Banking on being the best

With over 4 million transactions a day, Finsoft knows the importance of providing a secure data transfer system.

London based software developers, Finsoft started a 3 year KTP project to assist with the development of a Central Securities Database (CSDB) for a new client; the European Central Bank (ECB).

KTP Associates Zoran Zmajkovic, Olga Pechinkina and Matthew Best worked together to develop a set of core systems that would allow the ECB to manage massive quantities of data quickly and securely. Through this system, reference data associated with bonds, equities and other transactions can be quality checked though an efficient process, analysed for inconsistencies and finally led into the central information repositories for use.

"For a bank, investment bank or fund manager, data management is not their key business, however, it is a key requirement. The ECB alone works with something in the region of four or five million securities," explains Chris Walker, a Finsoft Founder. "Banks and financial management organisations have to feel secure in the knowledge that their data is valid and complete and not behind on quality."

During the KTP, company supervisors noted the potential value of this system for other aspects of the business. Finsoft have expanded into the on-line book making and gaming securities industry which has now grown to become the most profitable area. So profitable in fact that Associate Zoran Zmajkovic has since become Project Manager for the multi-million pound operations in this area.

Finsoft is now in the midst of expanding further with a new company, Finsoft Financial, which is being spawned later this year. Finsoft Financial will take 30 of the 160 Finsoft employees and utilise the CSDB system in their dealings with clients in the financial industry. "There is a lot of spin off potentially from the software," said Chris. "It is something that every investment bank and fund manager in the world requires."

Since the release of the CSDB, Finsoft have won a tender to develop the second phase of the software which the company hopes will allow them to take more of a data management role and will be used not only by the ECB but also by the national central banks.

LSBU Professor Allan Long provided the academic support throughout the KTP programme at Finsoft. According to Allan the benefits of this project have continued to evolve since the completion in 2005. "It was a very interesting programme to begin with and it got even better when the direction changed suddenly," Allan recalled. "The Associates were incredibly adaptable and bright. I regularly use examples from this project in my classes."

"In the past five years we have converted almost completely from pure development, where we just developed a product or service or did a piece of consultancy work for a company, into something where everything we do is developing products," said Chris. "The KTP has been a great benefit to Finsoft, the clients and the project. We've ended up with a lot of new software that we can sell."