Austria’s central bank completes full revamp with SimCorp
Oesterreichische Nationalbank (OeNB), Austria’s central bank, has completed the implementation of SimCorp Dimension for front, middle, and back office operations.
OeNB signed for the system in 2014. It will use SimCorp to support its monetary policy and manage its investment activities, as part of its modernisation project.
Christoph Martinek, director of OeNB’s IT and customer service department, says: “Replacing our treasury software landscape was a vital part of our modernisation programme. We aimed to phase out our mainframe infrastructure and to use modern, user-friendly software running on widely used operating systems instead.”
OeNB plays a big role for both the Euro region and Austria’s monetary and economic policy decision-making; its core business areas include cash management, monetary policy, financial stability, statistics, and payments.
OeNB required a “modern and integrated investment management solution” to transform its treasury and investment operations, enhance operational efficiency and reduce costs. SimCorp was chosen for its “highly automated approach”.
Franz Partsch, director of OeNB’s treasury department, adds: “Going live with SimCorp Dimension has enabled us to automate much of the investment process and provide better analytics to support investment decisions. By overhauling and consolidating our investment operations, we’ve already seen numerous benefits from leaner processes, less manual workarounds, and reduced costs.”
A recent European buy-side report published by WBR Insights found as many as 81% of buy-side firms were overhauling legacy systems, as the top strategic priority for 2018.
Last week, SimCorp signed a five-year licence agreement with Nordea Life & Pension, soon to be Velliv, for the use of Dimension.