Leaders in Innovation Awards 2009...66 Financial i · Q4 · 2009 Leaders in Innovation Leaders in...

Leaders in

Innovation

Awards

2009

Awards intro-65-67AH2.qxp 9/12/09 22:18

66 Financial i · Q4 · 2009

Leaders in Innovation

Leaders in Innovation Awards Introduction

Welcome to coverage

of our fourth annual

Leaders in InnovationAwards, which provides

recognition for those global

transaction banks and financial

hardware and software providers

that have excelled in terms of

innovation across more than 60

categories in wholesale

transaction banking including:

• Securities services

• Payments & FX

• Data management

• Network services

• Risk management

Given that the financial crisis has

taken its toll on banks and IT

budgets over the last 12 months,

now more than ever financial

services firms are seeking

business solutions that provide a

quicker ROI and actually do what

they say on the tin. Our LeadersIn Innovation Awards have

always been about rewarding

those companies that recognise

innovation is not just for

innovation’s sake but is a means

of helping companies to reduce

risk in their business, respond to

market events more quickly and

interact with customers more

seamlessly.

Our awards recognise companies

that demonstrate an ongoing

commitment to innovation. And

while all companies may say they

are commited to innovation, it is

not about innovating once or

twice, but about continually

building on these initial

innovations to clearly differentiate

themselves from their

competitors. For us innovation is

not just about those banks and

hardware and software providers

that boast the largest market

share or revenues or innovate

only by way of acquisition. This

year we have witnessed a wide

The advisory panelShortlisted companies in our annualLeaders In Innovation Awards werepresented to an advisory panel. Theirfeedback was used to help us decidewinners and companies to watch ineach category.

Members of the advisory panel included:

Steven Murphy, researchdirector, Wholesale BankingResearch, TowerGroup.

Steven’s knowledge of thepayments industry includeselectronic payments, bankcards and commercial card

products. Before joining TowerGroup hespent more than 20 years with Citi invarious positions covering consumer,corporate and internet banking. He wasresponsibe for commercial cards’European business expansion.

Nancy Atkinson, senioranalyst, wholesale banking,Aite Group

Nancy is a recognisedindustry expert in globalwholesale payments, trade

finance, financial supply chain andworking capital management. Sheprovides pragmatic, insightful andactionable research and consulting forclients based on her more than 20 yearsof experience in the industry.

Neil Katkov, senior vicepresident, Asia researchgroup, Celent.

Neil’s expertise includes theAsian financial servicesindustry, financial services

distribution channels and complianceissues including anti-money launderingand business continuity.

Neil Ward-Dutton, researchdirector, MWD Advisors

Neil is MWD's co-founder andresearch director, and is oneof Europe's most experiencedand high-profile IT industry

analysts. His areas of expertise includebusiness process management (BPM),enterprise architecture andservice-oriented architecture (SOA) and ITgovernance, and he is currently the leadanalyst for MWD's BPM ContinuousAdvisory Service. Neil has acted as anadvisor to leading vendors, including IBM,Oracle, Microsoft, BEA Systems, Hewlett-Packard, SAP and Borland; and to large ITuser organisations in media, government,transport, financial services andtelecommunications.

range of innovations from

upgrades to existing solutions to

completely new solutions that

leverage the latest technologies

including Web 2.0, cloud

computing and SOA-based

architectures. In a number of

instances, companies to watch

from last year's awards have

claimed top prize this year, and

we have also seen a number of

new names amongst our winners.

Our awards are a useful guide to

assessing who is on top of their

game when it comes to the

provision of solutions that support

the future growth of the global

transaction banking business.

Anita Hawser

Managing Editor



2009 · Q4 · Financial i 67

Peyman Mestchian, managingpartner, Chartis Research

Before joining Chartis Research,Peyman was the CEO of RiskTech,a consulting firm where hefocused on credit risk, operational

risk and enterprise risk management. Prior toRiskTech he was global head of the EnterpriseRisk Management practice at SAS. He was leadauthor and editor of the book Advances inOperational Risk – Firm-wide Issues by FinancialInstitutions, published by Risk Books in 2003.

David Porter, head of security andrisk, Detica

David is a certified fraudexaminer and helps banksdevelop and implementapproaches towards Basle II

compliance, and combating fraud and moneylaundering. He previously held senior consultantroles at Unisys Global Financial Industries andDeloitte & Touche.

John Gubert, independent consultant.

John retired in 2006 as globalhead of HSBC SecuritiesServices. He was also the headof Global Transaction Banking,

Financial Institutions, with responsibilityfor financial institution payment servicesand the global bank notes business ofHSBC. He currently chairs ISMAG, a jointindustry group.

Steve Craggs, president ofSaint Consulting, a director ofIlluminatus and vice chairmanof the Integration Consortium.

Steve has held variouspositions in IBM development.

He has been an independent consultantand analyst for the last seven years, and isone of the leading authorities on businessintegration software and solutions.

Frédéric Ponzo, managingdirector, Grey Spark andformer managing director,NET2S.

Frédéric joined NET2S in 1998as a consultant specialising in

trading technologies. He was a foundingmember of NET2S in the UK, and has overthe past six years, directly providedconsultancy to more than 20 leading firmsin the City on electronic trading andmarket data.

Citi For the first time this year

we have included a special

award category in which

financial-i provides

recognition to a single

provider who stands out in the

innovation stakes. This year’s winner is

Citi Global Transaction Services and its

CitiDirect Banking Evolution (BE)

platform, which it launched in

September. Initially released in Poland

and eventually globally, CitiDirect BE

can also be white-labelled by other

banks. CitiDirect BE builds on a history

of technological innovation at Citi,

starting with its online banking platform

CitiDirect, which it launched in 1999.

CitiDirect BE incorporates Web 2.0,

social networking and collaborative

technologies to provider users with a

richer, more customisable experience

that puts more information and control

at their fingertips above and beyond

traditional cash management

functionality such as initiating

payments. CitiDirect BE provides more

information to help firms better manage

their accounts receivable, which is a

major pain point. It also incorporates

electronic bank account management,

digital identity management and a media

channel where users can search and

access videos harnessing the expertise

SPECIAL AWARD

Innovation of the Year Methodology

of Citi executives from around the globe.

According to our advisory panel, the

inclusion of social networking and

collaboration are distinctive features of

CitiDirect BE. While other banks are

considering social networking, our panel

says they have not figured how to fully

leverage it. CitiDirect BE is at the

forefront of the next generation of online

cash management, says our panel, which

predicts that Web 2.0 for corporate

banking will go mainstream.

Gary Greenwald, chief innovation officer, GTS

www.transactionservices.citi.com

COMPANY TO WATCH

Bank of AmericaMerrill LynchNot far off the pace when it comes to

the next generation of online cash

management is Bank of America

Merrill Lynch’s new treasury services

portal, CashPro Online, which

provides a single point of access for

all of a firms’ treasury, debt, cash

management, investment, trade

finance and FX needs. CashPro

Online integrates financial information

for enhanced workflow and uses a

range of channels to push out

information to customers. Additional

features include a new payments hub.

Perhaps uniquely, the companies

shortlisted for the more than 60

categories included in our awards, were

not self-nominated but were selected

solely on the basis of research

conducted by financial-i journalists and

independent analysts. Once the shortlist

of companies is compiled for each

category it is then passed to an advisory

panel comprising industry analysts and

independent consultants who provide

feedback on each company. This

feedback is then used to help our

journalists select winners for each

category and companies to watch

where relevant. In researching

companies for the shortlist our team

consider criteria such as:

• New innovations, additions or

upgrades to existing solutions in the

last 12 months

• Functionality enhancements and their

impact on speed of implementation

and customer usability

• Depth and breadth of functionality

• The ease with which customers can

implement the solution and integrate

it with existing solutions

• The extent to which these solutions

help companies reduce risk, ease

regulatory compliance, reduce cost or

speed up transaction processing.


J.P. MorganJ.P. Morgan has invested

heavily in its treasury and

cash management

infrastructure and

technology over the past

year. It launched ISO 20022 payment

initiation and reporting capabilities,

and an order-to-cash electronic

payment solution, Total Settlement.

This is a long-term project for the

bank which has now come to

fruition, and demonstrates J.P.

Morgan’s commitment to the working

capital management space. Treasury

OnLine, the bank’s proprietary treasury

management system has been enhanced

with the addition of real-time reporting

and new cash flow forecasting

capabilities. To top it off, the bank

went live with its new, improved

international mass payments operating

platform, Global ACH. According to our

advisory panel, “The breadth and depth

of J.P. Morgan cash management

initiatives are unrivalled in North

America.

