C Hoare & Co., the UK's only private deposit bank has abandoned an implementation from a previous supplier after the project stalled and costs looked set to spiral.
The Bank has installed a complete automated regulatory reporting system from STB Systems and saved money even before the system went live.
London, England (PRWEB) August 19, 2004 -- C Hoare & Co., the UK's only private deposit bank, has installed a complete automated regulatory reporting system from STB Systems and saved money even before the system went live. The Bank took timely action and abandoned an implementation from a previous supplier after the project stalled and costs looked set to spiral. The complete new reporting system from STB Systems has cost less than a single upgrade proposed by the former supplier.
"Our previous project was not meeting timescales and not bringing us the benefits we had expected," said Cliff Crumpton, Head of Finance at C Hoare & Co. "When we looked again at the market, things had moved on and we found that a complete system from STB would cost us less than a single upgrade from the incumbent."
A key factor is that STB Systems now have a modular solution for FSA and Bank of England reporting that separates the data collection tasks from the reporting tasks. STB-SuperConsolidator includes dozens of ready-written data acquisition modules to gather data from standard banking packages as well as a fast-fit acquisition module for in-house systems. The modules create a single, pre-processed database, which then feeds STB-Reporter to achieve the automated reporting. This modular design allows for rapid implementation without extensive tailoring and can accommodate change without expensive redevelopment charged by some suppliers.
In the case of C Hoare & Co. there were four key systems that had to be consolidated and reported: an in-house retail banking system; two systems from Financial Objects, which handle foreign currency retail banking and treasury dealing; and a SUN accounting system.
"We were dissatisfied with project progress and support from our previous supplier and needed a fresh start to regain the momentum," commented Crumpton. "STB was given the go-ahead to implement in February 2004 and the software was integrated with our systems, tested and ready for the June 2004 quarterly reports."
"The benefits of the STB system will continue to save costs," added Crumpton. "STB has a policy of no upgrade fees for its customers, and will keep us up to date with FSA and Bank of England requirements for reporting as they are needed, as a result we shall continue to save money."
About C Hoare & Co.
C Hoare & Co is entirely independent and a company of unlimited liability. Apart from C Hoare & Co., all the former private deposit banks have disappeared, many through amalgamation. The Bank remains 100% owned by the Hoare family and continues to be controlled by the direct descendants of the bank's founder. It has no allegiance to any other institution.
In addition to its independence, the Bank prides itself on its commitment to the virtues of quality, integrity and accuracy in all its dealings. Having provided personal banking and helped customers manage their money since 1672, the Bank's record speaks for itself.
About STB Systems
STB is one of the world's leading vendors of automated compliance reporting solutions for the financial markets. Founded in 1984, STB is a market leader with offices in London, New York, Hong Kong and Singapore.
STB's solutions are designed to automate the presentation of critical controls that protect banking businesses, handling both internal and external reporting to satisfy relevant regulatory bodies. The company is one of just five recognised by the Bank of England for electronic reporting.
STB's solutions control and consolidate multiple data sources. The use of rules-based technology ensures a stable product, and allows for development of new solutions quickly and efficiently to meet the constantly changing demands of regulatory, management, risk and other compliance reporting.
STB's core competence has led to new products for its customers, including the development of an anti-money laundering system, (STB-Detector).
More at: www.stbsystems.com
For further information please contact:
Ray Jones
Media Link
+44 118 984 3386
ray@medialink.co.uk
Tony Hauton
STB Systems Limited
+44 20 7403 2188
tony.hauton@stbsystems.com
Images available at http://www.medialink.co.uk/press
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