NIBC Bank, a Dutch commercial bank, has completed the automation of its back-office operations with post-trade securities software vendor, Torstone Technology.
Torstone’s cloud-based post-trade processing platform, Inferno, was selected to replace NIBC Bank’s legacy system, as the firm rationalises its operations to drive efficiencies across the wider business.
The Inferno platform covers trade capture, confirmation, settlement, accounting, corporate actions, reconciliation and regulatory reporting.
By consolidating its processes on Torstone’s platform, it will also enable the bank to benefit from Torstone’s enhanced service model, resulting in reduced total cost of ownership.
“The successful implementation of Inferno is the result of a close collaboration between Torstone and NIBC’s teams, who worked together to ensure a timely delivery. We look forward to working with NIBC further and continuing to drive greater automation through our agile, integrated platform,” said Brian Collings, CEO, Torstone Technology.
In May, Torstone Technology joined the Amazon Web Services (AWS) cloud platform enabling it to roll out the software-as-as-service (SaaS) platform on a greater scale to firms looking to overhaul their internal infrastructure.
It is also one of the few post-trade technology vendors live on the AWS platform.
“Offering Inferno via the AWS platform has equipped us to further enhance the scalability of our platform, both in terms of rapid deployment and flexibility to expand our technology footprint,” added Collings.
Earlier this year, Torstone Technology acquired Percentile, a risk and compliance technology specialist, giving it a wider product offering to its cloud-based platform.