Belfius Bank goes live on SimCorp Dimension
Belgium-based Belfius Bank has gone live on SimCorp Dimension in both its retail and commercial banking operations and the Belfius Investment Partners brand.
Belfius Bank, spun out of the Dexia group in 2011, is a state-owned for-profit bank which was set up primarily for the financing of local authority investments.
The bank conducted a front-to-middle office transformation with SimCorp, across order management, risk calculation, and portfolio management, covering a range of asset classes.
According to SimCorp, Belfius had been suffering from “insufficient system support, manual processes and a number of interfaces and integration points to maintain.” The bank selected the vendor due to its “highly automated technology and feature-rich functionality.”
“Dimension allows Belfius IP to truly develop its asset management activities,” says Cedric September, CEO of Belfius Investment Partners.
“We appreciate the support, expertise and guidance provided by SimCorp throughout the implementation and beyond.”
Olivier Goerens, director of marketing and sales for private banking and wealth management at Belfius Bank, adds: “The implementation of a portfolio management system such as SimCorp Dimension has strategic importance.
“It allows Belfius to control portfolio management activities for our wealth and private banking and provides qualitative, standardised reporting to our high net worth clients.”
Hans Otto Engkilde, senior vice president and marketing director for UK, Northern Europe and Middle East at SimCorp, says that the implementation was successful in both meeting time and budgetary targets.
He adds: “Our work doesn’t stop there, and the great collaboration between the teams, now sees the start of new projects, to provide further functionality to support Belfius Bank’s investment operations.”
SimCorp Dimension has had a number of new or renewed deals in the past few months.
At the start of February, Deutsche Bank opted to extend its partnership with SimCorp, which covers the German bank in 12 of its fund services markets. The two firms have been in a 14-year partnership in the Asia Pacific (APAC) region.
In January GAM Investments signed a long-term licence for SimCorp Dimension to act as its investment book of record (IBOR).
At the end of 2019 BNY Mellon connected its custody capabilities to Dimension, aiming to automate its investment lifecycles.