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Global Financial System achieves "Straight Through Processing" and is now live in USA, Europe, and the Far East

OST Business Rules Limited today announced that UBS Warburg, the investment banking business group of UBS AG, has gone global with the implementation of its streamlined financial reporting system, with OST Business Rules (OST BR) as a core component.

The system, comprising SAP R/3, OST BR and a UBS Warburg developed Financial Data Warehouse, has been live in North America since August 1999 and provides detailed daily financial information across all customers, products and business lines including fixed income, derivatives, equities and foreign exchange. It now handles over 200,000 trade events a day from both real-time and batch feeds. The success of the North American model has ensured that the implementation has been rolled out in UBS Warburg’s offices worldwide - Paris, Frankfurt and Singapore went live in June. London is the next target - going live in November this year when it is estimated that the number of trades that the system supports will have increased threefold.

"The UBS Warburg installation is a good example of how the number of systems in a bank can grow dramatically in the face of merger or acquisition," said Jeremy Wood, Director, OST Business Rules Ltd. "UBS Warburg had amassed over 1000 operational systems including multiple general ledgers, the whole financial process needed to be streamlined. The OST Business Rules software was a key component in allowing this to be achieved."

In addition to providing the financial reporting control required by UBS Warburg, the system has enabled straight though processing which provides faster and more efficient reporting, has reduced the level of manual intervention and allows quicker implementation of any changes in reporting requirements, whether these are internal or regulatory. The user-oriented nature of OST BR also ensures that new or complex products can be delivered to market far more quickly than before.

"We chose OST Business Rules because of its focus on the business user. Since we are able to maintain control over the business and accounting rules, we are well equipped to handle change, be it through the launch of new products or changes in reporting requirements" said Richie Robinson, Executive Director of Technology, UBS Warburg.

The global system runs on a centralised Sun Microsystems E10000 domain based in London and uses the Sybase RDBMS.


About OST Business Rules

OST Business Rules Limited develops highly functional Enterprise Application Integration (EAI) and e-Business Integration (eBI) software for the financial services sector. The OST approach differs from most EAI products because it focuses on business users and their thought processes rather than just IT requirements. OST has developed the concept of user defined business rules and applied it to the EAI domain. Since its launch in February 1999 the company has secured a premier list of clients including: Deutsche Bank, Greenwich NatWest, Nomura and Standard Chartered. Business and technology partners include SAP, Oracle, Sybase, and Sun Microsystems. Formed in 1998 and financially backed by 3i, OST Business Rules Limited has offices in the City of London and New York. For more information visit the OST Business Rules web site at http://www.ostbusinessrules.com


About UBS Warburg

UBS Warburg http://www.ubswarburg.com


is the global investment banking, securities and wealth management business of UBS AG, one of the largest financial services organisations in the world. UBS Warburg specialises in delivering market-leading advisory, research, distribution and transaction execution services to corporate, institutional and private clients globally. UBS Warburg meets its clients' needs through seven leading business areas: corporate finance; equities; fixed income; private banking; private equity (through UBS Capital); treasury products and, imminently, e-services. Well known for technical innovation, UBS Warburg's initiatives in connectivity, straight through processing and real time delivery include individualised online research, advisory and transaction services for institutional and private clients. In January 2000, UBS Warburg were joint lead managers on the first ever bond to be marketed and subscribed via the internet, using their DebtWebT facility, one of a suite of e-commerce sites developed entirely in-house.


Issued on behalf of: Jeremy Wood, OST Business Rules Ltd.

Press Contact:

Michael Kahn
Chazbrooks Communications

Tel: 01483 277 711

Fax: 01483 277 811

email: michaelk@chazb.com

OST Customer Contact:

Jeremy Wood

OST Business Rules Limited

Tel: 0207 628 9052

Fax: 0207 628 9056

email: jeremy.wood@ostbusinessrules.com

This press release was distributed by ResponseSource Press Release Wire on behalf of brooks comm (Formerly Chazbrooks Communications) in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.