Saxo Bank has transferred its IT infrastructure and maintenance to SunGard, helping it lower its IT operational and hardware costs.
Zollikon, Zurich-based Saxo Bank AG, a fully-licensed Swiss bank and subsidiary of the Copenhagen-based Saxo Bank group, has become the first bank in Switzerland to adopt SunGard's Ambit Private Banking platform on an application service provider (ASP) basis.
Saxo Bank, a long-standing SunGard customer, had previously deployed the platform in-house, prior to SunGard establishing a new ASP service in Switzerland last year.
According to SunGard, with this deployment, Saxo Bank has transferred its IT infrastructure and maintenance to the vendor. SunGard's ASP model will help Saxo Bank lower IT operational and hardware costs, while helping it scale its IT on-demand and access SunGard's dedicated expertise whenever needed.
SunGard's Ambit Private Banking platform offers a range of functionality including: portfolio management; integrated core banking; reconciliation; market data; trading and market connectivity; fund administration; risk and portfolio risk management; portfolio risk analysis; valuations; and reporting.
These components can be used on a stand-alone basis, or bundled with other SunGard components, and can be deployed either on-site or via SunGard's Swiss ASP hosting center.
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