UK banking systems vendor Financial Objects has signed Baltic banking group Hansabank to its activebank wealth management technology.
The bank has licensed the vendor's activebank Wealth Manager and activebank Orchestrate products to support its private wealth management businesses across Estonia, Latvia and Lithuania.
The technology will replace several in-house developed and third party applications at the bank with a single integrated system designed to support all high net worth private client business areas.
The Microsoft-based wealth management suite includes a range of front and middle office applications.
The vendor says its activebank Orchestrate business process and workflow management tool will be used by portfolio managers to deliver frequent, high quality, Hansabank-branded reports, such as statements and valuations.
Kristel Meos, head of private wealth management, Hansabank, says: "With Financial Object's activebank solution in place, we will be able to take on more clients, confident in the knowledge that they can be supported on the same IT platform, and that future software releases will benefit all business areas of the bank at the same time."
Implementation of the technology is already underway and expected to go live in June 2007.
Gary Linieres, sales director, Financial Objects, says the software "will give Hansabank a competitive edge – internally through reduced operational costs, and externally through sharper customer service".
The vendor says Hansabank is its first wealth management client in Baltic region.