Wall Street Systems (Wallstreet), the global provider of treasury, trading and settlement solutions and services, has today announced the availability of the Wallstreet BackOffice via an ASP delivery model. Banks choosing to adopt this solution will benefit from a unique volume-based transaction pricing model. As a result, they will benefit from some of the most competitive transaction processing costs in the industry, with those processing higher volumes benefiting the most. Ultimately, by opting to run Wallstreet BackOffice offsite, even the most efficient operations can reduce their total cost of ownership by at least 55 per cent.

As with all ASP solutions from Wall Street Systems, Wallstreet BackOffice ASP vastly reduces IT overheads – enabling in-house resources to focus on other mission critical systems. Furthermore, implementation times are reduced by more than 60 per cent and users benefit from 24x7 application management and support. Not only does this make the secure clearing and settlement system much more cost-effective, it also lowers the barrier to entry by making the software more accessible to the mid-tier players.

"In today’s market, banks are investing heavily on the front office – the profit centre. Back office processing is becoming a pure commodity for the majority of the asset classes so we expect to see many banks turning to ASP for cost effective clearing and settlement," said Tony White, global co-head of research and development at Wall Street Systems. "However, to remain competitive an efficient system is still absolutely essential. We therefore anticipate strong uptake of Wallstreet BackOffice ASP, particularly from banks looking to get quickly involved in high volume currency network trading. Additionally, due to its flexibility and the ease of getting the software up and running, we expect several banks to choose this delivery model as their pre-production infrastructure or as an interim solution."

In providing Wallstreet BackOffice as an ASP solution, Wallstreet now boasts a complete suite of ASP services. The company has invested millions of dollars in infrastructure, quality, control and people to enable this transformation. As with Wallstreet BackOffice, Wallstreet BackOffice ASP provides robust, integrated and high performance infrastructure to centralise and optimise operations. At one European bank this solution already processes over 150,000 transactions daily.

Wallstreet BackOffice ASP offers a number of new features including additional tools for complex workflow, global cash management, intervention analysis, liquidity injections and enhanced credit derivative processing. Having partnered with an external visual and ergonomics design company, Wallstreet has also re-oriented the user interface and introduced a white label web infrastructure. The new look and feel of the system, which is specifically ASP oriented, benefits from an improved presentation of dashboards and data.

Hosted at a Savvis Class A data centre (a SAS 70 type II operating environment), Wallstreet BackOffice ASP provides full transparency and control over operations, helping users comply with regulations such as Sarbanes-Oxley. The solution also offers full disaster recovery and the highest possible levels of uptime, availability and responsiveness, with each component being fully redundant.

Wall Street Systems will be demonstrating the solution’s capabilities on stand F06 at Sibos.