Germany's MainFirst implements GL Rims settlement software

Source: GL Trade

GL TRADE, global provider of front-to-back office software solutions for international financial institutions announces that its Settlement and Back Office division has been selected by MainFirst Bank AG to provide the full GL RIMS settlement solution. MainFirst Bank AG is a rapidly growing private, independent bank which services institutional investors with research and trading activities completely free of third party interests.

MainFirst selected GL TRADE’s hosted GL RIMS solution because of its real-time capabilities such as the transaction capture feed from the front office, automation of confirmations including allocation processing, settlement instruction preparation and messaging to custodians, general ledger and depot / nostro position keeping.

Together MainFirst and the GL RIMS team are developing German domestic market functionality including Schlussnoten processing, §9 WpHG reporting to Bafin and Z10/11 AWV reporting to the Bundesbank.

Bernd Geidusch, Head of Operations for MainFirst Bank AG in Frankfurt says: "We looked at a number of options and concluded that GL RIMS functionality fits perfectly Brokers’ Business and will support future expansion into other business areas. The team has been impressive in their understanding and responsiveness to our requirements and their professional management of the project."

Alex Walker Client Services Director of GL TRADE Settlement and Back Office division comments: "We are delighted to have been chosen by this innovative organisation. Their commitment and clear specification of requirements have been core to the project. This has been a most successful collaboration between the teams at GL TRADE Frankfurt, Mainfirst Bank AG and GL SETTLE in London."

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