18 July 2018
Visit www.avoka.com

Atos Origin selected to develop Muscat depository clearing system

18 April 2011  |  3840 views  |  0 Source: Atos Origin

Muscat Clearing & Depository Company [MCD] is pleased to announce that it has signed an agreement with Atos Worldline, which brings together Atos Origin's core expertise in Hi-Tech transactional services, for the development and implementation of the Clearing, Settlement and Depository [CSD] System based on state-of-the-art technology.

Mr. Abdullah bin Ahmed Al-Nabhani, General Manager of MCD, stated that MCD had conducted a detailed and comprehensive vendor evaluation and selection process, prior to selection of Atos Worldline from among the reputed CSD system providers in the world. Subsequently, MCD and Atos Worldline have been able to successfully complete the contract negotiations resulting in the signing of the contract agreement for the implementation of the new CSD system.

Mr. Nabhani has stated that Atos Worldline has offered MCD the Universal Clearing, Settlement & Depository [UCS] system as a base product. UCS is an Integrated CCP and CSD product which supports multiple asset classes on a single platform - Equities, Debt & Derivatives. In the latest version of UCS proposed to MCD, Atos Worldline will also be providing the full-fledged Clearing, Settlement and Depository [CSD] functionalities, which are being specifically developed for MCD.

UCS product is being developed to operate under LINUX based environment and using Oracle database. UCS product has multi-tiered architecture and design involving - Platform independence; Component based architecture and Web-based using an Object oriented solution. MCD aims to fully exploit the use of latest technology for its new CSD system to cater to the future needs and requirements of all its market participants.

Mr. Al-Nabhani also added that MCD plans to leverage on the new CSD system to introduce new services and products in an easy and quick manner. With the new CSD system, MCD will also be enhancing the CSD process efficiencies by way of process re-engineering the existing practices and methods, while at the same time aligning itself with the International standards and practices. It is being planned for the live implementation of the new CSD system to be done by Q2, 2012.

Finally, Mr. Al-Nabhani stated that these steps are being initiated with the objective to enhance the confidence of all the market players, locally as welll as internationally, to invest in the Omani capital market.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://go.jumio.com/finextraAdVisit info.nice.comVisit https://secure.vasco.com

Top topics

Most viewed Most shared
Metro Bank opens developer portalMetro Bank opens developer portal
9517 views comments | 5 tweets | 14 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
8909 views comments | 6 tweets | 14 linkedin
Citi to streamline corporate receivables with HighRadiusCiti to streamline corporate receivables w...
7851 views comments | 1 tweets | 5 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
7790 views 19 comments | 14 tweets | 29 linkedin
Banks stand to reap $512 billion revenue boost from 'intelligent automation'Banks stand to reap $512 billion revenue b...
7661 views comments | 21 tweets | 30 linkedin

Featured job

to GBP £120K base, double ote, benefits
Frankfurt, Germany

Find your next job