Torstone Technology, a leading provider of post-trade securities and derivatives processing, today announces that Netherlands-based NIBC Bank has successfully completed a migration to Torstone’s award-winning post-trade processing platform, Inferno.
Torstone Inferno is a multi-asset, multi-entity cloud-based platform, covering trade capture, confirmation, settlement, accounting, corporate actions, reconciliation and regulatory reporting. It provides a fully integrated, feature-rich user experience for middle and back office staff, increasing straight through processing (STP) and reducing manual effort.
Inferno was selected to replace NIBC’s legacy systems as the firm rationalises its operations to drive efficiencies across the wider business. Consolidating processes on Torstone’s SaaS platform will also enable NIBC to benefit from Torstone’s enhanced service model, resulting in reduced total cost of ownership.
NIBC chose to implement Inferno following an extensive review period which demonstrated Inferno’s capability to support NIBC’s future growth aspirations and enable the firm to capitalise on business diversification opportunities. The implementation of the NIBC project began in January 2019, with the bank’s equities and fixed income processes migrating to Torstone’s platform in just six months.
Brian Collings, CEO, Torstone said: “We are thrilled that NIBC chose Torstone to consolidate its multiple businesses on our platform as they continue to expand and diversify in the global marketplace. The successful implementation of Inferno is the result of a close collaboration between Torstone and NIBC’s teams, who worked together to ensure a timely delivery. We look forward to working with NIBC further and continuing to drive greater automation through our agile, integrated platform.”
Collings continued: “Offering Inferno via the Amazon Web Services (AWS) platform has equipped us to further enhance the scalability of our platform, both in terms of rapid deployment and flexibility to expand our technology footprint.”