SEB AG has successfully implemented three solutions from Princeton Financial Systems (PFS): DEBAS for a more efficient NAV reconciliation, as well as MIG21 and PFS' German LawCard for automated investment compliance.
SEB AG in Germany is responsible for EUR 21 billion assets in 109 funds and EUR 65 billion assets in total. SEB's obligation in their role as custodian bank includes calculating unit value as well as evaluating whether a price is in line with market valuations. For this purpose, SEB has replaced their shadow accounting system. The new solution, DEBAS, covers all of SEB's depositary banking processes. DEBAS is integrated with several banking systems and market price providers such as Bloomberg and Reuters, handles master data administration, and is customized to support different types of checks and reports. This allows SEB to offer a higher quality of service to their customers and to confirm the share price to the asset manager in a much shorter time frame. Thanks to DEBAS' scalability, SEB is able to react to new customer requirements much quicker.
Additionally, SEB has optimized and automated their post-trade investment compliance checking by implementing MIG21 and the German LawCard. They have opted for PFS' MIG21 because the investment compliance solution is already in use by seven of the world's ten biggest global custodians and because MIG21 works together very smoothly with DEBAS. DEBAS maintains the master data for MIG21. PFS' LawCard service helps SEB to stay in control of regulatory changes.
"DEBAS gives us a more independent and automated NAV control. Thanks to MIG21 we are not only able to extend our services but also to better and faster meet more complex regulatory requirements", emphasizes Mr. Martyris, Head of Custody Services, at SEB.