Davy enjoys efficiency gains in wake of FIS back-office implementation

Davy’s Capital Markets division has transformed its middle- and back-office operations by implementing FIS’s Post Trade Processing (PTP) Platform, replacing its proprietary and aging system with a more scalable, automated and data-driven operating model.
Faced with growing transaction volumes, increasing regulatory scrutiny and the need to improve its all-round operational efficiency, Davy realised that continuing to invest in its incumbent platform was no longer sustainable.

The decision to move to an external platform was driven not only by technology requirements, but also by the need to improve operational control, while simultaneously reducing risk and maximizing efficiency across its back office.

Completed in 12 months, the transformation brought trade processing, settlement, reconciliation, accounting, regulatory reporting, and multiple external integrations into a single, post-trade ecosystem. Automation now extends across Davy’s equities, bonds, futures and repo businesses, while balance sheet, cash and custodian reconciliations require appreciably less manual intervention than before the implementation. Most importantly, the project rendered Davy’s data considerably more accessible to its personnel. Information that had previously taken weeks to retrieve can now be accessed in a matter of minutes, reducing the turnaround time for audit queries and improving transparency across the business.

The FIS-enabled transformation has also allowed Davy to standardize workflows, reorganize teams around clients as opposed to products and, crucially, establish a platform developed specifically to support its future growth. With real-time processing embedded across the business, the upcoming move to T+1 settlement across the European capital markets, scheduled to come into force in October 2027, is expected—by both Davy and FIS—to require minimal adjustment.

Clearly, what started out as a middle- and back-office platform replacement has resulted in a more resilient and efficient operating model, which will grow with Davy and support its future business objectives.