15 December 2017
visit www.solutions.lexisnexis.com

Dresdner Bank sells reference data engine to IBM

13 January 2004  |  7023 views  |  0 IBM

Dresdner Bank of Germany is selling its co-developed financial market information database and outsourcing its reference data needs to technology partner IBM, in a move that sees the transfer of 24 bank staff to the vendor.

Dresdner Bank has handed over to IBM Germany the management, development and running of its financial market information database, developed by the bank and vendor over several years. In future it will call in on demand the data it needs for validation and risk monitoring.

The database collects, archives and analyses financial information of various kinds and processes it for risk control use by the bank, giving highest priority to data quality assurance. Under the terms of the sell-off, IBM will manage the entire process and operate the database for the bank as a business transformation outsourcing provider. It will also offer the service to other customers.

Otto Steinmetz, Dresdner Bank director in charge of risk management says the move is in line with the 'New Dresdner' future programme, which aims at focusing on core competencies. It follows the sale last month of its operational risk control software to CapCo.

Says Steinmetz: "With IBM handling process management and running the database, Dresdner Bank will be able to achieve sustainable cost savings with constant quality and an assured supply of all the relevant market data whilst keeping our own know-how in risk valuation and management."

Norbert Dick, IBM's managing director worldwide of business with the Allianz Group says the target group for the service includes universal and investment banks and insurers, asset managers and corporate groups.

"Buying in market data of this kind is interesting not just because it costs less than an in-house solution but because of the higher quality of the data provided," he says. "That should be of interest for all banks and insurers for whom the new service will provide more and better data."

Dick points to independent research estimates that put the market volume for reference data in Europe at around $1.3 billion in 2001 and growing. He says that around a quarter of banks are considering either outsourcing or buying in these services.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

BNP Paribas signs EUR1bn IT services deal with IBM

BNP Paribas signs EUR1bn IT services deal with IBM

19 December 2003  |  6685 views  |  0 comments
SunGard moves into reference data with Fame acquisition

SunGard moves into reference data with Fame acquisition

05 December 2003  |  5878 views  |  0 comments
Capco acquires Dresdner op risk software suite

Capco acquires Dresdner op risk software suite

03 December 2003  |  4731 views  |  0 comments
IBM and i-flex extend retail banking alliance

IBM and i-flex extend retail banking alliance

20 November 2003  |  4893 views  |  0 comments
Centric iServices and IBM introduce STP feedback loop

Centric iServices and IBM introduce STP feedback loop

22 October 2003  |  3893 views  |  0 comments
IBM eServer to support Reuters Market Data System

IBM eServer to support Reuters Market Data System

21 October 2003  |  7906 views  |  0 comments
IBM positions WBI-FN as single payments window

IBM positions WBI-FN as single payments window

21 October 2003  |  8296 views  |  0 comments
IBM and Peoplesoft team up for Basel II package

IBM and Peoplesoft team up for Basel II package

20 October 2003  |  4665 views  |  0 comments
Postbank to acquire Deutsche and Dresdner payments subsidiaries

Postbank to acquire Deutsche and Dresdner payments subsidiaries

01 October 2003  |  5091 views  |  0 comments
Reuters sues Moneyline over unpaid fees; agrees messaging pact with IBM

Reuters sues Moneyline over unpaid fees; agrees messaging pact with IBM

25 September 2003  |  4729 views  |  0 comments
IBM puts banking and finance on the Grid

IBM puts banking and finance on the Grid

24 September 2003  |  6707 views  |  0 comments
Fame delivers reference data engine on IBM and Linux

Fame delivers reference data engine on IBM and Linux

10 April 2003  |  6242 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.response.ncr.comvisit www.atos.net

Top topics

Most viewed Most shared
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
10200 views comments | 16 tweets | 25 linkedin
satelliteRipple completes XRP Lockup
9363 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
8951 views comments | 17 tweets | 36 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7595 views comments | 20 tweets | 11 linkedin
Australian Government amends AML rules to cover digital currenciesAustralian Government amends AML rules to...
7225 views comments | 15 tweets | 24 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job