Credit Suisse Securities (Canada) has selected Torstone Technology’s Inferno platform, a multi-asset, multi-entity cloud-based platform, to replace its existing third party outsourced platform and service.
Torstone’s Inferno covers trade capture, confirmation, settlement, accounting, corporate actions, reconciliation and regulatory reporting.
The Inferno platform will offer a fully integrated, user experience for middle- and back-office staff, increasing straight through processing (STP) and reducing manual effort.
Credit Suisse is claimed to have been selected Inferno after an extensive review period, which included detailed scoping analysis, demonstrating the platform’s capability to support its current business needs and its ability to flex in response to future requirements.
Credit Suisse Canada & Bahamas, director and operations head Sam Farrell said: “We decided to move to Inferno and bring our operational processing back in house in order to leverage a cloud-based, cross-asset platform, providing us greater transparency and control over our business, and presenting an opportunity to reduce our total cost of ownership.
“Our teams are working well together and we look forward to leveraging the benefits of the platform going forward.”
At present, Credit Suisse is in the process of migrating to Inferno and will focus mainly on the firm’s institutional equities business.
Credit Suisse wanted to move to Torstone’s platform to avoid outsourced operation
One of the main drivers for the change was an aim to move away from an outsourced operation and to increase efficiency across the wider business.
Furthermore, by consolidating the processes on Torstone’s SaaS platform will offer Credit Suisse the benefits of its enhanced service model, resulting in the reduction in total cost of ownership.
Torstone CEO Brian Collings said: “Our relationship with Credit Suisse proves again Torstone’s ability to quickly enter new markets, underscoring the dynamic and flexible nature of our cloud-based platform.”
Torstone sales global head Jonny Speers said: “We are thrilled that Credit Suisse Securities (Canada) Inc. has chosen Inferno to support its institutional equities business here in Canada. As with all of our projects, we are working in close collaboration with the team at Credit Suisse, to ensure a smooth and seamless transition.
“We look forward to working with Credit Suisse over the coming months and years ahead, and to further growing our franchise here in Canada.”
