Old National Bank opts for SS&C’s FX trading portal
Bob Jones, Old National Bank
Indiana-based Old National Bank has selected SS&C Technologies’ online customer foreign exchange (FX) trading portal.
The move comes on the back of an increase in FX related activities at the bank, and it says it will use SS&C’s web-based solution to provide commercial, corporate and institutional customers with direct market access. The portal will deliver real-time market rates in major and “many emerging” market currencies, and allows clients to initiate spot, forward and swaps.
Bob Jones, president and CEO, Old National Bank, says it chose SS&C “because we wanted a modern, scalable platform that would integrate well with our broad range of banking products”.
He adds in addition to its “traditional phone support”, it wants to “manage foreign exchange exposure on a global basis”.
The bank has over 150 retail branches operated by Old National Bancorp and is based in Evansville, Indiana. Old National Bancorp has assets of $9.7 billion and over 200 banking centres. Its primary banking “footprint” is in Indiana, Illinois, Kentucky and Michigan.
Purpose and purchase
SS&C was active in the latter part of 2015 with a migration and a variety of acquisitions.
The US vendor migrated Switzerland-based Systematica Investments’ middle and back office systems onto its platform for “complete operational independence”.
SS&C says the project was completed on time and with no downtime – using its GlobeOp service. It involved “significant fund conversion”, according to Bill Stone, chairman and CEO of SS&C.
In terms of acquisitions, it bought Primatics Financial in a $122-million deal, integrating the vendor’s Evolv platform into its portfolio of services.
Along with this, it acquired communications company Varden Technologies – and got its new cloud-based enterprise reporting suite.
Its biggest deal to date was the $2.7-billion all-cash purchase of rival investment and asset management software vendor Advent Software.
Finally, SS&C bought another rival, UK-based DST Global Solutions, and with it the HiPortfolio back office investment management platform.
