Clearing and Payment Services (Caps) - a joint venture company formed by Singapore's three largest banks - has contracted with KPMG Consulting and Mercator Software to integrate its back office operating systems with the back office trading environments of its banking owners.
Caps is jointly owned by the Development Bank of Singapore (DBS), Oversea-Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB).
Using Mercator Integration Broker technology, Caps is bidding to establish a real-time global settlement solution that transforms three different sets of incoming and outgoing data formats generated by the backend systems of the three banks into a unified messaging format.
Caps plans to initiate its first live transactions by fourth quarter 2002.
Mercator and KPMG Consulting recently signed a worldwide agreement to jointly provide a variety of integration solutions to select vertical industries, beginning with financial services.