BOCI signs for RTGS trade processing platform
03 July 2009 | 2787 views | 0
Source: Religare Technova
Religare Technova Global Solutions Pty Ltd ("RTGS"), a Religare Technova company, today announced the addition of BOC International Holdings Limited ("BOCI") to its list of clients. BOCI, a wholly owned subsidiary of Bank of China Limited ("BOC"), has selected RTGS's flagship trade processing and settlement platform NOVA to facilitate the company's expansion in the region.
NOVA provides a full suite of middle and back office functions whether they be for global, regional or domestic purposes all under a single platform. With the ability to accommodate a diverse range of business requirements, multiple languages, markets, instruments, currencies and legal entities, NOVA ensures that BOCI remains competitive and agile to overcome the business challenges in today's market, whilst shortening the time-to-market lead time for new initiatives, markets and investment vehicles.
Eric Li, Chief Operating Officer of BOCI, commented, "This strategic partnership with RTGS will bring BOCI to the next level of competitiveness, not only through the use of NOVA's efficient trade processing and settlement model but the business agility that will be incorporated into BOCI."
Having undergone significant business growth, BOCI found their current processing system, whilst sufficient for its time, was unable to support and keep up with their rapid rate of expansion, and the increasing complexity in operating in diverse financial markets.
The key decision factors for BOCI to go with NOVA were the robustness to cope with business requirements for various revenue sources including retail & institutional broking, wealth management, treasury services, stock borrowing and lending.
BOCI were also impressed that NOVA have been handling STP trade processing for some of the largest brokers in Asia throughout the last decade with local expertise in almost every major Asian financial city. Other decision criteria NOVA met included the openness in system interfacing based on industry standards, user empowerment through rule-based configuration and the scalability to process trades in excess of one million per day.
Robin Leung, Head of Global IT Division of BOCI, said "After evaluating a number of offerings on the market, NOVA stood out as the obvious choice as it provides comprehensive functionality not readily available in any other system and allows us to catto cater for future growth and cost efficiencies on a single platform."
"The BOCI signing onto the NOVA solution further cements the continuing success of the NOVA product range and reinforces the flexibility of the system to meet specific business requirements without fracturing your IT infrastructure. I look forward to many years of fruitful partnership between our two companies." said Colin Camp, Managing Director - Asia/Europe, Religare Technova Global Solutions.