Melissa Moore, CEO,

J.P. Morgan Treasury Services

www.jpmorgan.com/ts



Payment & FX Winners

Deutsche BankDeutsche Bank is reaping

the benefits of the seeds it

has sowed over the last

few years. The firm has

focused on steady growth

and investment and has moved from a

proprietary to a strongly-partnered

approach to technology advancement.

It is bringing together various pieces of

the payments universe into a single,

best-of-breed, multi-channel, end-to-

end payments solution that is highly

integrated. It partnered with Luup to

provide mobile payments and has also

built out its FX4Cash solution to

include more currencies and

functionality.

Shahrokh Moinian, head, cash management,

corporates, EMEA

www.gtb.db.com

CASH MANAGEMENT PROVIDER EUROPE

CASH MANAGEMENT PROVIDER NORTH AMERICA

HSBCAt a time when many, if

not most, major players in

the cash management space

have dealt with some kind

of liquidity or business

crisis, HSBC has held strong and shown

its dedication to the Asia-Pacific

markets. The bank launched a pilot

pooling project this year that showed

not only its continued vigour as a

global cash management bank, but also

its continued innovation. In addition, it

CASH MANAGEMENT PROVIDER ASIA

Svenska Handelsbanken

Despite the Nordic

region being its core

focus, in recent

months, Svenska

Handelsbanken has

started entering new markets in

order to follow the trade and

business flows of its customers. It

recently became the first Nordic

bank with a local currency

banking license in China, making

it the only Nordic bank with a

full suite of renminbi-based

banking and cash management

services – including payment

services and deposits, lending and

trade finance services.

Handelsbanken has been active in

China for a number of years having

first obtained a limited local curency

license back in 2005. The latest

development is key for Nordic

corporates increasingly

looking to expand into the region

as both Nordic and Eastern

European markets reach critical

mass. In addition, the bank built

out its corporate card services to

include some innovative new

security solutions for corporates

and it continues to enhance its

cash management and FX

solutions.

www.handelsbanken.com

CASH MANAGEMENT PROVIDER NORDIC REGION

COMPANY TO WATCH

Wells FargoWells Fargo has long provided

customers with innovative North

American transaction banking

services, most recently with the

launch of its corporate mobile

banking solution. The market will be

watching to see how the Wachovia

merger comes together and what it

means for the bank’s transaction

banking and cash management

solution set.

COMPANY TO WATCH

Standard CharteredBankThis year Standard Chartered

launched Trade Settlement Enterprise,

which offers customers a cross-

continues to enhance its cash

management platform, HSBCnet, and

boasts a strong trade finance offering.

John Laurens, head, payments & cash

management, Asia Pacific

www.hsbcnet.com

border multi-currency trade finance

platform. The bank is known for its

trade finance and working capital

management solutions, and continues

to focus on distinctive solutions

geared towards its Asia-Pacific

customer base.

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Dovetail Dovetail’s payments

processing platform is a

scalable solution built on

open standards and

provides processing across

the gamut of channels and markets. It

handles multi-currency, multi-company

and multi-entity operations and is

component based, which provides both

hardware and technology platform

flexibility. Our advisory panel notes,

“With its flexibility, features and

functionalities, Dovetail deserves to be



SunGard AvantGardReceivables

With an innovative

dashboard that shows all

activity in a single screen,

SunGard AvantGard

Receivables’ exception

management and trend analysis

solutions help clients improve cash

forecasting and liquidity management.

At a time when credit and

counterparty risk are key concerns,

SunGard AvantGard Receivables

provides a full complement of credit

risk management tools that allow users

to integrate data from third parties to

set up custom scoring methodologies

and risk alerts.

Ken Dummitt, president, SunGard’s

corporations business

www.sungard.com/Avantgard

ACCOUNTS RECEIVABLE

Bottomline TechnologiesIn the last 12 months,

Bottomline has been

exceptionally busy, adding

new cash reporting

functionality to its

WebSeries solution to provide real-time

bank account reporting, including

nostro reporting. In addition, the firm

launched C-Series for corporates, a

global real-time payment information

messaging solution incorporating SWIFT

Alliance Lite. It also entered into an

agreement to acquire Bank of America

Merrill Lynch’s PayMode product,

operations and vendor network, which

rounds out its accounts payable and

order-to-pay solutions and gives it a

supplier network of approximately

80,000 vendors. The two are working

together to enhance PayMode’s

Software-as-a-Service (SaaS) offering.

Nigel Savory, managing director, Europe

www.bottomline.com

ACCOUNTS PAYABLE

Digital Insight – an Intuitcompany

Digital Insight may not

have been as long in the

market as some of its

competitors, but it focuses

on providing innovative

solutions within its niche. It offers

complete cash and liability position

reporting, with a snapshot view of

daily activity. Digital Insight recently

migrated to a full-ASP model and it

has improved the user-friendliness of

its offerings. It relaunched its cash

position worksheet with a new cash

position calculator and a number of

other changes to improve

workability. Its currency netting

function allows users to maintain

account balances in different

currencies and net them to a single

currency.

Sasan Goodarzi, president

www.digitalinsight.com

REAL-TIME CASH REPORTING

S1As companies look to

improve cash and

liquidity management

coming out of the

economic downturn,

business intelligence tools combined

with strong cash forecasting provide

invaluable information that can be

used to increase efficiency. S1 has

enhanced its information-reporting

module and forecasting functionality

to improve the utility of its forecasts.

CASH FORECASTING

PAYMENT PROCESSING

COMPANY TO WATCH

Earthport Earthport creates efficient international

payments on its money movement

platform, the Universal Payments

Network. The firm treats international

payments as two separate domestic

payments, which are fed into

Earthport’s segregated but interlinked

accounts to save clients money and

provide greater transparency as

customers can log into the Earthport

system and trace global transactions.

Accounts are netted to avoid high

international transaction costs.

COMPANY TO WATCH

Oracle Crystal BallOracle has placed a significant focus

on its treasury and cash

management solutions in recent

years, in an effort to overcome the

negative stigma of ERP-based

treasury solutions. Oracle Crystal Ball

is a clear example of how this effort

has paid off. It can take data from

various sources and build forecasting

models appropriate to the business.

It offers sophisticated forecasting

methodologies, sensitivity analysis

and stress testing.

In addition, it has a user interface

that provides ease of use and

navigation, including improved

menus and drop-downs.

Jan Kruger, president, enterprise division

www.s1.com

deemed an innovator in payments

processing.” A single set of products

and customer agreements ensures that

products can be applied across all

payment types and geographies, says

our panel. Payment processing rules are

harmonised and client personalisation

is relatively straightfroward.

Martin Coen, CEO

www.dovetail.com





AleriIn the current

environment strong

liquidity management

has never been more

important, and Aleri

continues to lead the pack with its

Aleri Liquidity Management System

and complex event processing

paradigm. The system gives

customers a global picture of liquidity

and liquidity risk and helps them

deal with new regulatory and

reporting requirements. Aleri strives

to help companies access as much

data as possible across the purchase-

to-pay cycle in order to drive internal

efficiencies and interactions with

external parties. The firm acquired

Coral8 this year and plans to have

the two systems fully integrated by

mid 2010.

Don DeLoach, CEO

www.aleri.com

LIQUIDITY MANAGEMENT

SunGard AvantGardQuantum

What stands out about

SunGard AvantGard

Quantum is the firm’s

dedication to its

Infinity Strategy –

which combines SunGard’s

business process management and

Software-as-a-Service offerings into

one solution – and the Ecosystem

approach, in which each module

acts as an entry channel to

TREASURY MANAGEMENT SOFTWARE

Wall Street SystemsWallstreet Treasury

provides a principal

platform through which

treasury activity is

conducted while also

acting as a distribution channel for

niche, best-of-breed solutions. As such

it can support more sophisticated

treasury operations while still

maintaining its ASP approach, and at a

more affordable pricing point than a

full treasury workstation. It is offered

ASP TREASURY MANAGEMENT SOLUTION

CitiCiti announced the

launch of Citi Virtual

Card Accounts this year,

which is the first global,

multicurrency/multi-

language virtual card platform. As

our advisory panel explains, “Citi is

the only truly ‘global’ commercial

cards issuer of P-cards since they

have an integrated platform and on

the ground support in 40 plus

countries across three major

regions.” Citi’s Procure-to-Pay B2B

portal – in conjunction with

MasterCard Gateway and the Ariba

network – provides the greatest

global merchant coverage of any

card program.

