28-May-99
ING Baring Private Bank (IBPB), one of the world's global private banking players, has chosen Odyssey's Triple'A Portfolio Management System as the master application software for its international private banking centres. In the initial stage of the agreement, involving 100 users, IBPB and Odyssey will work in a strategic partnership to implement Triple'A at a pilot site. The alliance envisions a rollout of Triple'A to IBPB's world-wide private banking centres in the Americas, Europe and Asia.
Triple'A is an integrated, enterprise-wide portfolio management system that enables the set-up of modern, centralised and structured Portfolio Management operations. Functions offered by the system include: portfolio modelling, trade/order management, performance monitoring, comprehensive reporting and risk management functions. With its functional breadth, wide instrument coverage, client/server architecture and powerful toolbox, Triple'A is an ideal mission-critical solution. Banks using Triple'A benefit from increased productivity that leads to better customer services and hence higher profitability. Release 3, which was successfully introduced in July 1998, is Euro-compatible and provides advanced order management, user-defined displays and support for complex instruments. The largest part of its installed base is in the financial centres of Switzerland and the Benelux.
"We selected Triple'A out of approximately 16 packages coming from a mixture of back and front office systems suppliers," said Marco Witteveen, COO of IBPB. We were looking for a system that could handle the whole range of private banking products not limited to portfolio management only. Triple'A met all our critical requirements whereas other products had a single area focus either in front or back office or in a specific business area. We intend to use the system globally as an independent front-end system, which requires maximum flexibility in terms of the capability to communicate with different back-offices and to customise it according to our own business rules, as derived from our corporate long-term strategy."
"We are very excited that ING chose Triple'A to realise this ambitious global project" said Antoine Duchateau, CEO of Odyssey. "It confirms that our way of approaching portfolio management is in line with the view of modern Private Banking institutions. We look forward to working in a close partnership with ING to successfully implement the core system of a structured and centralised Portfolio Management business operating in a truly distributed and global environment."
IBPB is part of the ING Group, a global financial institution of Dutch origin that is active in the field of banking, insurance and asset management. IBPB has business units in 16 countries in the Americas, Europe and Asia. The ING Group is active in some 60 countries and has over 82,000 employees. ING seeks to provide a full range of integrated financial services to personal, corporate and institutional clients through a variety of distribution channels, giving them the freedom to choose the option which best suits their individual needs. ING comprises a broad spectrum of prominent companies working close to the customer, many of them operating under their own brand names.