Savings banks in Rhineland-Palatinate migrated to dwpbank

Frankfurt am Main, 1 October 2013

  • Securities settlement for 24 institutions transitioned to dwpbank’s central platform.
  • 85% of all German savings banks are now dwpbank clients.
  • Migration of savings banks in Baden-Württemberg planned for 2014.
  • dwpbank cements its position as central securities settlement services provider in Germany.

Deutsche WertpapierService Bank AG (dwpbank) has migrated the securities settlement of 24 savings banks in Rhineland-Palatinate to its central securities settlement platform WP2 as planned. Following the transmission of securities account and customer master data on 21 and 22 September, the transfer of transaction data last weekend marked the successful conclusion of the migration project, which covered approximately 100,000 securities accounts.

“We are pleased that the savings banks of Rhineland-Palatinate have placed their trust in us. Our service range will enable us to provide these banks with significant support in carrying out their securities business,” said Karl-Martin im Brahm, dwpbank’s CSO.

The migration of the savings banks in Rhineland-Palatinate has enabled dwpbank, a cross-sector transaction bank, to close yet another gap in its group of clients within the German Savings Banks Finance Group (Sparkassen-Finanzgruppe). It now handles securities settlement services for nearly 85% of all savings banks in Germany. Moreover, half of the banks in Rhineland-Palatinate have switched directly to the BOSC product, which is used by the transaction bank to bundle back-office activities in various modules. This enables its clients to completely outsource their securities back offices.

dwpbank had already entered into a strategic securities settlement agreement with the savings banks associations in Rhineland-Palatinate and Baden-Württemberg in mid-2010. The next step will follow in the year to come: Now that the 24 savings banks in Rhineland-Palatinate have been successfully migrated, the savings banks in Baden-Württemberg will be migrated in October 2014.

CSO im Brahm is confident: “By bundling large transaction volumes and complying with national and international statutory and regulatory norms centrally on our WP2 settlement platform, we lighten the load on our clients. This represents a major contribution towards keeping the securities business low-cost and attractive as a key source of income for financial institutions.”

About dwpbank:

Deutsche WertpapierService Bank AG (dwpbank) is the market leader for securities settlement in Germany. It is owned by banks belonging to the German Cooperative Financial Services Network (Genossenschaftliche FinanzGruppe) and the German Savings Banks Finance Group (Sparkassen-Finanzgruppe), which are equal partners.

With approximately 390 direct clients and over 1,500 member banks in total, nearly 75% of all German banks make use of dwpbank’s securities settlement processes and systems.

The transaction bank manages approximately 5.5 million securities accounts across various sectors. It bundles the securities business of the two cooperative central banks of the German Cooperative Financial Services Network, provides more than 85% of the securities services used today by savings banks and state banks (Landesbanken) and is a securities settlement partner for over 30 private and commercial banking institutions.

With approximately 250,000 managed users – investment advisors and bank employees – dwpbank’s central securities settlement platform WP2 is one of the most significant IT applications in the German banking sector.

Contact:

Ralf Droz
Press Officer
Telefon: 069 5099-3359
ralf.droz@dwpbank.de

Internet: www.dwpbank.de