N+1 Singer signs for Torstone Inferno
30 April 2014 | 991 views | 0
Leading UK broker, N+1 Singer has signed a multi-year deal with Torstone Technology, to use Inferno, Torstone's post-trade securities and derivative processing system. Inferno will process Singer's post-trade flow, from trade capture through to settlement, accounting and reconciliation.
The main drivers behind N+1 Singer's decision to choose Torstone's back office software were improved business agility, greater straight through processing (STP) and a reduction in total cost of ownership across the back office function. Inferno is a modern, scalable system, capable of handling N+1 Singer's significant volumes yet on commodity, hosted hardware. Its real-time, event-driven, service-orientated architecture helps firms to achieve very high rates of STP.
Mid-tier firms such as N+1 Singer who outsource operations' functionality to a third party provider find they still need to run an in-house operations team to maintain business relationships and resolve STP issues. Now with Torstone providing a fully managed, hosted technology solution and highly automated software, N+1 Singer was able to make a strategic decision to bring back full control and operation of back office functions, in-house. Inferno's highly automated functions will allow N+1 Singer to maximise the return from the existing operations department, handle the volumes without any increase in staff or concerns over future IT provisioning, while anticipating improved service for clients.
"Outsource your technology but keep control of your business in-house, is a very clear message that we are hearing from the market" commented Jonny Speers, global head of sales at Torstone.
Tim Cockroft, CEO of N+1 Singer said: "We are very excited by this project. Our company is at the forefront of UK plc, providing equity for the growth of the small and mid-cap sector. In order to maintain our competitive edge, we need reliable, efficient and scalable systems such as Torstone's Inferno."
Torstone's CEO, Brian Collings added: "An exciting aspect of Inferno is its flexibility. We are delighted to help another UK broker by providing modern, efficient technology to run their in-house operations. Inferno addresses the cost-critical needs of mid-tier firms to outsource the technology while insourcing functionality. Equally it scales to meet the demands of third party business process outsourcers for a fully functioned foundation platform to service multiple clients — including the large institutions."
The firm expects to be fully live with Torstone's Inferno in early summer.