HypoVereinsbank (HVB) and icubic, the software developer from Magdeburg, will be working even more closely together in the future.
During HVB's search for a mature, standard software for electronic bond trading which was thoroughly established in the market, they chose iQbonds.
With the contract signing in March 2010, HVB and icubic agreed to the continuation and intensification of their cooperation in the electronic securities trading area. iMarket - icubic's trading software for the B2C segment - is already successfully in operation at HVB, and now icubic AG's integrative solutions for electronic bond trading will also be implemented. The bank will discontinue use of its self-developed fixed income trading software which was previously in operation. iQbonds, together with additional gateways from icubic's interface pool, iConnect, and a basic version of iSettle were already put into location-comprehensive production at the end of April, informed icubic Board Member, Dietmar Jakal. This implementation was successful due to a very close and intensive cooperation between icubic and the bank during the integration phase.
In response to the question about how the decision to change software came about, he replied, "The switch to a standard software provides two significant advantages for banks in general. As a third party provider, we are in a position to bundle the high development costs of such a software, as well as the know-how from all participants. Utilising our expanded perspective, we are able to quickly identify significant developmental steps which are relevant for the market, and can avoid expensive developmental errors. Simultaneously, we contribute significantly to the reduction in TCO for each individual partner. To summarise, a market-oriented, standardised software such as iQbonds, simply offers more possibilities at considerably lower costs compared with a self-developed software."
Jörg Brossette, from HVB's Process Management Area stated, "We are already familiar with icubic from our previous cooperation and consider them to be a competent and reliable partner. Approaching icubic regarding this project as well was a logical step for us. iQbonds' mature functionalities and market connections, and the significantly higher level of security and performance compared with our own solution were the convincing factors. We were able to witness the performance capability of the software live during a visit to one of icubic's reference clients in London."