First Wealth Management taps Odyssey for private banking platform

Source: Odyssey Financial Technologies

Odyssey Financial Technologies, a global provider of Private Wealth and Asset Management solutions and services, is pleased to announce that Norwegian investment bank First Securities AS has completed building its private banking platform in its subsidiary First Wealth Management around Odyssey's Triple'A Plus solution.

Odyssey's solution, in place since the launch of First Wealth Management's business in January, 2008, now runs in a fully automated mode with a series of interfaces to the bank's external applications. The interfaces were developed to create a comprehensive, scalable private banking platform that would consolidate all the necessary portfolio- and client-related data to enable their client advisors to provide superior private banking services.
The latest phase of the project included a STP interface to the trading settlement system Tradex, produced by the Norwegian firm Goya. The implementation was completed in less than four months and now allows the bank to process its orders and settlements more efficiently.

The previous phases of the implementation included developing interfaces with Swedbank and VPS, Norway's Central Securities Depository, and installing and configuring the Reuters standard adapter provided by Odyssey. By importing client cash data from Swedbank, and equities, bond and fund data from VPS to Odyssey's private wealth management solution, the bank's advisors can efficiently monitor their clients' investments and asset allocations, and provide better advice.

Petter Endsjø, Senior Manager Operations of First Wealth Management, explains, "Our aim was to create a scalable, state of the art environment for our private bankers. Through its in-depth functionality and web-based interface, Odyssey's enhanced solution has provided us with the right tools and knowledge to achieve this goal. The automated interface with Tradex, providing us with STP local trading and settlements, puts us in an unparalleled competitive position on the Scandinavian market. We are now able to provide our clients with personalized and superior services."

First Wealth Management has also already rolled out the fully scalable platform to five saving bank franchisees across Norway and has planned more during the year.

Ian Chester, Odyssey's General Manager, Northern Europe, states, "This achievement highlights our solution's capacity to be customized to suit very specific business requirements. Odyssey provides a packaged, though very advanced, solution which has now been implemented and proven to work well in the Scandinavian environment."

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