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After the Geneva Based Banque Edouard Constant (BEC) was merged into EFG Private Bank (EFG) in July 2003, EFG decided to leverage on its existing IT infrastructure for merging with BEC business. EFG has consolidated for years its IT operational systems on two main software vendors Temenos for the core banking system and Sterci for STP financial messaging and reconciliation.
Although BEC was using the same core banking system as EFG before the merger, the systems used for financial messaging and reconciliation were different and the BEC was also a full member of the electronic SWX Swiss Exchange and VIRT-X.
After a gap analysis, Sterci was asked by EFG to merge BEC financial messaging and reconciliation businesses into the existing infrastructure. The server used for Stelink and Stematch has been upgraded by Sterci to scale-up for the doubling of traffic. The data migration upload and user training program were handled by Sterci to successfully transfer the SWIFT, SIC, and Secom BEC addresses on Stelink and Stematch. The project was completed mid-May and the legacy BEC systems for financial messaging and reconciliation have been switched-off.
This successful migration has also solved an AML compliance control issue as the BEC financial messages were not filtered before the merger, and the latest Swiss AML regulation OBA CFB requires banks to reinforce their control and to implement electronic transaction screening before July 2004. EFG was an early adopter of the Stelink Compliance Control option providing the real time scanning of inbound and outbound messages against various blacklists (OFAC, European List, SECO)
Mr Ian R. Cookson EFG Group Head of Technology & Special Projects said "Once again the Sterci team partnered our bank to help us meet our objectives. Sterci STP products, Stelink for financial messaging and Stematch for reconciliation, are key components of our IT infrastructure. The facilities are shared at the group level from Switzerland, by UK, Guernsey, Monaco, Singapore Hong-Kong . New locations are added quickly and efficiently as required. With this consolidation we can save money and get a better return on our IT investment".
Mr Etienne Savatier head of marketing and international sales at Sterci SA said "Stelink is the ideal solution for a SWIFT connectivity consolidation at a group level thanks to its built-in multi-bank feature and its scalability. Additionally Stelink AML compliance control option provides the real-time filtering of transaction. Stematch is providing end-to-end financial transaction reconciliation from trade to settlement, it is a proven solution to reduce operational risks. EFG is a good example of a successful centralization of IT systems to minimize the costs and to provide a better service."