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IBM wins Fundsdirect portal business; repackages wholesale payments offer

07 April 2004  |  3258 views  |  0 IBM wins Fundsdirect portal business; repackages wholesale payments offer

UK funds supermarket Fundsdirect has contracted with IBM to develop a Web-based 'wrap account' portal for independent financial advisers (IFAs).

The Fundsdirect Adviser Platform is being created to provide IFAs with a single consolidated view of their clients' traditional life & pension policies, together with a wide range of mutual funds, direct equities and gilts in various tax wrappers. The system is designed to improve on the current ring round of providers by IFAs when valuing client portfolios.

Sean Ewing, chief executive of Fundsdirect, says: "This is a complex technical programme and Fundsdirect recognised that they needed a technology partner that had the experience and skills to ensure that the programme was effectively delivered."

In an unrelated announcement, IBM has released details of a new 'Wholesale Payment Solution', representing a package of software, hardware and consulting services for the $295 billion global payments business. IBM promises a customised mix-and-match approach designed to suit an individual bank's needs, from wholesale BPO to in situ deconstruction and re-engineering of legacy silos.

A middleware payments hub includes core products from IBM Software Group (DB2, WebSphere, Lotus, Rational and Tivoli) as well as industry-specific middleware - such as extensions providing connectivity to financial networks, business dashboards and data base schemas. It also offers integration with Independent Software Vendors (ISVs) such as CBA, Concise, China Systems, Systar and Pegasystems.

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