Hubert J.P. Jolly, global head, commercial

cards and Procure to Pay, GTS


CORPORATE PURCHASING CARDS

COMPANY TO WATCH

Oracle Oracle is investing heavily in its

treasury capabilities to create world-

class solutions for its clients’ treasury

operations. As a result, companies

are gleaning the benefit of strong

treasury functions with full integration

into their Oracle or PeopleSoft ERP as

well as other Oracle solutions. As the

remit of the average treasurer

continues to grow to take in the full

order-to-pay cycle, easy integration

with accounts payable and accounts

receivable and general ledger will

make both Oracle EBS Treasury and

PeopleSoft TMS ever more desirable.

COMPANY TO WATCH

Thomson ReutersTreasuraTreasura is taking the market by

storm as it shows its worth in data

and information. Taking advantage of

the Thomson Reuters connection,

ASP Treasura provides seamless

integration with Thomson market data

solutions. Thomson Reuters sees the

build-out of its treasury solutions as a

top strategic priority, and plans to

further develop its global platform to

integrate and deliver content and

workflow in a single platform.

COMPANY TO WATCH

US BankUS Bank has had a quite robust

P-card solution for a number of

years. In addition, its joint venture

with Visa – Syncada, to build out

PowerTrack as a global B2B

platform is quite a bold move, says

our advisory panel.

external technology providers. It

means clients can more easily

connect to a range of solutions.

Ken Dummitt, president, corporations

business

www.sungard.com/Avantgard

on a Software-as-a-Service basis.

Paul Wheeler, managing director,

Wallstreet Treasury

www.wallstreetsystems.com




360TThis once-small trading

portal has expanded

rapidly and now is a

fierce competitor in the

realm of e-trading. It is

beloved by corporate users, not only

for its bank independence but also

because it was developed with

corporate treasury in mind, featuring a

functionality set and user-interface that

are treasury-friendly. The system offers

real end-to-end STP as positions are

updated from 360T to in-house

corporate systems within seconds of a

trade being executed. One of the most

useful functions of the 360T service is

the relationship management reporting

solution, whereby the firm provides up

to 10 years of transaction reports

which clients can use to compare their

banking partners. It provides an

‘opportunity cost’ variable, which

compares pricing between relationship

banks – an invaluable piece of

information when discussing wallet

share with banking partners. In

addition, the I-TEX Intra-Group Trading

System, launched in July, links and

routes subsidiary requests to central

treasury, making it simpler for online

trading to be managed by a company’s

central treasury. Using this tool,

subsidiaries can conduct a trade and

have it automatically routed through

head office for execution, taking out

the manual step in the process.

Carlo Koelzer, CEO

www.360t.com

ONLINE FX DEALING

SurecompSurecomp not only

provides the most

comprehensive, fully-

integrated front-, middle-

and back-office trade

finance solution, but they also recognise

and act on the needs of their customers.

With complementary solutions aimed at

helping clients bring together disparate

elements of the supply chain with trade

finance management – including

receivables management system allFAC

and treasury confirmation solution

Perfect Match – they facilitate end-to-

TRADE FINANCE

EmptorisEmptoris provides a range

of software solutions that

help firms better manage

the procurement process

in terms of contract

management, supplier performance

and spend analysis. Our advisory

panel was particularly impressed with

Emptoris taking the best-of-breed

contract and service management

solutions that it recently acquired

from Click Commerce to build on

its own solutions to create a best-

of-breed supply chain management

offering. According to our panel, the

Contract and Service Management

solution supports procurement of a

wide range of services from simple

to more complex contracts. Emptoris

has also improved its request for

proposal (RFP), statement of work

(SOW) and project-based services

functionality as well as building

strong workflow capabilities and

configurable rules by geography and

category, as well as global language,

currency, tax and labour law

support. Its “ability to execute” and

“completeness of vision” resulted in

analyst firm Gartner placing Emptoris in

the leaders’ quadrant for sourcing

applications in 2008. According to

Gartner, these solutions are deployed as

standard, particularly across Global 2000

companies, which is Emptoris’ main

customer base. Its solutions are

particularly relevant in the current

economic climate where a lack of

available credit means firms are looking

to eke out even greater cost savings in

their supply chains. In response to

these pressures, Emptoris launched

the Guaranteed Savings Program,

which guarantees savings and a

minimum return on investment (ROI)

over a three-to-six month period for

users of its supply chain

management solutions that register for

the program. “The expanded

capabilities from the acquisition and

its response to the challenging

economy set Emptoris apart from its

competitors,” our advisory panel

concluded.

Patrick Quirk, CEO

www.emptoris.com

SUPPLY CHAIN MANAGEMENT

COMPANY TO WATCH

FundtechAlthough not focused solely on the

trade finance space, Fundtech

captured the attention of our

awards advisory panel with the

integration of its supply chain

end workflow processing throughout

the purchase-to-pay cycle. This is much-

discussed but not easily achieved, and

Surecomp’s solutions illustrate what best

practice trade finance management can

look like. Our panel noted that the

interconnectedness and integration of

Surecomp’s product offerings stands out.

Joel Koschitzky, chairman & CEO

www.surecomp.com

management, global trade finance

solutions and cash management

offerings. This stands out among

vendors and demonstrates that the

firm is focused on the demands of

an ever-changing business

environment and how that is

impacting its clients.





BaswareBasware continues to

extend its worldwide e-

invoicing network. The

firm launched Basware

Connectivity to help

ease document exchange and it is

moving towards outsourced e-

invoicing solutions with BasWare

Scan and Capture, an outsourced

scanning service. It has also

released new e-invoicing solutions

as part of its BasWare Invoice

Automation offering. Basware

Matching reduces manual interaction

with the invoicing process with

stronger exception management,

line-level visibility and more precise

matching functions. BasWare is

constantly looking at ways to

improve systems and services,

helping it to maintain a leading

position within the market.

Esa Tihilä, senior vice president, global

operations

www.basware.com

The ReceivablesExchange

Believed to be the first

platform of its kind, The

Receivables Exchange is

an online platform

where companies can

sell receivables to a global network

of institutional investors. It provides

working capital in exchange for

receivables in just three days, which

is a big difference from the 48-day

industry average for receivables

processing. This is an invaluable

tool for both smaller and larger

companies looking to support their

vendors without the management

and resources necessary for an in-

house vendor finance program. The

firm is partnering with Ariba to give

suppliers access to working capital

solutions.

Nic Perkin, president

www.receivablesexchange.com

E-INVOICING

SUPPLY CHAIN FINANCE

COMPANY TO WATCH

TransceptaTranscepta provides an extremely

thin client interface that delivers

invoices from existing billing systems

without a high level of integration. In

addition, there are no fees for

vendors and payments can be made

through the system to vendors.

According to our advisory panel,

Transcepta’s solution is quite

unusual, and strong in its simplicity.

COMPANY TO WATCH

SyncadaSyncada is a joint venture of US

Bank and Visa that is built on US

Bank’s PowerTrack platform to

create a global financial supply

chain network for clients. Although

it is currently only on offer in the

US, the firm has major plans for

expansion.

BottomlineTechnologiesWith its PayMode

partnership with Bank of

America Merrill Lynch,

Bottomline has

demonstrated its

commitment to providing deep

product sets within the payments

space. The firm has launched a Faster

Payments solution to provide UK-

operating corporates with direct access

to the new payments system in the UK.

It also partnered with SWIFT on

Alliance Lite. “Given Bottomline

Technologies' involvement in a couple

of key industry initiatives and their

strategic partnership to leverage a

network and product they lacked, they

have demonstrated a well-planned and

executed e-payments strategy,” our

advisory panel stated.

Chip Martin, vice president, corporate

payments

www.bottomline.com

E-PAYMENTS

COMPANY TO WATCH

S1According to our panel, S1 leads the

industry in terms of adoption of

Web 2.0 technology. In terms of

payments monitoring, its next-

generation flexible and customisable

dashboard, which takes advantage

of Web 2.0 advancements, stands

out within this space.




Securities Services Winners

Société GénéraleSecurities Services

In 2009 all financial

services providers were at

pains to show their clients

they could help reduce

risk across all phases of

the business. However, our advisory

panel determined that Société Générale

Securities Services (SGSS) was the

leader in providing full-market

coverage to all of the new multilateral

trading facilities (MTFs), which enabled

clients to reduce risk and costs. The

SocGen innovations were judged to be

more seamless and broader than those

of its competitors. SGSS broadened its

clearing offer to include several new

MTFs: BATS Europe, NYSE Arca and

Nasdaq OMX Europe. It already

provided brokerage clients with access

to Chi-X, Turquoise, SmartPool and

Equiduct Trading platforms. It is

axiomatic in financial services that the

fewer times data has to be transferred,

or even handled, the fewer chances

there are for errors. Our panel

appreciated that SocGen’s capabilities

allowed for centralised transactions

among multiple markets, enabling

reduced transaction risk and expense.

