GBST Holdings Limited, "GBST", a global provider of securities transaction and fund administration software for the financial services industry, announces that its Syn~ application is now in production in Raymond James Financial's Equity Capital Markets division (Raymond James).
GBST Syn~ solution has replaced a number of legacy systems and manual processes for middle office processing in its institutional business. Raymond James is utilizing the GBST Syn~ application as a rules-driven pre-settlement processing engine which features built in workflow, dynamic modelling capabilities and integrated, real-time institutional commission management facilities. Other outcomes for Raymond James are fully automated electronic client trade advisements and allocations, netting and trade compression and centralization across a number of disparate systems. GBST Syn~ has enabled integration across multiple up and downstream systems along with workflow automation.
Susan Horn, SVP of Equity Capital Markets Operations at Raymond James, is thrilled with the outcome saying "The visibility into the details of the business are great. Having everything in one system is just fantastic." With GBST Syn~, Raymond James is anticipating an increase in STP rates for all transactions. The efficiencies gained through the implementation of GBST Syn~ will allow Raymond James to more efficiently deploy its resources across its Equity Capital Markets business.
In international markets GBST Syn~ is delivering industry leading STP outcomes utilising its "exceptions based" workflow engine, as evidenced by the implementation at Raymond James. The national broker/dealer has achieved additional post-trade efficiency levels and enhanced connectivity through the platform's seamless link to Omgeo Oasys Direct and Omgeo ALERT.
GBST Head of Capital Markets, Denis Orrock, congratulated Raymond James and the GBST team who have worked over the past 12 months to make the project successful. He added that "the Raymond James implementation was very important to GBST and our objectives in the North American market, proving our experience and capability in delivering a quality solution in the US. As we continue to build resources and support in the US, we are confident that GBST Syn~ will grow to become the leading next generation solution for middle and back office processing."
GBST Syn~ is fully touch-compatible and its dashboard can be viewed and managed by tablet mobile device, such as the iPad, enhancing usability and transparency. It is complimented by a highly configurable reporting dashboard and adviser desktop application.