Rabo Securities, part of the Rabobank Nederland group, has entered an agreement with SimCorp for the purchase and implementation of the vendor's TMS2000 securities and investment management solution.
Under the agreement, Rabo Securities will use TMS2000 for fully automated securities processing and settlement for all financial instruments offered by the firm. The system covers client statements, reporting, profit/loss, position management, reconciliation, stock broking, securities administration, payments and current account management.
The solution will also provide full support for the external part of the securities process with online links to Euronext, Swift and Omgeo.
The system is scheduled to go live by 1 June 2003.
Roeland van der Plaat, IT director of Rabo Securities, says: "In our evaluation process, we have focused on finding a solution that can provide us with full STP compliance and reduce the complexity of our business processes and data management."
The licence contract with Rabo Securities is SimCorp's second TMS2000 order in The Netherlands. In March 2002 Mn Services, the Dutch asset manager, signed for TMS2000 for its investment management operations.