Alain Closier, global head, securities services

www.sg-securities-services.com

SECURITIES SERVICES PROVIDER EUROPE

Bank of New YorkMellon

In 2008, financial

institutions clamoured for

their service providers to

give them the edge they

needed to accelerate their

recovery. The advisory panel gave the

nod to Bank of New York Mellon (BNY

Mellon) on the strength of its collateral

management suite and its new Position

Eligibility offering. These offerings

enable optimum use of available

collateral – a critical edge in a recession-

bound market where both liquidity and

credit are tight. BNY Mellon enhanced

its collateral management services for

broker-dealers with the launch of

Position Eligibility, which allows broker-

dealers to pre-screen securities online

and to assess whether the securities can

be used as collateral in tri-party

financing or stock-lending transactions.

The panel also noted the way the

collateral management suite integrated

with the bank’s Derivatives360 platform.

Modular design allowing clients to plug-

and-play the components they need

was considered particularly

innovative.

Vince Sands, executive vice president,

BNY Mellon Asset Servicing

www.bnymellon.com

SECURITIES SERVICES PROVIDER NORTH AMERICA

RBC Dexia InvestorServicesSARA Web is not

Charlotte’s younger sister,

but a new unit registry

from RBC Dexia Investor

Services. SARA Web is a shareholder

accounting and registration

application. The panel noted that this

innovation is the first global third-

party administrator-backed, online,

real-time unit registry for retail and

wholesale clients, as well as advisors,

in the Australian market. Soon after

the introduction of SARA Web in

September, Goldman Sachs JBWere

Asset Management selected RBC

Dexia Investor Services to provide

fund administration and transfer

agency, including unit registry services

for its AUD 8 billion portfolio of

funds in Australia. Our advisory panel

says RBC Dexia has gone out of its

way to make its North American and

European products and services

available across Asia. SARA Web is a

global multi-currency, multi-promoter

application, which handles both

accumulating and distributing share

classes. Its online capabilities

complement RBC Dexia’s existing unit

registry system,. Our advisory panel

noted that SARA Web’s adoption is

an example of the company’s

willingness to invest in market

specific solutions based on its

leadership position in the fund

administration and mutual fund

registration markets.

Scott McLaren, head, sales and distribution,

Asia Pacific

www.rbcdexia.com

SECURITIES SERVICES PROVIDER ASIA

Nordea SecuritiesServices

In contrast to some other

winners that released a

blockbuster new offering

or a major enhancement

to an existing solution,

our advisory panel noted

the breadth of Nordea’s innovation as

it continued to invest across its e-

custody platform, further automation

of corporate actions processing and its

integrated information platform.

Nordea’s issuer services introduced a

tool for administration of option or

share-based incentive programs in

Denmark, Finland, Norway and

Sweden, as well as other countries

outside the Nordic region. In sum, the

panel concluded that Nordea

continues to enhance its straight-

through processing capabilities,

extending its lead over most

competitors at a time when many

banks and service providers were

faced with a disconnect in many

aspects of the markets in which they

competed. At the same time, Nordea

saw its customer base widen as it

expanded from the Nordic region to

elsewhere in Europe.

Nina Groth, head of sub-custody and clearing

www.nordea.com

SECURITIES SERVICES PROVIDER NORDIC REGION

74-76-Awards-secservicesAH.qxp 9/12/09 22:26 Page 2

SWIFT, DTCC and XBRLIt is not quiteworldpeace,

but our panelwas

impressedby the

breakthrough that SWIFT,

theDepositoryTrust&

ClearingCorporation, andXBRLachieved

in creating a stakeholdersgroup, whichfor

thefirst timewill link issuers, intermediaries

and investors to improve theprocessing

of corporate actions. Thegroupwill retain

three subgroups and each subgroupwill

make recommendations to articulate the

issues for electronically capturingdata

directly from issuers and their agents. The

keywill be capturing thedata in a

standardised format at thepoint atwhich

a corporate action is announced. Looking

ahead, each subgroupwill alsoprovide

input to helpdeterminewhat changes are

required if issuers produce corporate

actionsmessages in theXBRL format

alignedwith ISO20022.

DavidHands,director,DTCC Solutions



Linedata ServicesLinedata’s LongView order

management system

(OMS) for the buy side

now includes several new

components, including

venue distribution tools that our

advisory panel concluded were

particularly original and effective.

Other new developments included

controls, gauges and real-time market

data within an integrated snapshot

view, intuitive commission

management tools for budget

management, and the ability to

compare broker commissions. Another

variable with which LongView can

assist is the blurring of definitions

among asset classes and the

convergence of market and reference

data. Finally, the panel recognised

LongView’s front-to-back focus on the

buy side, rather than a one-size-fits-all

buy-or-sell solution.

David Bilbé, managing director, northern

Europe

www.linedata.com

ORDER MANAGEMENT SYSTEM

StreamBaseSince the introduction of

the Markets in Financial

Instruments Directive in

Europe, the focus on

execution management

systems has been on smart order

routing (SOR), which is one of the

fastest-moving applications in the

complex event processing (CEP)

space. In early October, StreamBase

released a suite of eight order-

execution algorithms designed for the

buy side, prop desks and broker-

dealers. Our advisory panel noted

that the firm is the first in CEP to

release algorithms as part of a

framework for capital markets.

Whether or not the initiative becomes

a trend, our panel felt that the suite

of eight algorithms represented an

important innovation. It also noted

that the growing fragmentation of

liquidity has placed new emphasis on

multi-asset and broad-geography

trading strategies. With its latest

battery of algorithms, StreamBase is

ahead of the pack.

Mark Palmer, CEO

www.streambase.com

EXECUTION MANAGEMENT SYSTEM

CORPORATE ACTIONS

Calypso TechnologyIn 2009 Calypso revealed a

larger and more capable

offering than its original

incarnation as a toolbox,

according to our advisory

panel. Elsewhere, market watchers

made note of Calypso’s release of

version 11 of its trading and risk-

management platform. However, it was

the introduction of Fast-Track which

saw Calypso capture the innovation

award for this category. Fast-Track is

designed to help users mitigate

implementation risk and reduce

implementation timeframes by up to

50%. Fast-Track includes out-of-the-box

interfaces, cross-product coverage,

front-to-back straight-through

processing, and intuitive user

operability by applying best market

practice.

Charles Marston, chairman & CEO

www.calypso.com

DERIVATIVES PROCESSING

COMPANY TO WATCH

XSPIn mid-September XSP re-engineered

its V5 platform using Microsoft.Net

components. The upgrade is SWIFT

ISO 15022 compliant. XSP also

formed a partnership with Decillion

Group, SWIFT’s official business

partner for Australasia, to provide a

service-based offering of the V5

platform.

FUND ADMINISTRATION & ACCOUNTING

CitiAmid the tribulations of

2009 and given the tough

year for the sector in

general, our advisory

panel was all the more

impressed with the type and amount

of fresh technology that Citi Global

Transaction Services (GTS) introduced

this year. More specifically, the GTS

group launched its Fund Governance

Portal providing real-time access to

mutual fund data, documents and links.

The Fund Governance Portal was

created in response to clients who

sought easier access to fund

information and data for their boards

of directors, legal personnel,

compliance officers, and other

associates with fund administration

responsibilities. The panel noted that

the portal was fast and efficient,

without any compromise on data

security or accuracy. The client

interface in particular is considered

intuitive. The links to both the

Securities & Exchange Commission,

and also postings of regulatory updates

are nice features. Our panel also

believes that the navigation within

Citi’s portal is quite refreshing.

Bob Wallace, global head, fund services





Securities Services Winners

EquiLendAs the securities lending

sector accelerates its

approach to an electronic

bid-offer market,

EquiLend introduced

several offerings including

Quick Connect for comparison

services to all regulated institutions,

regardless of size; Trade2O service

suite, which includes security-level

links to Data Explorers “Free to Air”

data; Contract Comparison interface

re-design with customisable toolbar

and increased user-friendly format;

and PrePay Comparison, an

automated solution for prepay

collateral reconciliation. Our advisory

panel emphasised both the number

and extent of the innovations and

was especially impressed that the

rollouts were accomplished at a time

of unprecedented volatility in the

global securities markets. The panel

noted that fund managers, banks and

brokerages are already shifting their

policies and practices into the

direction of electronic bid-offer.

