Nordic Investment Bank ABG extends use of Torstone platform to include middle-office workflow

The partnership will allow ABG to further improve digitalisation and automation through the entire post-trade process.

By Wesley Bray

Torstone Technology has announced that ABG Sundal Collier (ABG) is extending its use of the Torstone platform to include middle-office workflow in addition to Nordic settlement services.

The news follows recent research by Torstone Technology and Fireband Research which highlighted the need for sell-side firms to invest in the middle-office in order to improve operational controls, reduce risk and support regulatory compliance. 

Torstone Technology said that its middle-office platform will “enhance operational efficiency through allocation and confirmation workflow, improving straight-through processing of its business and lower operational risk with the removal of manual data processing” for the Nordic investment bank.

The solution will give ABG a full multi-asset capability, supporting the operational requirements for equity and fixed income products through a single unified workflow.

The module provides integration with DTCC’s central trade matching system, alongside comprehensive support for manual allocation and a flexible confirmation template capability.

Torstone said that by extending the Torstone Platform to encompass the middle-office, it will “bring the full operational workflow onto a cloud-deployed solution underpinned by a single unified data model, allowing ABG to further improve digitalisation and automation through the entire post-trade process.”

“ABG’s decision to extend its use of the Torstone platform is testament to the quality and breadth of our offering. The middle office is critical to supporting front office performance – automating workflows, creating efficiencies and giving access to real time flow through a fast, flexible system to streamline operations and future-proofs the bank to give an edge over the competition,” said Brian Collings, CEO of Torstone Technology.

ABG initially adopted the Torstone platform in September 2019, becoming Torstone Technology’s first Nordic client.

“This project is a significant step forward in our collaboration with Torstone to leverage a solution configured to our needs. The middle office is a critical part of the trade life cycle, and Torstone’s solution will improve our asset allocation and confirmation workflows,” said Geir B. Olsen, CFO at ABG Sundal Collier.