Odyssey Financial Technologies has confirmed its position as the investment management front office of UK banking group Lloyds TSB's private banking arm. The two will aim to improve Lloyds TSB's web-based investment banking platform, enabling the bank to better serve its private banking customers.
Lloyds TSB purchased portfolio rebalancing and order management components from Odyssey to form the basis for the bank’s web-based investment banking management platform, in a bid to deliver greater efficiency and to allow the bank to use further functionality from the private banking and wealth management solutions and services provider in the future.
We see Odyssey as a strategic partner in the development roadmap for the new investment management front office of our private banking environment, said John Tyley, operations director of UK wealth management at Lloyds TSB. We will benefit from Odyssey’s technology which has been proven as successful in many other clients, and from the existing configurable browser front-end, allowing us to save on time to market, facilitate our portfolio and strategy management and help in fulfilling MiFID requirements.
The strategic partnership will make the current portfolio rebalancing process become more streamlined, with reduced costs through automated STP, thus allowing the bank to reduce the potential for errors, while continuing to satisfy compliance requirements, through the acquisition of the new components.
Implementation of the solution has already begun and the main portfolio rebalancing functionality is scheduled to be available during 2007.