According to our panel, EquiLend is

in a good position with sound

offerings on many different fronts.

Brian Lamb, CEO

www.equilend.com

SECURITIES LENDING

Northern TrustNorthern Trust got the

nod this year over some

big names on the strength

of what the company

chose to do in-house. In

making several innovations to its

capabilities and list of partner

providers, the company focused its

ingenuity on making the new

capabilities available and compatible

across its platform. Northern Trust

brought innovation to its global OTC

platform to enhance trade

reconciliation and confirmation. Our

advisory panel noted the extra steps

that Northern Trust took to extend the

new capabilities back through its core

platform, from daily processing to

lifecycle management. They also noted

that Northern Trust created a new suite

of reports to support clients’

compliance with evolving national

financial reporting standards, which

require qualitative disclosures regarding

financial instruments that could

seriously complicate the task of

securities outsourcing. While new

regulations are difficult to predict,

Northern Trust was commended for

taking innovative steps that put it in a

position to respond quickly to future

requirements.

Toby Glaysher, head of relationship

management, Global Fund Services, EMEA

www.northerntrust.com

SECURITIES OUTSOURCING

Broadridge FinancialSolutions

Recognising the

significance of advances

across the category this

year, our advisory panel

gave the award to

Broadridge on the strength of its new

comprehensive operational risk

dashboard that pulls real-time intra-day

and end-of-day data from various

trade processing systems. The

dashboard includes industry

benchmarks for key metrics collected

and pooled from clients’ data. A new

Java-based platform was developed to

rapidly build this application and

others on Impact, Broadridge’s fixed-

income securities trade processing

system. Broadridge also enhanced its

international securities processing

system, Gloss, expanding functionality

for exceptions management and

processing of fixed income for

Japanese markets as well as interfaces

for Hong Kong and Australia. The

panel stressed that under Gloss’s new

capabilities, open trades can be

selected and excluded from funding

positions individually or in groups.

Market watchers liked the focus on

giving users flexibility to organise,

view and manage securities, noting

that it enables more active

management even in broadly

diversified asset allocations.

Tom Carey, president, securities processing

solutions, international

www.broadridge.com

BROKERAGE SECURITIES PROCESSING

RiskMetrics GroupRiskMetrics launched its

new proxy voting

platform, ProxyExchange,

in early December. Our

advisory panel noted

that new proprietary technology

infrastructure will enable

ProxyExchange to support efficient

and informed proxy voting for

institutional investors, and stressed

the timeliness of that capability with

pension and fund managers under

increasing pressure to take a more

active role in executive pay and

other elements of corporate

governance. ProxyExchange

streamlines and automates workflows

with real-time updates to research,

meeting and account information

and automation of routine tasks and

simple approvals. Proxy research and

recommendations are available on

the voting screen. There is also full

visibility of ballots and accounts and

auditable detail on every transaction

plus custom management of the

account environment.

Ethan Berman, founder & CEO

www.riskmetrics.com

ELECTRONIC PROXY VOTING




Network Services Winners

IPC SystemsThis year IPC

upgraded its European

voice-over-IP network,

connecting nine

financial centres across

the region with its North

American network. The new

optical network provides faster

response times and superior

failover if a connection ever goes

down, using various tier one

providers to build in redundancy.

IPC’s turrets are used by more

than 2,400 trading floors and

exchanges around the world and

it has extended coverage of its

enterprise voice service into

Hong Kong and Singapore. Its

IQMax turrets are cutting edge,

while MAXaccess 1000 extends

the technology’s use so traders

can access their systems when

they are away from the office

through their PC and phone

connection. IPC’s “enterprise

approach” takes clients through a

four-stage adoption programme

for VoIP, starting with fixed

resources, where trading systems

are specific to one location,

moving through distributed

resources to dynamic and then

virtual resources.

Lance Boxer, CEO

www.ipc.com

VOICE-OVER-IP

BT Radianz Shared Market

Infrastructure is already

one of the best

established financial

networks, supporting

more than 11,000 financial customer

locations globally with access to

more than 550 application services.

This year it has made significant

leaps forward, rolling out its ultra

low-latency network and proximity

hosting. Radianz Ultra Access was

launched in London in April,

providing sub-one-millisecond

latency for trading platforms.

Customers warmed to the new

offering; in September, Radianz

announced that it will provide ultra-

low latency access for Chi-X Europe’s

London customers. Extending an

existing relationship, the new

platform is designed to make the

most of a matching engine that Chi-x

Europe claims delivers an average

internal latency of just 350

microseconds.

Andy Nicholson, vice president, global

banking & financial markets

http://globalservices.bt.com

IP NETWORK

SAPWhile rival Oracle

continued to snap up

companies, and still

enjoys high ranking with

the analyst community,

SAP was also enjoying the plaudits this

year. By continuing to embrace

service-oriented architecture (SOA), its

SAP for Banking platform scored

highest in its readiness for SOA in a

Forrester report on Global Banking

Platforms. Breaking its platform up into

its component parts is a long-standing

initiative at SAP, but it’s now starting to

bear fruit and holds considerable

promise, particularly among

institutions’ extended trading

communities. HSBC, for example, is

using SAP’s NetWeaver to standardise

its corporate-to-bank integrations. This

year’s Sapphire user conference also

saw significant movement on SAP’s

Business ByDesign-hosted ERP

software suite, with around 80

customers now testing the product.

This is a major step for SAP in its

attempts to offer an entire ERP suite on

a hosted basis.

www.sap.com

ERP

TemenosTemenos’ next-generation

core-banking platform

T24 continued to gather

momentum in 2009, with

high marks from analysts,

continued momentum in emerging

markets and the launch of its core-

banking business intelligence

product. Forrester commended T24’s

flexibility, support of regulatory

requirements and corporate strategy

and Temenos’ support for

componentised SOA functionality

continues to position it as an

CORE BANKING SOFTWARE

innovative product. Inroads into

China, Vietnam and India as well as

the Middle East and Africa were

reported last year, partly as a result of

Temenos’ packaged model bank

offering.

Andreas Andreades, CEO

www.temenos.com

COMPANY TO WATCH

Misys BankFusion The new universal banking platform

from Misys that launched at the end

of 2008 managed to sign a couple of

customers this year. Misys has a lot of

legacy customers to call on, so the

platform has a wide potential

audience and its adoption of SOA,

separation of technology platform and

application and built-in workflow and

rules engine provides an impressive

technology play. In addition, because

of its flexible deisgn, Misys is able to

bundle the BankFusion platform’s

functionality with its many other

products and even those from third

parties, providing flexibility for new

and existing customers.

78-81-Awards-NetservicesAH.qxp 12/12/09 12:09 Page 2



Platform ComputingWhile technical

definitions vary, the

boundaries between

grid and cloud

computing are

continuing to blur – and whatever

your take on the potential

benefits, there are few vendors

that have brought as much

innovation to the converged space

in financial services as Platform

Computing. It won some early

successes in grid, clustering and

the wider area of high

performance computing, pushing

these paradigms at the likes of Citi

and Deutsche Bank. Last year, it

launched a dedicated financial

services business unit housing its

Symphony platform, and at SIFMA

it announced a solution to create

private cloud infrastructures with

Platform ISF, which takes in the

governance, compliance, business

continuity and cost and risk

management requirements. Our

advisory panel noted this was the

only cloud management platform

to offer all the key functional

capabilities.

Songnian Zhou, CEO

www.platform.com

GRID/CLOUD COMPUTING

VMwareHaving become the de-

facto standard for server

virtualisation, VMware

has gone on to tackle

what some would

consider to be the bigger prizes over

the past year: desktop virtualisation

and internal clouds. The potential to

use virtualisation to ease the rollout

and management of desktop estates is

significant, particularly for large banks

with thousands of end-users. Central

IT tasks such as business continuity

and application management are all

transformed as the actual desktop

environment is not confined to the

physical desktop machine. It also

allows for some creative deployment

options, including thin clients and

netbooks. VMware doesn’t have a

dedicated financial services unit, but

it’s hard to ignore its reach in

virtualisation at both a mid-market

and enterprise level and it is putting

the pieces in place to provide the

operating system for companies’

internal cloud initiatives.

