SmartStream Technologies, the Transaction Lifecycle Management (TLM®) specialist, today announced that s IT Solutions Austria, the Austrian IT service provider for Erste Group, one of the largest financial services providers in Central and Eastern Europe – has decided to implement SmartStream’s hybrid.corona to reduce operational costs.
The new service will be deployed with minimal investment, time and effort. The solution does not require users to move away from their existing mainframe technology. Instead, it combines the high availability and security of an existing mainframe environment with the cost-efficiency of a virtualized Linux for z Systems.
Christian Schiebl, Executive Vice President, Corona Business Unit, SmartStream, says: “There is often hesitation in making changes to existing IT infrastructures, as it is often viewed as risky, or a threat to service levels. The hybrid.corona offering allows quick and risk-free implementations. s IT Solutions Austria is clearly strategic in its thinking when it comes to cost savings and further improving its IT environment, for the betterment of customer service – we at SmartStream believe all financial institutions should have these aims on their agenda.”
The potential for savings with hybrid.corona is considerable. Business case analysis carried out on behalf of strategic customers indicated that, depending on the individual organisation’s mainframe contracts, the solution reduces user traffic related costs by as much as 40-60 per cent.
SmartStream provides Transaction Lifecycle Management (TLM®) solutions and Managed Services to dramatically transform the middle and back-office operations of financial institutions. Over 1,500 clients, including more than 70 of the World's top 100 banks, 8 of the top 10 asset managers, and 8 of the top 10 custodians rely on SmartStream’s solutions.
SmartStream delivers greater efficiency, automation and control to critical post trade operations including: Reference Data Operations, Trade Process Management, Confirmations and Reconciliation Management, Corporate Actions Processing, Fees and Invoice Management, Collateral Management, Cash & Liquidity Management and Compliance Solutions. Used independently or as a suite of solutions and services, clients gain a lower cost-per-transaction whilst reducing operational risk, aiding compliance and improving customer service levels.
SmartStream, in partnership with its mainframe customers, has developed a solution that allows Corona users to lower the costs for user-related traffic while, at the same time, avoiding costly and often risky changes to IT infrastructure or migrations to new systems. hybrid.corona employs an additional Corona server – located on a Linux subsystem on the same mainframe – through which user traffic is routed. Although hardware usage does not decrease, cost efficiency improves significantly as differences in the pricing of traffic can be taken advantage of.
Erste Group is the leading financial services provider in the Eastern part of the EU. Approximately 46,700 employees serve 15.7 million clients in more than 2,700 branches in 7 countries (Austria, Czech Republic, Slovakia, Romania, Hungary, Croatia, Serbia).
s IT Solutions Austria is the IT service provider of Erste Bank und Sparkassen for Austria and as such in charge of development, implementation and support of the IT solutions for the bank. Additionally, it is responsible for the data center operations for Erste Group and the technical on-site support in Austria.