Posts Tagged ‘financial’

CUSD board approves new financial software

March 19th, 2012

The fracas Wednesday between Chester Upland School Board President Wanda Mann and a Chester High School teacher overshadowed the district’s financial plight last week.

However, the board approved a handful of resolutions aimed at stabilizing the district’s long-term finances Thursday.

The board approved a subscription to a new financial software system for fund accounting, payroll and personnel by a vote of 8-1. Democrat Cephus Richardson was the lone board member to cast a dissenting vote.

The board also voted, 5-4, to hire Tom Josiah as a financial consultant from March 26 to Dec. 31, for no more than $30,000. The vote split down party lines, with the Republicans using their majority to hire Josiah, who previously served the district as an assistant to former Chief Financial Officer Gene Cresta.

Democrat Anthony Johnson said he voted against hiring Josiah because Josiah was here during a period of state control.

“Why bring someone back that we had problems with before?” Johnson said.

Chief Financial Officer Robert Bruchak, hired by the board in November, advocated for the resolutions, saying the business office is out of order. He said he needs assistance meeting the state’s demands.

“One of the things we’re getting criticized hard — and have for years — is that we’re not in compliance,” Bruchak said. “My intention is to clean that up.

“That’s one of the reasons why I’m bringing a new financial software package in. Our old system is very antiquated. The new system is more in compliance and we’re actually going to save money on that.”

As part of the federal lawsuit involving the district and state, Secretary of Education Ronald Tomalis released a report Tuesday recommending solutions to fund Chester Upland and its affiliated charter schools for the final four months of the school year.

That report, written by lawyer Stephen J. Harmelin, heavily cited a financial review of Chester Upland conducted by Public Financial Management Inc. earlier this month.

The report stated the district’s financial records are in “complete disarray.” The report found the district did not have a valid operating budget, does not maintain updated accounting records and had a “breakdown in linkage” between human resources and the payroll system, among other problems.

The Pennsylvania Department of Education has requested the district be placed under receivership, a move district spokesman Joel Avery said Chester Upland will contest.

Meanwhile, Chester Mayor John Linder said at Wednesday’s council meeting that he has spoken with a few state legislators about allowing the city government to oversee the district instead of another state takeover.

Linder, headmaster of the former Village Charter School, said he has ideas for a two- to five-year plan to stabilize Chester Upland.

He said he’d be willing to add the responsibility to his duties as mayor, if the state obliged.

“We are ready and prepared to do that, but there has to be a plan and a definite commitment on the state’s part for backing this plan for the next two to five years,” Linder said. “I’ve expressed that to them.”


Credit quest software and the Nigerian financial clients

March 12th, 2012

It is encouraging seeing most Nigerian banks now using Credit Quest Software in analysing credit clients. This is a necessary and vital step forward in the pursuit of financial standards in line with the practices in other developed worlds.

However, there is still a major concern which I fear will undermine credit management issues and will scuttle or derail any progress made in this sector of our economy. I am afraid that the standard of the rating modeling administration adopted by the banks in assessing credit applications is not entirely convincing. Considering the level of the sophistication of the Nigerian economy, there remains the concern that the Credit Quest Software used by the banks may not exactly be reliable.

Financial computing which provides the basis for the development of most credit software applications takes cognisance of various environmental issues, ranging from key business and regulatory issues to providing input to public policy on financial services.

The software functions and its capabilities to capture the Nigerian economic volatility through the use of Computational Finance and Financial IT are in doubts. Both Computational Finance which deals with issues such as risk management, algorithmic trading, market simulation, portfolio optimisation, etc., and Financial IT which covers scalable high performance computing, financial software engineering, graphic processing unit (GPU) also known as visual processing unit (VPU), and cloud computing relies on efficient market information and effective data collation among others.

Point of Sales, POS, facility

Nigeria has no adequate market information channels and no reliable data collation especially as related to organised pattern of financial behaviour of individuals and corporations. This makes the accuracy of the analytical results of financial clients obtained by the current credit software precariously unreliable.