Paul Maritz, CEO

www.vmware.com

VIRTUALISATION

BMC SoftwareIn May, BMC Software

was awarded the first

ITIL-process compliant

certification, a significant

milestone in the adoption

of standards in IT service and

support. Thousands of companies

around the world are already using

the UK government-originated ITIL

standards for IT support. But until

now, it was up to individual

companies to certify their own IT

processes, a step which few bothered

with. Like many of this year’s

innovators, BMC has been busy with

its cloud initiatives over the past 12

months and rates highly with analysts

for its internal cloud-management

products. But BMC’s bread and butter

is still its business service-

management platform and IT service-

management products and bringing

the power of event correlation to

recognise potential problems in IT

management before they occur. In a

tough market, its integrated approach

to assets, change and configuration

management and its market-leading

helpdesk should help make things

easier for financial services groups.

Bob Beauchamp, chairman & CEO

www.bmc.com

IT MANAGEMENT

IBMThe breadth and depth

of IBM’s integration

capabilities put it

slightly ahead of rival

integration heavyweight

TIBCO, coupled with the fact that

despite all the current economic

difficulties, IBM continues to

plough significant development

dollars (40% of its profits, at last

count) into developing and

innovating its WebSphere products.

Transaction processing and

messaging R&D is based at its

Innovation Centre at the UK’s

Hursley labs, and is co-ordinated

through an unrivalled 43 centres

worldwide. IBM has thousands of

developers working on its mission-

critical systems, both in lab

resources and technical support

people in the field at customer

sites. Much of IBM’s focus in

integration is around Smart SOA,

based on its WebSphere messaging

bus, service visibility and

governance tools and extended

connectivity pieces. It also has a

strong take on enterprise

modernisation – gradually bringing

the different generations of

technology that exist within an

institution into a modern messaging

environment. “IBM is far and away

the leader in EAI,” says our panel,

adding that its WebSphere products

are well tried and tested.

www.ibm.com

ENTERPRISE APPLICATION INTEGRATION




Network Services Winners

IBMIBM wins the category

again this year, as much

for what it says as what

it does. Last year with

the economic crisis in

full swing, a backlash began against

SOA on the basis that it carried an

extra overhead over traditional

development. But IBM soldiered on

and has developed what it calls its

Smart SOA approach, based on work

at nearly 6,000 SOA clients. The

approach has four levels, depending

on where you are on your SOA

journey – foundational, extend end-

to-end, transform and adapt

dynamically. IBM uses BPM

technology powered by SOA to

optimise industry-specific business

processes, and it has done a lot of

work in finance to understand the

SERVICE-ORIENTED ARCHITECTURE

SAP BusinessObjectsPerhaps the most

significant

announcement to come

out of SAP’s Sapphire

conference this year

was a new product for its

BusinessObjects division, SAP

BusinessObjects Explorer, an in-

memory business intelligence

visualisation tool that has the

potential to revolutionise the way

companies analyse data. Currently,

business analysts use heavyweight

analysis tools fronting subsets of

operational data to produce reports

for line managers and business

users. SAP’s own surveys show that

business users don’t feel they have

the answers to their key questions

when they make decisions, either

because they simply don’t have

access to the data or the reports

they have are out of date. Explorer

puts this capability in the hands of

the business user, with an intuitive

search front end to access the data,

and then visualisation features to

generate charts and graphs. In-

memory business intelligence is not

entirely new, but behind the scenes,

the Explorer tool is plugged into

SAP’s NetWeaver BW Accelerator,

bringing the power of these tools to

the vast stores of operational data

held in SAP systems. It has the

potential to transform the way SAP

business customers operate.

www.sap.com

BUSINESS INTELLIGENCE

Tata ConsultancyServices

It’s been a tough year

for Indian outsourcers,

with the rhetoric against

offshoring adding to the

already difficult

economic conditions, so it’s a tribute

to TCS’s reinvention of its business

model that it’s managed to thrive in

tough times, with its BPO business

growing by more than 30%. In

October 2008, it signed the largest

global outsourcing deal with

Citigroup, a USD 2.5 billion

agreement spread over nine years

accompanied by the purchase of

Citigroup Global Services. This,

added to existing headline deals

with the likes of Nielsen, Bloomberg

and Deutsche Bank, means banking

and financial services account for

more than 40% of its BPO business

and adds grist to its stated aim of

being the fastest growing supplier in

its chosen segments. But TCS’s

blossoming has not come solely

through transaction processing – it’s

focused on transformation and

delivery excellence and used its

domain expertise in areas such as

securities processing to achieve it.

Last year, parent Tata Group set up

an innovation forum for its 70

operating companies to identify and

foster innovation. A prime example

is its trademarked Global Network

Delivery Model with 12 key delivery

locations around the world.

Rahul Singh, CEO & managing director,

TCS e-Serve Ltd

www.tcs.com

BUSINESS PROCESS OUTSOURCING

COMPANY TO WATCH

ParemusFounded in 2001 by a former

investment banking engineering head,

Paremus provides a service fabric that

allows multiple composite service-

oriented applications to run on

private cloud computing resources.

The Fabric is standards-based, using

the Java component system OSGI to

describe its components, and service

component architecture (SCA) for its

composite applications. Paremus is

revolutionary in many ways, allowing

enterprise developers to leverage the

cost benefits of open source, while its

model-driven architecture ensures run-

time is optimised and applications are

fine-tuned in operation. Paremus

brings some of the ambitions of the

early web services hype to fruition in

its open standards, vendor-

independent approach and potentially

plug-and-play application - and it

leverages much of the work going on

in the Java community for enterprise-

level projects. Our advisory panel

commended its commitment to

innovation.

different components of, say, an

investment banking model. Our

advisory panel noted that IBM had

rounded out its coverage through

development and acquisitions, so

product wise, IBM has all the bases

covered.

www.01.ibm.com/software/solutions/soa




AleriThe merger of Aleri and

Coral8 in March created

not only a large

consolidated customer

base, but more importantly

a broad range of CEP applications –

important for an IT sector that has at

times seemed like a solution looking for

a problem. Highly ranked by IDC and

Forrester, Aleri was already winning

plaudits for its liquidity management

system, and the fast-tracked addition of

a Liquidity Risk Manager and Market

Liquidity Analysis tool to analyse the

impact of stress events on an

institution’s liquidity position. In

addition, the system enables easier

forecasting, funding and transparency

into liquidity right across an enterprise.

Just after the merger, Aleri added a real-

time risk monitoring solution that, due

COMPLEX EVENT PROCESSING

BUSINESS PROCESS MANAGEMENT

Pegasystems For the second year,

Pega tops the shortlist

for innovation in

financial services BPM.

Described by our

advisory panel as “savvy” in its

verticalised approach to the BPM

market, Pega is head and shoulders

above its independent BPM peers

and can even stand toe-to-toe on

functionality with integrated

BPM/SOA giants IBM and Oracle. A

leader in Gartner BPM suite reports,

CEO Alan Trefler was even

awarded a Stevie (the IT industry’s

Oscars) this year. Its financial

services industry frameworks

provide working process models for

new business initiatives such as

account opening, customer

management areas such as customer

onboarding, and it has proven

implementations in back-office

payments and exception handling

processes and templated risk, fraud

and compliance. Gartner says BPM

is moving from domain-specific

projects to become an enterprise

concern and Pega, with its almost

ideological approach to business

rules, is well placed to meet this

shift.

John Everhard, director, technical services,

Europe

www.pega.com

COMPANY TO WATCH

StreamBaseStreamBase also has good domain

expertise in capital markets and in

April it came out with the first CEP

FX framework. The system takes a

white label approach to FX, allowing

institutions to put together FX trading

systems quickly, with links to market

data and order execution venues.

The addition of former Progress

Software marketing head Mark

Palmer as CEO in September 2008

brought a stronger CEP expertise and

focus to StreamBase, and it has since

announced a number of initiatives,

including the recent release of a

library of order execution algorithms,

designed to provide the building

blocks for automated order

execution. StreamBase’s extended

SQL approach to CEP provides

several advantages over the

proprietary languages of other CEP

vendors – it’s familiar, easy to use

and more easily integrated into

existing applications.

to it being event-driven, can provide

instant risk positions rather than having

to wait for end-of-day or overnight

updates. Bringing together last year’s

CEP winner with our market data

analytics winner, Aleri now has two

CEP platforms with a long-term stated

intention of merging them.

Don DeLoach, CEO

www.aleri.com




Risk Management Winners

SASBusiness intelligence

provider, SAS, claims

this category again this

year with analysts

saying it is one of

only three firms that leads the

operational risk category in terms

of advanced features and

technology. It is also one of the

few firms in this space that boasts

operational risk capital modelling

and data/content provision, which

analysts say are key differentiators.

Where it really stands out is in its

“substantial” quantitative and

qualitative ORM application suite,

and its external loss database.

