ComputerWorld: Open-source breaks into banking - Integration tool to speed global tradingFeb 05, 2001, 21:50 (0 Talkback[s])
(Other stories by Lee Copeland)
"A German bank wants to introduce open-source development to the insular, security-conscious world of investment banking."
"The London-based investment banking arm of Dresdner Bank AG, Germany's third-biggest bank, last week launched its custom-built, back-end integration tool, called Openadaptor. The open-source application lets the bank reconcile its global banking and trading accounts faster."
"By placing the software in the open-source community, Dresdner Kleinwort Wasserstein hopes to promote the use of the integration tool at other banks, said Al-Noor Ramji, CIO at the investment bank."
"The domino effect should be the reduction in the time it takes to make and settle a trade," he said. Using the tool, Dresdner has cut its account settlement times from five days to three and hopes to reduce the cycle time even further to just 24 hours."