In using information obtained on the evidence of the result from the credit software, the banks should also adopt caution. The system is still very much in its infancy and personal knowledge of each credit applicant should not be discountenanced while we continue with the development of credit software which can improve the banking and credit efficiency.

The system can only be effective when other sectors of our economy are also developed. There must be a functional regulatory system for the financial sector, the judiciary and law enforcement agencies. The standard and method of information sharing must be improved by empowering the agencies responsible for data collation – offices of statistics and information ministries. We must understand the country’s demography in relation to change patterns.

Financial modeling is all involving. The current Credit Quest Software and any other credit software used by the banks are not robust enough to capture vital trends that pivot the building of credit client’s image needed to make a critical credit decision. Most clients’ images as represented presently by the credit software may not accurately march their portfolio.

Despite the obvious imperfections which may have been observed that dogs the pioneering of the use of credit software in making credit decisions by the banks, the Nigerian banks are better positioned for business and this will benefit the economy. The use of the credit software is a step in the right direction but there is need for continual development and evolvement.


Oracle Financial Services Software Ltd shares down after delisting clarification

February 28th, 2012

Shares in Oracle Financial Services Software Ltd turned negative and fell as much as 5.45 percent after the information technology solutions provider said it was not aware of any delisting of its shares by its U.S.-based parent.

“… there is no such communication received or issued by the company in this regard,” it said in a statement. On Friday, the company’s shares closed 15.4 percent higher on market talk that parent Oracle Corp was looking to delist the company’s shares at a premium.

Oracle Corp holds an 80.39 percent stake in its India unit via its Mauritius subsidiary. At 1.26 p.m., the stock was down 3.46 percent at 2,494.40 rupees.


Oracle Financial Services Software Limited

February 16th, 2012

Oracle Financial Services Software Limited has informed the Exchange that the ESOP Allotment Committee at its meeting held on February 15, 2012, allotted 3,900 equity shares of face value of Rs. 5/- each to the eligible employees of the Company who have exercised their stock options under the Employee Stock Option Scheme, 2002. These shares are pari pasu with the existing equity shares of the Company, in all respects. In this allotment, no shares are allotted to Directors. With this allotment, the paid up capital of the Company increased to Rs.419,761,885/- divided into 83,952,377 equity shares of face value of Rs.5/- each.


Nucleus Software Awarded Gold Shield For Financial Reporting By ICAI

January 24th, 2012

Nucleus Software, a provider of integrated software products for banks and financial institutions, has announced that the Annual Report and Accounts of the Company for year ended March 31, 2011, have been adjudged as the best under the Category XI – Service Sector (Other than financial services sector, transport, shipping and shipping/port allied services. Turn over less than Rs. 500 crore) of the ‘ICAI Awards for Excellence in Financial Reporting’. Nucleus Software has won Gold Shield for the fourth consecutive year.

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Small Austin software company works with some financial giants

January 23rd, 2012

Broadway Technology’s new office looks out over a wide lawn that stretches to the shore of Lake Austin, close by the Pennybacker Bridge.

It’s an idyllic setting for a company that builds software that helps drive the blistering pace of some of the world’s financial markets.

The 50-person company, which also has a “co-headquarters” office in New York, develops and sells software and services to some of the giants of global finance.

Goldman Sachs Group Inc., one of the most astute players on Wall Street, is a key customer. So is Paris-based BNP Paribas, a major international bank and investment company.

Broadway’s customer list “is like a who’s-who of finance,” CEO Tyler Moeller said.

After eight years in business, the company has a strong beachhead in financial trading software, but it wants to expand rapidly with new products and services while adding to its market in Europe and, eventually, Asia.

In December, the company announced a round of strategic investment that included Goldman and BNP to support its growth plans. It expects to double its workforce during the next 18 months and triple the size of its 30-employee Austin office.

“There is a huge amount of innovation that we want to do,” said Chief Operating Officer Jonathan Fieldman. “And this investment is going to fuel that. This is a $30 billion industry that we have targeted, and 50 people isn’t quite enough.”