OPERATIONAL RISK

SASWith ongoing investment

in its business

intelligence platform,

particularly around data

discovery and

visualisation as well as social network

analysis in the area of fraud detection

and prevention, SAS impressed our

judges with its ongoing investment in

R&D, which according to panel

member, Peyman Mestchian,

managing partner, Chartis Research,

puts the company in a leadership

position in the area of operational

risk and credit risk as well as new

capabilities it has developed in areas

such as financial crime risk

management, asset & liability risk

management and market risk

management. SAS scored the highest

rating on the 2009 Chartis

RiskTech100 rankings, which were

based on feedback from more than

700 risk technology buyers and end-

users as well as surveys and briefings

from more than 120 risk technology

vendors, systems integrators and

consulting firms. Mestchian says SAS’

real advantage is its strategy to

develop modular risk management

applications linked to a common

platform based on SAS’ core data

management, analytics and business

intelligence technology.

www.sas.com

SunGard AvailabilityServices

The business continuity

provider has expanded its

UK network of data

centres and added to its

business continuity

software toolset with the integration of

acquisitions it has made. But the real

icing on the cake is SunGard

Availability’s growing support for cloud

computing to reduce the cost of

ownership for firms that do not want

the financial burden of managing their

own back-end infrastructure so they

can focus on other more strategic

aspects of their business. In October,

SunGard Availability Services

announced its private cloud offering,

SunGard-as-a-Service, which is believed

to be the first enterprise-class private

cloud in the infrastructure-as-a-service

space. There are also plans to launch

storage-as-a-service, which will enable

firms to buy in additional storage

capacity as and when they need it and

only pay for what they use.

Keith Tilley, managing director, UK and

executive vice president, Europe

www.availability.sungard.com

ENTERPRISE RISK MANAGEMENT

DISASTER RECOVERY/BUSINESS CONTINUITY

FaceTime CommunicationsA previous winner in this

category, FaceTime

Communications

impressed this year with its

Unified Security Gateway

(USG) 3.0, which expands its content

monitoring, management and security

capabilities beyond email and instant

messaging into Web 2.0 applications

like Facebook and Twitter. Content

posted to blogs, web sites, wikis,

webmail and social networking sites

can be monitored, secured and

recorded using USG 3.0, which helps

firms counter the growing threat of data

leakage via Web 2.0 applications as

well as ensuring compliance with

industry regulations.

Nick Sears, vice president, EMEA

www.facetime.com

EMAIL AND INSTANT MESSAGING COMPLIANCE

COMPANY TO WATCH

OpenPagesOpenPages’ strength, according to our

advisory panel, is its qualitative

governance and compliance

functionality, which is likely to appeal

to those financial services firms

looking to implement an enterprise-

wide Governance, Risk and

According to Peyman Mestchian,

managing partner, Chartis Research

and member of our advisory panel,

SAS’ OpRisk Management solution

has consistently increased its

penetration in the global market

and has demonstrated the ability to

cater for the varying needs of tier

one, two and three financial

institutions.

Ian Manocha, managing director,

UK & Ireland.

www.sas.com

Compliance (GRC) framework. Our

panel was particularly impressed by

the fact that the Operational Riskdata

eXchange Association, a Swiss-based

forum for the exchange of

operational-risk related loss

information among more than 50 of

the world’s largest financial

institutions, chose OpenPages to be

its technology partner.

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RSAAccording to our advisory

panel, RSA, the security

division of EMC, is a

“solid performer” and its

solutions do what they

say on the tin. For this category we

were looking for something above and

beyond the normal stream of crytopgrahic

and Hardware Security Modules. While

innovations continue to be made in

these areas in terms of usability and

scalability, we wanted to see more

thinking outside of the box. RSA

delivered teaming up with e-payment

provider First Data to help firms address

the complexities of securing stored

credit card data as part of the PCI-DSS

standard. First Data’s Secure Transaction

Management solution, which is designed

for securing credit card data is built on

RSA’s SafeProxy, which employs a range

of technologies including “tokenization”,

encryption and PKI to ensure data in

motion, storage or use is protected at all

times. Tokenization means card numbers

and other personal data are protected by

replacing it with a “token value”.

Art Coviello, president,

www.rsa.com

INFORMATION SECURITY

RSAWinner of this category

last year, RSA continues

to innovate when it

comes to providing a

sophisticated range of means for

authenticating someone’s identity.

Our panel was particularly impressed

by its risk-based authentication

platform, RSA Adaptive

Authentication, which leverages a

range of risk indicators including

device detection, behaviour profiling

and fraud data. RSA also provides

knowledge-based and two-factor

authentication solutions. Indian bank

HDFC has installed components of

RSA’s Identity Protection and

Verification Suite to help combat

online banking fraud.

www.rsa.com

SmartStreamTechnologies

A previous winner in this

category, SmartStream’s

exception management

capabilities are embedded

within most of its

Transaction Lifecycle Management

(TCM) solutions, including its leading

TLM Reconciliations solution, which has

a wide roster of banking customers.

Based on its strong track record in the

reconciliations space, SmartStream has

leveraged its knowledge and years of

experience to develop TLM

Reconciliations-Premium, which

incorporates preconfigured exception

management functionality around

escalation, enabling firms to isolate the

resolution of an exception and the

transactions it impacts from the root

cause. SmartStream says this creates

greater transaction visibility. For those

firms wanting to leverage their

investment in SWIFT, SmartStream also

supports SWIFTNet Exceptions and

Investigations for XML-based

messaging.

Philippe Chambadal, CEO

www.smartstream-stp.com

IDENTITY MANAGEMENT

EXCEPTIONS & INVESTIGATIONS

ActimizeAML is always a closely

contested category and

this year was no

exception. However,

Actimize pipped other

shortlisted companies to the post based

largely on its acquisition of Fortent, a

provider of statistical-based anti-money

laundering and financial crime

solutions to financial institutions. The

acquisition made Actimize the largest

and broadest risk & financial crime

solutions provider. It is also has more

customers using both its fraud and AML

ANTI-MONEY LAUNDERING

COMPANY TO WATCH

FiservA consistent performer in this

category, our advisory panel

anticipates further R&D investment in

the coming year from Fiserv, which

has already made significant

advances in offering AML on an ASP

solutions. “Subject to effective

execution of its strategy, Actimize’s

value proposition for AML and

integrated financial crime management

will position it as a leading player in

this space,” says Peyman Mestchian,

managing partner, Chartis Research

and a member of our advisory panel.

Bruno Piers de Raveschoot, head, Europe

www.actimize.com

model. It also recently announced

the latest versions of its fraud

detection and management solution

and its AML Manager solution,

which are built on a common

technology platform, helping firms

achieve an enterprise-wide view of

risk.

FRSGlobalBuilding on its

acquisition of IRIS, our

panel says FRSGlobal

has invested in a

common technology

architecture linking regulatory and

risk reporting. In the area of liquidity

risk, its Contingent Gap Analysis

functionality enables firms to model

customer behaviour under both

‘normal’ and ‘stressed’ market

conditions, so they can assess their

liquidity needs more accurately.

Steve Husk, CEO

www.frsglobal.com

REGULATORY REPORTING

COMPANY TO WATCH

Financial ArchitectsAccording to our advisory panel,

Financial Architects has a

“comprehensive and robust” suite of

regulatory reporting solutions, based

on a common Microsoft platform.

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Data Management Winners

GlobeOp FinancialServices

In recognizing GlobeOp

as the winner for data

storage, our advisory

panel made a strong

argument that innovation

means a high level of service and

specificity to financial services, not just

cool new boxes with lights. GlobeOp

began offering managed services in

hosted data centres for hedge funds

and other data-sensitive

organisations this year. Hosted and

platform services are housed

primarily in GlobeOp’s production

data centre in Yorktown Heights,

New York. The facility is specifically

designed to meet real-time

operational, network, scale, and

resiliency needs of global financial

services clients. Our advisory panel

noted that GlobeOp had made a

serious effort to generate relevant

service offerings tailored to the

financial services sector. They noted

significant improvements among

other vendors, but added that these

were purely technological advances

that were useful, but not specifically

designed for the financial sector.

The modus operandi for GlobeOp,

our advisory panel concluded, is to

bring financial institutions closer to

their data.

www.globeop.com

DATA STORAGE

Asset Control According to our advisory

panel, Asset Control made

significant enhancements

to its core AC Plus

platform in a concerted

effort to make its offering more

comprehensive. Then, late in the

evaluation process, the company

introduced a web-based data

management platform called AC

Invest that made it the clear winner in

2009. Billed as a fresh approach to

data management, our awards panel

concluded that AC Invest was a

sound balance of control and

flexibility. The panel also noted a

TowerGroup white paper published

in August, which detailed several key

characteristics for next-generation

EDM platforms; the new platform

from Asset Control conforms to many

of TowerGroup’s recommendations.

