UBS is implementing technology from UK-based Aqua Global Solutions to automate settlement processes within its Olympic banking platform, which is supplied by ERI.
The bank is rolling out Aqua's Intercept e2gen Transaction Cycle Processing suite at its Paris operations to manage and monitor outward payments, treasury and securities messages and inward booking of payments.
The first phase of implementation will focus on cash management and inward payment processing. UBS has also signed for outward message processing for payments, securities and treasury, as well as the treasury and securities message matching modules.
Frank Iller, head of IT, says: "The main requirement is to monitor, from a business perspective, the exchange of Swift messages, both incoming and outgoing. For each, we want to understand the different status to improve the efficiency of our settlement processes".
The phased implementation is due for completion by mid-2006.