middle office is critical to supporting front office performance – automating workflows, creating efficiencies and giving access to real time flow through a fast, flexible system to streamline operations and future-proofs the bank to give an edge over the competition,” Collings adds.
Geir Olsen, CFO at ABG Sundal Collier, comments: “This project is a significant step forward in our collaboration with Torstone to leverage a solution configured to our needs. The middle office is a critical part of the trade life cycle, and Torstone’s solution will improve our asset allocation and confirmation workflows.”
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