May 3 , 2007
New validation platform automatically determines the price of securities
Lufthansa Systems today announced that it will be operating the software for the Central Price Service of Xchanging Transaction Bank. Starting in the second half of 2007, the Frankfurt-based financial services provider will use the software to determine the prices of clients' securities.
The validation system operated in the Lufthansa Systems data center will automate the pricing process and minimize manual efforts for Xchanging. The system consolidates and verifies current pricing information from different providers based on guidelines established by securities experts.
"By implementing this software we will be able to optimize the quality of our validation processes and offer flexible processing times to our clients," said Mike Margetts, Executive Officer Financial Markets at Xchanging. The new IT tool also allows Xchanging Transaction Bank to process larger volumes of data and thus to increase its capacity for new customers.
The Central Price Service of Xchanging Transaction Bank is a product for the valuation of both publicly listed and unlisted but structured financial instruments such as bonds and options. With this product, Xchanging delivers validated prices to institutional investors including investment companies, custodian banks and pension funds. Central Price Service also comprises two categories: Standard Pricing and Financial Engineering.
Dr. Hannes Pfister, Senior Vice President Infrastructure Services at Lufthansa Systems, is pleased about the new customer in the banking sector: "This is the first time that we offer a service which goes beyond usual outsourcing and IT operations to the financial sector. A transaction-based billing system provides our customers with full cost transparency and increased flexibility at all times.“
Note to editors:
Lufthansa Systems is one of the leading IT service providers for the airline and aviation industries worldwide. As a systems integrator, the wholly-owned subsidiary of the Lufthansa Group covers the entire range of IT services, including consulting, development, implementation and operation. Lufthansa Systems provides its IT infrastructure and operations services to a variety of industries. Headquartered in Kelsterbach near Frankfurt/Main, Germany, the company has branches in Germany and 15 other countries and employs about 3,320 people worldwide. In business year 2006, Lufthansa Systems recorded sales of EUR 652 million.
About Xchanging
Xchanging is one of the world's leading companies focused exclusively on managing business processes. The company offers industry-specific processing services and other services for the banking and insurance sector as well as procurement, accounting, HR and payroll services for customers from a variety of industries. Headquartered in Frankfurt am Main, Xchanging Transaction Bank GmbH is a member of the Xchanging Group and represents the Group's core financial markets business. For more information, please visit www.xchanging.com.
For further information, please contact:
Lufthansa Systems AG
Sandra Hammer
Corporate Communications
Tel.: +49 (0)69 696 90776
Fax: +49 (0)69 696 90777
E-mail: publicrelations@LHsystems.com