The common asset services platform

Gerard Bermingham

Journal of Securities Operations & Custody, 2012, vol. 5, issue 2, 159-170

Abstract: Financial institutions are striving to move towards an integrated common business model. Whatever the drivers, the integrated bank model necessitates change across the firm, from how the bank packages and sells its products, to the service groups that execute and support the business, to the technology on which it all runs. With recent advances in electronic messaging standards, such as extensible business reporting language (XBRL) and ISO 20022, and commonly agreed market practices, the move towards the common asset services platform is a reality. This paper examines asset services, operations and technology as applied to several business lines and identifies functions eligible for a common processing platform, such as the Golden Copy global hub. The common asset services platform enables banks to deliver enhanced client value through improved services across all their business lines; removes technology as a barrier to business convergence on the one hand, and leverages technology as a service differentiator on the other. Sophisticated tools alongside disciplined project management are the keys to success. The implementation can be taken in phases, meaning benefits are realised with each major project milestone. While careful analysis of the requisite investment and corresponding benefits is the foundation of any good project, the consensus is forming that the common asset services platform delivers real and sustainable value to banks and clients alike.

Keywords: common asset services platform; XBRL; messaging standards; common technology; enhanced client value (search for similar items in EconPapers)
JEL-codes: E5 G2 K22 (search for similar items in EconPapers)
Date: 2012
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