ING Bank's custody unit is to install the IMConnecting post-trade information management system from Information Mosaic in Central and Eastern Europe as it bids to streamline data flows and mitigate risks across its European operations.
The communications service complements ING's custody platform, also supplied by Information Mosaic, in seven countries. Information Mosaic replaced a ten-year old SunGard custody system at the bank last year. The custody platform supports ING's businesses in Bulgaria, Czech Republic, Hungary, Romania, Slovakia, and the Ukraine.
Lilla Juranyi, global head of investor services, ING Commercial Banking Securities Services, says the IMConnecting system will be installed in the first quarter of 2011 in three or four countries in Eastern Europe. Custody staff at ING will use the communications platform on a desktop to analyse and value their portfolios and instruct trades electronically through the central communications hub.
According to Juranyi, the new system reduces the time it takes to communicate with clients from "minutes into seconds". IMConnecting is also automated, reducing manual errors. "The risk mitigating aspect of this system is very important," says Juranyi.
Information Mosaic is demonstrating IMConnecting at Sibos in Amsterdam on an Apple iPad. However, ING will not be using an iPad, instead they will access the service via desktops.
IMConnecting is an interactive service for the post-trade environment for front office and client users. The system provides a mail box, chat features, touch-screen and handheld device compatibility. The system is multi-lingual, and alerts and notifications are pushed to users by custom-set rules and processing is sped up using default instruction preferences.
IMConnecting can be white-labelled and integrated with an institution's existing internet portals ensuring a consistent brand experience. The Information Mosaic product can also be used for managing corporate actions, and proxy voting.