Austrian Oberbank AG has successfully implemented SimCorp's fund accounting solution and is now in production with all administered funds on SimCorp Dimension. Oberbank uses SimCorp Dimension as the strategic investment management platform, for depositary banking, fund administration, IFRS and compliance. The bank's former platform, Sungard V3, has now been discontinued.
"The successful implementation confirms our decision to use SimCorp Dimension, which is now our central platform for the entire investment management process," says Florian Hagenauer, director and deputy member of the executive management team, who is responsible for IT operations at Oberbank. "We are already experiencing vast improvements. Relevant key figures for complex financial instruments are calculated consistently in SimCorp Dimension. Due to the rich functionality and flexibility of SimCorp Dimension, we are able to handle increased requirements and we are prepared for future demands. In addition, we have also achieved better quality through lower error rates and shortened processing time. We are especially pleased with the straight through processing capabilities for funds, Fund STP, in SimCorp Dimension, and we expect even further reduced processing time, improved visibility of status per fund as well as more flexibility within fund administration."
Also regulatory reporting has been optimized. End-of-year reporting and solvency reports are generated directly out of SimCorp Dimension. Fund data required for reporting to the Austrian central bank (OeNB) are submitted to the Austrian control bank (OeKB) via the integrated FundsXML interface.
The project was successfully completed on schedule. Key success factors include the collaboration between Oberbank's SimCorp Dimension project team with the relevant business departments at the bank. Also instrumental to the project's success was the high level of expertise provided by SimCorp's business consultants.
"We are very pleased that Oberbank is the first custodian bank in Austria to run all administered funds on SimCorp Dimension," says Anton Karl Ertl, head of SimCorp's activities in Austria. "The project's success is a testament to the partnership and collaboration between Oberbank and SimCorp."
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