Derivatives back office vendor Rolfe & Nolan has secured funding of just over £1 million for the development phase of its next generation Merlin technology project from its two key global sponsor banks, Deutsche Bank and UBS Warburg.
Project Merlin aims to replace the company's existing RANsys and Risc back office products with a system built within a component-based architectural framework. The project is considered critical to the company's future as it looks to leverage its legacy technology for the Web age.
Bob Freeman, Rolfe & Nolan's chief executive, states: "With this section of the funding behind us we are on schedule to deliver the first module of the Merlin project in October 2002."
Paul Cleaver, chief information officer, global exchange services at Deutsche Bank says: "As a joint sponsor of this project we are pleased to play an integral role in what we believe to be a pivotal new development for processing derivatives. After extensive technical and commercial discussions we are sure that this agreement between us will prove extremely successful for all parties."