International Financial Data Services (Canada) Announces Technology and Service Solution for Canadian Deposit Taking Institutions
Solution enhances flexibility, cost control, and liquidity for deposit taking institutions
International Financial Data Services (IFDS) Canada, a leading provider of technology and outsource services to the financial services industry announced today their Business Process Outsource Solution for Canadian deposit taking institutions launching summer 2012.
This solution brings together IFDS’ expertise and experience in back-office processing, DST Systems’ AWD Business Process Technology, and Temenos’ T24 Banking system. This new IFDS solution helps to:
- Lower technology and operational costs for deposit taking institutions;
- Provide access to innovative banking and workflow technology in an outsourced model; and
- Simplify vendor management and reduce associated risks.
The IFDS solution supports existing automated sales channels including CANNEX, FundSERV, and GICSSERV, in addition to client named account orders through branch, direct and deposit brokers. IFDS is also leveraging this solution to reduce the innovation risk of financial institutions seeking to update their GIC and deposit systems, by offering low-touch connectivity solutions as well as fully integrated co-sourced platform solutions. This flexibility means that bank executives now have a choice in how to manage their back-office technology migration decisions, starting with the Deposits environment.
According to Debralee G. Goldberg, President & CEO of IFDS Canada, “By focusing our efforts on a common back-office infrastructure, we can help create lower costs for dealers and brokers and more liquidity for banks – everyone wins. Canadian financial institutions have been seeking a process solutions partner who is both innovative and stable. IFDS, through its parent companies DST and State Street, has consistently proven it can be depended on to produce consistent applied innovation and lower operating costs for financial institutions.”
IFDS continues to be recognized for innovative solutions, technology, and most recently for its corporate social responsibility. IFDS won the “Best Use of Technology” award for two years consecutively in 2009 and 2010 at the Canadian Investment Awards and was recognized with “Most Innovative Project of the Year” at the 2011 ICFA Americas Service Provider Awards. IFDS was also honoured by the 2011 Stevies American Business Awards for “Corporate Social Responsibility" and for being the "Most Innovative Company of the Year.”
IFDS Canada creates the technology and service solutions the financial industry is built on. Leading investment and insurance providers trust IFDS Canada for their award-winning record-keeping platform and back office services. For more than 30 years, IFDS Canada’s knowledge, experience, financial strength and advanced technology have enabled their clients around the globe to achieve their business goals and their investment in the future will help them continue to lead the way.
IFDS | Tobi McGrory, Senior Vice-President, Marketing and Communications & Product Management
Temenos | Max Chuard, Temenos Director Corporate Finance & IR Member of the Executive Board
Notes to Editors
About International Financial Data Services (“IFDS”):
Is a 50/50 joint venture between affiliates of Boston-based State Street Corporation, the world’s leading provider of services to institutional investors, and DST Systems Inc., a Kansas City, Missouri-based leading provider of shareholder accounting services and proprietary systems.
IFDS is today recognized as the world’s leading provider of investor record keeping and transfer agency solutions on a BPO (Business Process Outsourcing) and ASP (Application Service Provision) basis. Our services are provided to a wide range of global collective investment, wealth management and platform clients, supporting over 18.5 million accounts for over 200 organizations, over 8,500 share classes and with over 3,500 experienced staff based in four locations (Canada, Ireland, Luxembourg & United Kingdom). Figures as December 31, 2011.
About State Street Corporation:
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $21.8 trillion in assets under custody and administration and $1.9 trillion* in assets under management at December 31, 2011, State Street operates in 29 countries and more than 100 geographic markets.
*This AUM includes the assets of the SPDR Gold Trust (approx. $63 billion as of December 31, 2011), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors serves as the marketing agent.
About DST Systems, Inc.
DST Systems, Inc. provides sophisticated information processing solutions and services to support the global asset management, insurance, retirement, brokerage, and healthcare industries. In addition to technology products and services, DST also provides integrated print and electronic statement and billing solutions through DST Output. DST's world-class data centers provide technology infrastructure support for financial services and healthcare companies around the globe. Headquartered in Kansas City, MO., DST is a publicly-traded company on the New York Stock Exchange.
Founded in 1993 and listed on the Swiss Stock Exchange (SIX:TEMN), Temenos Group AG is the market leading provider of banking software systems to retail, corporate, universal, private, Islamic and microfinance & community banks. Headquartered in Geneva with more than 60 offices worldwide, Temenos serves over 1,500 customers in more than 125 countries across the world. Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 700 implementations around the globe. Temenos customers are proven to be more profitable than their peers: data from The Banker – top 1000 banks shows that Temenos’ customers enjoy a 54% higher return on assets, a 62% higher return on capital and a cost/income ratio that is 7.2 points lower than non-Temenos customers.