Evangelische Bank finds Profidata’s Xentis heavenly
Germany-based Evangelische Bank has implemented Profidata’s Xentis as its central platform for portfolio management and for performing depositary functions; and Xpass for automating all order and trade management processes.
Swiss firm Profidata says the bank has seen an increase in its number of clients and order volume, so decided on a new portfolio management system to reduce manual procedures, particularly with regard to order processing. After a feasibility study by Itechx, a subsidiary of the Profidata Group, and a system valuation process, Evangelische Bank chose the two solutions.
The bank is also replacing the old system for its custodian business so as to create a “homogeneous system environment”, with the goal of achieving “greater automation”.
Michiel van der Meer, division manager corporate services (organisation and IT) at Evangelische Bank, says its strategic objectives required the use of a software solution that can be “tailored to our business model” and Xentis combined with Xpass meets this “requirement perfectly”.
He adds that it is “equally important to have a reliable and conciliatory business partner like Profidata”.
Evangelische Bank is a co-operatively organised credit institution based in Kassel, Germany. It is founded on Christian values, and offers “specialised know-how” and financial solutions for the church, welfare and social sector. It has total assets of €7.1 billion, and is the largest church bank and one of the ten biggest co-operative institutions in Germany. The bank employs 500 people serving about 19,000 institutional clients and around 72,000 private clients through 16 branches across the nation.
You were bought with a price
Recently, Profidata acquired the “entire shares” of Abraxas, a German software and service provider for the financial industry.
With the deal going ahead, Profidata will get FundLine, used for processing mutual fund orders and calculating trailer commissions; and RiskLine, for consolidation and quality assurance of financial market data, automated checking of market conformity and fair value calculation.