Between 2009 and 2022, the client relied on Excel spreadsheets for handling their fixed income asset and liability transactions. However, with the expansion of their business, they encountered a growing issue of escalating manual workload and a rising occurrence of human errors. To address this challenge, the client sought the expertise of HES FinTech to implement a cloud-based solution that would comprehensively automate intricate calculations and reduce the need for manual data input.
Custom system for securities servicing
After a detailed assessment of the project’s scope, the HES FinTech BA team identified the client’s need for a fully customized securities transaction management system.
The project presented four main challenges: automating comprehensive interest calculations, enabling automatic payment issuance, producing real-time charts and reports, and ensuring continuous synchronization of interest rate adjustments based on the Central Bank of Iceland’s indicators. Furthermore, the system’s adaptability meant it could handle multiple currencies and scale seamlessly with the client’s business expansion.
To tackle these challenges, HES developers integrated the client’s accounting system with services like CreditInfo and sourced EURIBOR, Stibor, and Nibor rates.
Our team also successfully connected the system to the Central Bank of Iceland and various commercial banks. For optimal performance and data security, the system was hosted on the Amazon AWS cloud service.
to submit a loan application
time to market
digital loan processing
6 months from idea to working business
Consequently, the client received a fully functional and dependable system for overseeing securities transactions. The intuitive user interface streamlines manual data input, resulting in time savings for employees. Furthermore, the automated calculations have notably decreased the occurrence of errors, reducing the impact of the human factor. The system has continued to operate successfully, effectively optimizing the client’s operational expenses.
After the launch, ALM Securities requested assistance with the onboarding phase. Our partnership has since expanded, and the HES team now offers technical support and system enhancements.
At HES Fintech, we’re eager to propel ALM Securities towards new horizons of financial excellence.