There were also significant

enhancements to the AC Plus data set

and the delivery of self-service

capabilities including a new front-end

desktop and configurable loader.

Phil Lynch, CEO

www.asset-control.com

AleriLate in 2009, our

advisory panel’s choice

recapitulated a decision

that Aleri made back in

March: that Coral8’s

Release 5.6 was a winner. Then-

independent Coral8 released 5.6 in

February. It offered easy integration

with client tools, improved

performance and enhanced developer

productivity, with an emphasis on

integration with existing business

intelligence and analytic tools. Exactly

one month later Aleri acquired Coral8.

The panel considered Coral8 to be

“world class in this field”. Following

the merger Aleri released Liquidity

Risk Manager to take stress-testing to

a deeper level, modelling expected

future cash flows under different

scenarios that include both macro and

micro economic factors. There was a

general recognition that the merger

had brought together powerful

development language from Coral8

with extensive expertise in financial

markets from Aleri.

Don DeLoach, CEO, Aleri

www.aleri.com

ENTERPRISE DATA MANAGEMENT

TemenosThis category was

about as close to the

proverbial “better

mousetrap” as the

complex field of

technology for the financial services

sector can get. Our advisory panel

concluded that the new offering

from Temenos, called Insight, is a

useful and innovative product

targeting the buy side. Insight,

which was released in March 2009,

is a comprehensive business

intelligence suite designed to

generate daily profitability reports

across portfolios, products,

departments and branches to assess

performance against organisational

and market changes. Two aspects of

the new release appealed to the

panel. The first was the speed with

which the commercial offering was

delivered. It was derived from

Temenos’s acquisition of Lydian

Associates in November 2008. The

other aspect was how it can be

integrated with Temenos’s core

banking platform, T24.

www.temenos.com

ENTERPRISE DATA RETRIEVAL

MARKET DATA ANALYTICS

COMPANY TO WATCH

Thomson ReutersThe empire strikes back? Thomson

Reuters acquired last year’s winner in

this category, Vhayu, which released

Velocity TCA, in an alliance with EZX.

Velocity is designed to capture real-

time data feeds, provide

normalisation and mapping, analyse

multiple gigabytes of Level 1 and

Level 2 data, publish simultaneous

analytics, and store data for

subsequent research.

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29West IncInnovation is by its nature

somewhat subjective,

which is why we rely on

reporters to survey the

various awards categories

and an expert advisory panel to help us

select the winners. But in this case the

job was relatively easy as 29West

released Ultra Messaging for the

Enterprise (UME), an offering that

broke the 100-microsecond (million

message-per-second) persistent latency

benchmark. This year our awards’

panel examined closely several multiple

low-latency middleware projects and

noted that 29West UME came first. They

noted that latency as low as 56

microseconds, and throughput as high

as 1.2 million messages per second

were important accomplishments. They

were also impressed that delivery

latency for long-running receivers

appeared to be unaffected by the

failure and recovery of other receivers.

The decider for our advisory panel was

that the latest enhancements reflect a

continuous string of innovations. For

example, shortly after the initial release

of UME, 29West announced that it was

adding queuing support. Queuing was

added on the advice of clients who

wanted additional capabilities in their

end-of-day reporting.

Mark Mahowald, founder & president

www.29west.com

MARKET DATA LATENCY

29West IncTwo months before the

low-latency innovations

recognised in the

previous category, the

company released Inter-

Process Communication (IPC)

transport and support for message

queuing. It is now being deployed

across all asset classes, from market-

data distribution and FX rates pricing

through matching engines, order-

routing systems, clearing and

settlement. While the focus is still on

market data, our review panel noted

that capabilities can now be taken up

into management functions including

risk management and compliance.

The IPC provides one-way message

latency of about four microseconds

with throughput of approximately 13

gigabits/second to applications

running on a single multi-core

commodity system. Our awards panel

also liked the fact that the IPC

transport was made available free to

existing customers. The new transport

makes use of the same API calls and

only simple configuration changes are

required to activate its use. While

29West does not have the most

comprehensive solution in the market,

the release of a complete and fast

market data management platform on

top of its middleware is the most

innovative advance of the year. More

over, it brings the firm much closer

to a comprehensive solution.

www.29west.com

REAL-TIME MARKET DATA MANAGEMENT

Chi-TechLate in 2008 Chi-X

acquired Cicada, which

operated under the

name Chi-Tech in 2009

and released a flurry of

innovations across

several different segments. The most

compelling advances, according to

our advisory panel, were made on

several fronts in the area of data

feeds, including aggregated,

consolidated and raw direct feeds.

One example cited by the panel,

was the new ultra low-latency

network that was released in

August as part of the MarketPrizm

platform. It is designed to provide

trading firms with a single-source

architecture for electronic trading in

the European markets, including

neutral multi-venue access. Our panel

noted that the advances were real

innovations in each sector, not just

incremental improvements. It was

also particularly impressed that

advances were not hampered by

the acquisition, a fate that has

befallen more than a few innovative

technology firms.

Nicolas Levy, managing director,

MarketPrizm

www.marketprizm.com

MARKET DATA AGGREGATORS

84-85-Awards-DataManAH.qxp 9/12/09 22:50 Page 3

Leaders in Innovation Awards 2009 Roll of Honour

Special Award

Innovation of the yearCitiDirect Banking EvolutionCompany to watch Bank of America Merrill Lynch CashPro Online

Payments & FX winners

Cash management provider EuropeDeutsche Bank

Cash management provider North AmericaJ.P. Morgan Company to watch Wells Fargo

Cash management provider AsiaHSBCCompany to watchStandard Chartered Bank

Cash management provider NordicSvenska Handelsbanken

Accounts payableBottomline Technologies

Accounts receivableSunGard AvantGard Receivables

Real-time cash reportingDigital Insight – an Intuit company

Cash forecastingS1Company to watchOracle Crystal Ball

Payment processingDovetail Company to watchEarthport

Liquidity managementAleri

Treasury management softwareSunGard AvantGard QuantumCompany to watchOracle

ASP treasury management solutionWall Street SystemsCompany to watchThomson Reuters Treasura

Corporate purchasing cardsCitiCompany to watchUS Bank

Online FX dealing360T

Trade financeSurecompCompany to watchFundtech

Supply chain managementEmptoris

Supply Chain FinanceThe Receivables ExchangeCompany to watchSyncada

E-paymentsBottomline Technologies

Company to watchS1

E-invoicingBaswareCompany to watchTranscepta

Securities serviceswinners

Securities services provider EuropeSociété Générale Securities Services

Securities services provider North AmericaBank of New York Mellon

Securities services provider AsiaRBC Dexia Investor Services

Securities services provider Nordic Nordea Securities Services

Order management systemLinedata Services

Execution management system StreamBase

Corporate actions SWIFT, DTCC and XBRLCompany to watch XSP

Derivatives processing Calypso Technology

Fund administration & accounting Citi

Securities lending EquiLend

Securities outsourcingNorthern Trust

Brokerage securities processingBroadridge Financial Solutions

Electronic proxy votingRiskMetrics Group

Network services winners

Voice-over-IPIPC

IP networkBT

ERPSAP

Core banking softwareTemenosCompany to watchMisys BankFusion

Grid/cloud computingPlatform Computing

VirtualisationVMware

IT managementBMC Software

Enterprise application integrationIBM

Service-oriented architectureIBMCompany to watchParemus

Business process management Pegasystems

Business process outsourcingTata Consultancy Services

Complex event processingAleriCompany to watch StreamBase

Business intelligenceSAP BusinessObjects

Risk management winners

Operational riskSASCompany to watchOpenPages

Enterprise risk managementSAS

Disaster recovery/business continuitySunGard Availability Services

Email and instant messaging complianceFaceTime Communications

Information securityRSA

Digital identity managementRSA

Anti-money launderingActimizeCompany to watch Fiserv

Exceptions & investigationsSmartStream Technologies

Regulatory reporting FRSGlobalCompany to watchFinancial Architects

Data management winners

Data storage GlobeOp Financial Services

Enterprise data managementAsset Control

Enterprise data retrievalTemenosCompany to watchThomson Reuters

Market data analyticsAleri

Market data latency29West

Real-time market data management29West

Market data aggregatorsChi-Tech

AwardsRollofhonour-87-AH.qxp 12/12/09 13:34 Page 1

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