Introduction
A major global financial services firm, renowned for its extensive private wealth management practice, sought to elevate its internal Order Management System (OMS) to streamline order booking processes. Key objectives included implementing Straight Through Processing (STP) for order booking, providing electronic order entry for customers, expanding connectivity to Asian exchanges, and developing a flexible, rule-based commission calculation mechanism.
Analyzing the Problem
- Inefficient order booking processes
- Lack of electronic order entry for customers
- Limited connectivity to Asian exchanges
- Manual and inflexible commission calculation mechanism
Initial Challenges
- Absence of straight-through processing (STP)
- Limited electronic order entry options
- Incomplete connectivity to Asian exchanges
- Manual and rigid commission calculation methods
Our Solution
Leveraging our financial services expertise, Wissen developed a comprehensive solution:
- Integration with the existing system for electronic order entry
- Seamless flow of electronic orders into the order management system (OMS)
- Connectivity to new Asian exchanges (Taiwan, Shanghai, Korea)
- Order routing configurations and exchange timings setup
- Rule-based commission calculation mechanism with flexibility in commission profiles
Key Results Achieved
- Enhanced efficiency in order booking processes
- Introduction of electronic order entry for customers
- Expanded connectivity to Asian exchanges
- Elimination of errors through automated processes
Conclusion
By collaborating with Wissen, the financial services firm successfully enhanced its Order Management System, revolutionizing order booking processes. The seamless integration with existing systems enabled electronic order entry for customers, eliminating errors associated with manual processes. Additionally, expanded connectivity to Asian exchanges facilitated broader market access. The implementation of a flexible, rule-based commission calculation mechanism further optimized operations, enhancing overall efficiency and client satisfaction. Through these initiatives, the firm positioned itself for continued growth and competitiveness in the wealth management sector.
