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Leaders in
Innovation
Awards
2009
Awards intro-65-67AH2.qxp 9/12/09 22:18 Page 1
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
Awards intro-65-67AH2.qxp 9/12/09 22:18 Page 2
Leaders in Innovation
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.
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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
68 Financial i · Q4 · 2009
Leaders in Innovation
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.
68-72-Awards-Payment&FXAH-3.qxp 12/12/09 13:41 Page 2
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
Leaders in Innovation
2009 · Q4 · Financial i 69
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
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70 Financial i · Q4 · 2009
Leaders in Innovation
Payment & FX Winners
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
www.transactionservices.citi.com
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
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2009 · Q4 · Financial i 71
Leaders in Innovation
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.
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72 Financial i · Q4 · 2009
Leaders in Innovation
Payment & FX Winners
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.
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74 Financial i · Q4 · 2009
Leaders in Innovation
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
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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
Leaders in Innovation
2009 · Q4 · Financial i 75
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
www.transactionservices.citi.com
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76 Financial i · Q4 · 2009
Leaders in Innovation
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
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78 Financial i · Q4 · 2009
Leaders in Innovation
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.
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Leaders in Innovation
2009 · Q4 · Financial i 79
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
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80 Financial i · Q4 · 2009
Leaders in Innovation
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
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2009 · Q4 · Financial i 81
Leaders in Innovation
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
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82 Financial i · Q4 · 2009
Leaders in Innovation
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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Leaders in Innovation
2009 · Q4 · Financial i 83
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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84 Financial i · Q4 · 2009
Leaders in Innovation
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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Leaders in Innovation
2009 · Q4 · Financial i 85
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
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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
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