OMX Technology, a provider of transaction technology, processing and outsourcing solutions for the financial markets, has been selected by Newcastle Building Society to provide clearing and settlement services for NewcastleNet Shares. NewcastleNet Shares is an online service that enables Newcastle Building Society customers to buy and sell equities via their online savings portal. OMX Technology will deliver the securities processing services that will enable Newcastle Building Society to launch this offering.
All trades will be cleared and settled in OMX’s name, ensuring reduced risk for Newcastle Building Society customers. The combination of share dealing with its web-based savings account portal will enable Newcastle Building Society customers to easily manage all of their investment needs online. This service will initially be offered only to Newcastle Building Society customers, but Newcastle Building Society plans to white-label the share dealing and the OMX clearing and settlement service to other banks and building societies in the future.
Robert Hollinshead, CEO of Newcastle Building Society, said, “The launch of NewcastleNet Shares is an exciting step in the evolution of online banking services. The combination of OMX’s extensive clearing and settlement expertise and innovative technology was key in our decision to partner with them to launch this service. We wanted a long-term provider that could deliver a scalable and flexible offering to ensure the best service for our customers.”
Elizabeth Sipire, head of OMX Technology’s Banks and Brokers Division, comments, “We are delighted to have been selected by Newcastle Building Society to support this innovative new initiative. OMX is focused on providing excellent front and back office processing in the UK market, to enable clients to improve customer service and efficiency in share dealing and related services.”