Wall Street Systems Pushes SOCX Outsourcing Service

Treasury system experts Wall Street Systems says their acquisition of outsourcing provider Settlement & Operations Clearing eXchange (SOCX) means the firm can now offer a range of services, extending from mere operational improvements to a fully outsourced settlement and clearing

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Treasury system experts Wall Street Systems says their acquisition of outsourcing provider Settlement & Operations Clearing eXchange (SOCX) means the firm can now offer a range of services, extending from mere operational improvements to a fully outsourced settlement and clearing service. The idea is that banks can choose a level of service that suits them.

“Outsourcing remains an important and strategic topic for all financial institutions experiencing change in the current economic climate,” says Mike Thrower, director of marketing at Wall Street Systems. “Following the SOCX acquisition, Wall Street Systems looks forward to renewed focus on all operational solutions, including business process outsourcing. SOCX offers a real alternative to the traditional trade processing model, allowing organizations to focus on their core business structure while significantly reducing processing costs. It also now offers financial organizations the opportunity to choose a level of service to suit their specific business needs.”

The Business Process Outsourcing (BPO) solution offered by SOCX covers the full operational lifecycle of a trade, from static data maintenance through to reconciliation. The Application Service Provision (ASP) / IT Hosting option, on the other hand, makes the Wall Street Systems treasury engine on an ASP basis or SOCX can host a company’s own treasury system.

The lesser offering, which Wall Street Systems calls Operational Improvement Services, offers buyers operational expertise on a consultancy basis to advise on workflow and exception management, outsourcing and third-party management. Services include business process reviews, deployment of workflow technology to increase efficiency, STP benchmarking and cost per trade analysis.

SOCX also offers what it calls Application Management Services, in which firms can but Wall Street Systems applications with monitoring and round-the-clock technical support. The service covers foreign exchange, fixed income and repo, money markets and derivatives.

Wall Street Systems has appointed Dave Clark as business development manager for the SOCX solutions. In addition to managing the operations and IT people providing the SOCX services, Clark will be responsible for all aspects of the development of the company’s back office operational solutions business. Clark joined Wall Street Systems from Frustum (now part of Misys) for seven years, during which time he was responsible for establishing and growing the OPICS client base in EMEA. Clark has also held senior positions at IBIS and BIS Banking Systems. “We are pleased to welcome Dave on board to help shape the future of SOCX,” says Thrower.

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