AIM Software, a provider of reference data management applications, says Danish private bank Sydbank (Schweiz) AG has bought its data management tool (GAIN DataDesktop) to integrate price, static and corporate actions data provided by Telekurs in Switzerland. AIM says it will enable Sydbank to fulfil the requirements of the EU Savings Tax Directive.
GAIN DataDesktop will be used to integrate Telekurs VDF (Valor Data Feed) data automatically into the core banking system of Sydbank. Additionally, Sydbank will use AIM Software’s solution for the processing of EU taxation data, thereby complying with the EU Directive that takes effect on 1 July 2005.
“We will be able to completely automate the integration of VDF data into our APSYS banking application which will support us in improving our data quality and in reducing manual processes to a minimum level,” says Thomas Knig, Chief Financial Officer at Sydbank (Schweiz) AG. “For Sydbank it was vitally important to have a reliable partner with comprehensive know-how and a large client base in order to fulfil the EU’s Savings Directive in such a short period.”
“The need for an out-of-the-box solution for a fast and low-risk implementation has frequently been voiced in the industry because of the EU’s short deadline,” adds Martin Buchberger, Head of Marketing at AIM Software. “We were keen to bundle an attractive and standardized package which covers the requirements of our clients.”
Sydbank (Schweiz) AG is an affiliated company of Sydbank A/S in Denmark. It was founded in 2003.