Bank of New York licenses FMCPages and FMCMatrix
18 October 2004 | 1618 views | 0
Source: Financial Models Company
Financial Models Company Inc. (FMC), a leading provider of technology solutions and services to the investment world, today announced that The Bank of New York, a global leader in securities servicing and a key FMC client since 1993, has recently licensed FMCPages and FMCMatrix, tools for enhanced client reporting and data management. These FMC products are being utilised by International Master Custody, a London-based division within The Bank of New York that provides value-added accounting, reporting and risk services to institutional investor clients.
"The Bank of New York's International Master Custody business has grown from a handful of employees to a team of several hundred over the last few years. We are delighted that their usage of FMC's software solutions has also expanded at an exponential rate throughout this period of exceptional growth," said Phil Banas, Managing Director of Financial Models Corporation Limited, FMC's UK subsidiary.
The Bank of New York is adding to its suite of solutions from FMC, now used in Europe, North America and Asia, including FMCPacer(TM) for portfolio management and accounting; FMCSylvan(TM) for performance measurement and equity/fixed income attribution; FMCRecon(TM) for automated reconciliation; FMCNet(TM) for electronic trade data communication and; global securities data from SVC (Securities Valuation), a division of FMC.
As the Bank's International Master Custody division seeks to extend its services into new European markets, it recognised the need to support the specific reporting requirements of each respective country. For example, with its entry into the Netherlands, International Master Custody needed to support PVK reporting, a protocol and regulatory standard for recording the financial assets and capital transactions of Dutch pension funds. PVK ensures that a particular pension fund has sufficient contingency capital in relation to its investment mandate and risk profile.
"We worked with FMC to quickly develop a customised report and our success in achieving this within a short timeframe is testament to the flexibility and seamless integration of FMC products," said Michael P. Smith, Managing Director, International Master Custody, The Bank of New York. "FMCPages and FMCMatrix will enable us to accelerate reporting timescales and meet the various demands of clients in each country, both in terms of language and regulatory specifications."
International Master Custody selected FMCPages for the software's extensive formatting capabilities within a fully automated environment, an improvement upon earlier in-house procedures. As an "out-of-the-box" application that delivers enterprise accessibility and drill-down analysis of information, FMCMatrix has proven straightforward for International Master Custody to implement and facilitate management of its reporting processes. The standard features within FMCMatrix permit The Bank of New York's International Master Custody division to manage the entire data extract and loading process automatically.
"FMCMatrix is useful because it allows us to easily export accounting data from FMCPacer into a relational database so that we have more flexibility in using the data to write the various reports needed to support our rapidly expanding business," said Smith.