Financial Objects plc, a provider of advanced banking and financial services software solutions, have released a front- to back-office application that aims to enable private banks to reap the benefits of straight through processing and optimise the value of their IT investments.
Key to the solution is a newly-developed interface, built using activebank Orchestrate. The interface integrates activebank Wealth Manager with ibis s2 Private Banking. Orders generated in the front-office wealth management application are automatically transformed into transactions and routed directly into the back-office system without the need for manual intervention. By eliminating the need to re-enter data, the potential for human error is reduced, whilst the straight-through processing approach shortens processing cycles and lowers operating costs.
The application, first developed for a leading European bank, automates business processes across the bank enabling it to better support its client needs.
“Our new private banking interface has been built using activebank Orchestrate, a powerful data integration and workflow tool developed by Financial Objects,” says Peter Caddick, the Head of Product Strategy, Activebank Division. “Orchestrate uses a service oriented approach so that business processes can be re-used across applications, significantly reducing the overall development and implementation time.”