Finland's Sampo Bank has gone live with SunGard Asset Management Systems' custody services platform, Global Plus IC.
Global Plus IC is an international, regional and domestic custody system. Real-time trade and settlement accounting is provided within a multi-currency, and multi-lingual processing environment.
Sampo Bank has installed the product at a location in Helsinki and has so far completed the first phase of its conversion to Global Plus IC.
Reijo Jokelainen, senior vice president, head of securities operations, Sampo Bank says bank has been able to integrate its existing securities systems with SunGard's system.
"When the full solution incorporating real-time messaging with HEX (the Finnish Central Securities Depository) is in place, we will have attained some significant goals - faster processing speeds, fewer errors and lower costs," adds Jokelainen.
SunGard says the product achieves STP throughout the settlement cycle, as well as in the delivery of client statements and advices. In addition Global Plus IC's corporate actions component was recently enhanced to extend STP support for automatic event set-up and response capture via Swift-based ISO 15022 messaging. Real-time Swift connectivity is provided via MQ Series messaging.