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Fortis's Prime Fund Solutions upgrades core banking platform

Prime Fund Solutions, the Fortis Merchant Banking business line dedicated to servicing the alternative and traditional investment industry, has successfully upgraded its core banking platform to the T24 system from Swiss provider Temenos.

This new banking system provides Prime Fund Solutions with state-of-the-art technology that offers the continuity, performance and scalability needed to support its substantial business growth. The T24 system also significantly reduces the processing time needed at the end of each business day.

'An international project team was mobilised to upgrade to T24 and to deploy it on a new hardware platform,' says Noel Fahy, managing director of Prime Fund Solutions Bank. 'Thanks to extensive testing, the migration weekend went extremely smoothly.

'The upgrade of the core banking platform is part of an ongoing programme to improve efficiency and enhance the products and services provided to our clients.' The T24 system supports the banking and custody processes and serves users in all three major time zones, Asia, Europe and the western hemisphere.

Fortis Merchant Banking provides tailor-made services to medium-sized companies, large corporates and institutions, offering expertise in cash and treasury management, debt, equity and structured finance, trading and financial risk hedging, financial advisory and structuring to commodity producers, traders and distributors worldwide.

Prime Fund Solutions supports all types of investment fund, ranging from traditional to hedge funds and funds of hedge funds, offering fund administration, cash management, clearing, custody, securities borrowing and lending, risk management and bridge and leverage finance services from key locations with support from representative offices around the world.

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