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Press release
Conferment of the SWIFT Labels 2007:
GEOS awarded SWIFTReady Gold Label for Securities Settlement again
Vienna, 11th September 2007. GEOS, the integrated online system for the high-performance Straight Through Processing of securities and derivatives transactions in real time, has been awarded the SWIFTReady Gold Label for Securities Settlement in 2007.
This award is conferred to systems which meet all criteria for SWIFT FIN messaging, SWIFT connectivity and SWIFT functionality. Those criteria are checked by SWIFT itself to be able to guarantee the adherence to standards, the function scope as well as the fulfilment of customer requirements.
GEOS is a product designed to meet the highest STP demands. SWIFT-based messaging forms an integral part of GEOS and the GEOS community. As a SWIFT partner, Software Daten Service is particularly proud to have been rewarded. Being a high tech company, SDS strives to meet and anticipate even the most demanding customer requirements. The SWIFTReady Gold Label clearly underlines this.
"With the product GEOS, Software Daten Service is one of three companies worldwide that have been conferred the SWIFTReady Gold Label Securities Settlement in 2007", said Dr. Helmut Saueregger, CEO of Software Daten Service. "This award clearly confirms that we follow the right way with our forward-looking strategy: we develop for our customers the most effective integrated STP solution in the field of securities processing and settlement", added Saueregger.
Hervé Valentin, Business Development Manager at SWIFT, stated the following about the SWIFTReady Gold Securities Settlement award: "This accreditation highlights SDS' commitment to serve its customers with the highest standards in term of STP for the securities industry. Congratulations to you all for the hard work, it is much appreciated."
The award of a SWIFTReady Gold Label for Securities & Settlement to GEOS means for all GEOS users that they operate in their day-to-day work a securities software whose international messaging standards demonstrably comply with the ISO standards.
"SDS also wants to meet future interbanking requirements and integrate IT and business trends into GEOS", says Josef Schiessbuehl, SWIFT coordinator at SDS. Extensive further developments of SWIFT messages in FIN format (ISO15022) currently take place in the field of Corporate Actions and messaging in XML format (ISO 20022) will be shortly supported for fund processing.
Volkswagen Bank moves securities processing to Düsseldorf
Volkswagen Bank‘s securities processing operations have been handled via DAB and ITS (International Transaction Services) since the first trading day of 2007.
The car manufacturer‘s online bank can still be accessed via its own web portal, but the bank‘s securities accounts
are now being administered by DAB and employees of ITS using GEOS. In a process that is imperceptible to the end customer, securities accounts opened
with Volkswagen Bank are managed directly by DAB using the GEOS application of ITS. The data of any transactions entered by VW Bank customers is also
handled in the same way.
Volkswagen Bank currently administers around 30,000 securities accounts and around 100,000 transactions per year.
These figures are expected to increase significantly in the medium term as a result of a sales push and lucrative conditions.
The DAB portfolio administered by ITS now comprises the market sectors B2B, B2C, FSB and VW Bank, with a total transaction volume of a handsome 3.3
million (pure customer transaction volume). If this trend continues, ITS will become one of Germany‘s top securities processing service providers. The
number of transactions processed annually using the GEOS installation operated by ITS exceeded the 40 million mark in 2006.
Bank Austria Creditanstalt successfully prepares 2006 annual accounts using GEOS Nostro
Bank Austria Creditanstalt has been managing its own holdings of securities using GEOS Nostro, a product of T-Systems
subsidiary SDS, since January 2006. There was very little time for BA CA to prepare its 2006 annual accounts and for
reporting within the framework of group consolidation, but the deadlines were met to the considerable satisfaction of
BA CA and parent company UniCredit.
Originally, the GEOS Nostro implementation project at BA CA was geared towards group consolidation of former parent company
Bayerische Hypovereinsbank and supervisory reporting to the Deutsche Bundesbank. Because of a change of ownership of BA CA, reporting had
to be adapted very quickly to the new parent company, UniCredit. Owing to the new group structure, newly structured reports containing IFRS balance
sheet and IFRS profit and loss data within the framework of group consolidation as well as supervisory reporting to parent company UniCredit and to
the Banca d‘Italia had to be prepared for the first time by the accounting date 31/12./2006.
The NOSTRO Financial Data Ware House delivers the relevant balance sheet and profit and loss data in several currencies for primary accounting
(Local GAAP) and for parallel accounting (IFRS). Transitional accounting from Local GAAP to IFRS is also available.
The securities and issuer master data for determining the balance sheet items as well as the market exchange rate and balance sheet
rate history are also available at any time for current or past target dates. This master data is key to the transparency of the relevant balance sheet and
profit and loss results.
Accounting in accordance with International Financial Reporting Standards (IFRS) at BA CA
GEOS Nostro has supported parallel accounting in accordance with IFRS guidelines for some years already. These are standards that have been recommended
by the International Organization of Securities Commissions (IOSCO) and adopted by the EU as guidelines. These guidelines have become national law in
the Member States of the EU.
The Appenzell cantonal bank in Switzerland prepared its audited balance sheet with the IFRS release of GEOS Nostro as early as 2003. Bank Austria Creditanstalt,
Austria‘s biggest bank, also opted for the GEOS Nostro position keeping and accounting system at the end of 2004 following a few preliminary studies.
Using GEOS Nostro has not only enabled BA CA to meet the legal and supervisory requirements of the Austrian Banking Act (BWG, Bankwesengesetz),
Austrian Commercial Code (UGB, Unternehmensgesetzbuch) and IFRS accounting guidelines, but also to homogenise its software environment and thus cut the costs of running the
system.
Karl Hrastnik, securities guru at BA CA, emphasises that the implementation was "in-time-and-in-budget" and says that the requirements of the BA CA
group and the UniCredit Group necessitated the highly automated financial accounting of securities own holdings according to national (BWG/UGB) and
international (IFRS) accounting standards. These requirements are fully met by GEOS Nostro.
"The satisfactory preparation of the annual accounts using GEOS Nostro was a great matter of concern for all of us and I‘m delighted to say that
our SDS team of experts made a significant contribution to the success of the project thanks to their outstanding technical expertise and
huge commitment," says Christian Burger, divisional manager and project manager for GEOS Nostro at SDS.
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