KAS BANK, the independent European securities specialist, has launched a full backoffice processing service to augment its existing range of clearing, settlement and custody applications.
The new service, provided by KAS BANKs Broker Services Division lead by Ren Hoogeland, will consolidate previously separate functions on a single, robust platform and limit the transfer of data between external parties. This will in turn improve speed and efficiency, reduce scope for error and allow full scalability. The end result is a service delivering excellent value for money and market-leading straight-through processing (STP) rates.
The new back-office function links directly to KAS BANKs cross-border clearing and settlement platform, resulting in a fully integrated offering in support of the entire post-execution process. Clients will be able to deal exclusively with KAS BANK from front-office deal capture through data enrichment to cash and stock position reconciliation.
Additional features include full trade accounting capability including trial balance and profit and loss reporting provision of contract notes for underlying clients, postings to the general ledger and comprehensive regulatory reporting from a single source. The system will ensure full compliance with both local and international regulations.
The system infrastructure underpinning the service is provided by GL TRADE, in the form of GL RIMS. GL TRADE is a supplier of leading-edge software applications for the financial services industry. This affiliation represents a partnership between two firms to provide a complete service.
The integrated service has been launched for UK wholesale brokers operating in the major European markets, and will be rolled out in our other primary markets in the coming months.
“This is a new value proposition for the UK market there are very few suppliers offering as integrated, seamless and comprehensive a service. We are anticipating significant interest from financial institutions wishing to focus on their core activities,” says Albert Rel, chairman of the managing board, KAS BANK N.V.
“We are delighted to be in this partnership. Our experience in implementing GL RIMS middle- and back-office solutions in these markets complements KAS BANKs excellent level of service,” adds Alex Walker, global head of Post-Trade for Securities business line, GL TRADE.