OKO Bank of Finland has selected Mercator Software as the integration standard for the settlement of cross-border trades.
OKO Bank is the central financial institution for the 244 co-operative member banks of the OKO Bank group, which has 3 million customers and an extensive network of branches and offices across Finland. OKO Bank acts as a custodian and settlement agent to domestic and foreign customers settling trades both in Finland and international markets.
The firm is deploying Mercator GSS (Global Securities Solution) and Mercator Integration Broker in a bid to decrease the number of trade failures and associated settlement risks in order to increase operational efficiency while processing a larger volume of trades.
Additionally, OKO Bank is leveraging Mercator technology to help it comply with the Swift ISO 15022 securities messaging standard, the deadline for which is November 2002.