Wachovia renews multi-year contract for SunGard's Phase3 and STN Settlements
27 April 2004 | 1147 views | 0
SunGard Securities Processing, an operating group of SunGard (NYSE:SDS), announced today that Wachovia Capital Markets has signed a multi-year contract to continue using SunGard's Phase3 securities processing system and STN Settlements interface management service for institutional clearance and settlement of U.S. equities and fixed-income securities.
Wachovia Capital Markets began using Phase3 in 1997 to provide real-time transaction processing, allowing for greater flexibility, control and customization of its processing environment. The agreement also includes continuation of STN Settlements, used to aid in the central management of Real-Time Trade Matching (RTTM) interface connections with the Fixed Income Clearing Corporation (FICC) and to handle exception management for government securities. Wachovia also utilizes SunGard's Hot Site Recovery service for system continuity and instantaneous recovery.
"Phase3's product offerings are state of the art and they continue to help us deliver effective and efficient securities processing services to both our internal and external customers," said George Simonetti, senior vice president and head of Institutional Trading Operations at Wachovia.
"SunGard enjoys a strong relationship with Wachovia across numerous product lines, and we are pleased to continue supporting their securities processing operations," said Gerard Murphy, president of SunGard Securities Processing's Phase3 unit.