"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
"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
"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."
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