So how did a small software company come to sell crucial software to some of the giants of finance?

The roots of Broadway go back to Austin’s Trilogy Software Inc. and one of its subsidiaries,, which expanded aggressively in the late 1990s before flaming out in 2001. Moeller and Joshua Walsky, a co-founder and chief technology officer of Broadway, joined carOrder out of college and helped build a software system that could handle high-volume car sales online. The business strategy didn’t work out — Detroit hated it — but the software was good.

After carOrder closed, Moeller headed to New York in the summer of 2001 to join a few friends who had formed a small firm to do computer-based trading in U.S. Treasury securities. The job required substantial software development and Moeller signed on as both a trader and software developer. Walsky followed him several months later.

“We were very small,” Moeller recalled recently. “There were four of us, and we needed to come up with ideas fast and get them into the market fast. I quickly realized that a lot of the software we had done (for carOrder) was incredibly applicable to the finance space.”

They needed software that could plow through massive amounts of financial data and find trades at lightning speed, while routing orders, tracking trading positions, calculating profit and loss, and working well with more specialized trading applications programs.

They credit their software training — Moeller studied at MIT and Walsky at Cornell — along with their carOrder and trading experiences for giving them the insight they needed to build software that worked for trading operations.

They traded Treasury securities successfully for two years. But things changed in 2003 when a big new client required their full-time attention as software developers. That’s when they started Broadway.

The client was Countrywide Securities, a branch of the former Countrywide Financial, which wanted a new computerized trading operation set up and supported by new software in six months. Moeller and Walsky set to work, using the software they had already developed as a foundation. They met the deadline, and Countrywide’s trading desk went into operation in early 2004.

Then came an even bigger job in 2005. Paris-based BNP wanted to dramatically expand its global foreign exchange trading operation, and it needed extensive new software to do it.

“We were so small, we couldn’t build a new FX (foreign exchange) system” from scratch, Moeller said. “We had to take the components on our existing system and change them and make that more generic (to handle different types of investments) That is what we do today.”

Walsky spent most of two years living in Paris and London to make sure the implementation of the new system went well.

The BNP project helped lead to Goldman Sachs.

“Goldman wouldn’t have bought it if we hadn’t had a great reputation.” Moeller said. “Once we did that deal (with Goldman), we no longer had to prove ourselves in winning sales.”About the time of the Goldman deal, Moeller and Walsky knew they would have to expand their programming operations outside Manhattan to attract the top-tier programmers.

That included people they had worked with at Trilogy — and they knew that the biggest pool of those people was in Austin.

“We needed more people, and we were building for global deployments,” Moeller said. “We looked around and said, New York is a tough place to hire really good technology people. You don’t have a lot of entrepreneurial people. It is not the same spirit that you have down here.”

The company has been profitable throughout its eight years of operation, but the recent investment helped it expand faster.

That expansion includes new product lines covering other financial products, including derivatives such as credit default swaps; new markets; and expanded customer support.

For a company that deals with global finances, Broadway keeps its own private. Officials say that the company is profitable and that revenue has grown by nearly 50 percent a year over the past four years.

Industry analyst Adam Honoré with the Aite Group consulting firm said he likes Broadway’s team and its capabilities, but he cautions that it plays in a relatively small universe.

“We estimate that there are only 140 firms doing high-frequency trading globally, so it is not that big.”

The analyst said Broadway has the potential to expand into related financial fields with more customers.

“As long as they continue adding those pieces of business, they will be fine,” Honoré said.

For Moeller and Walsky, the key to growing a software business is part of what they learned at Trilogy — hire talented, highly motivated people who can move fast and innovate quickly.

“People are the single-most important asset you can have, more than anything else,” Moeller said. “You can solve any problem you have if you have the right group of people.”


Connect Financial Software Solutions is Selected by Altra Federal Credit Union for Online Banking

December 8th, 2011

Connect Financial Software Solutions today announced a multi-year agreement with Altra Federal Credit Union. With over 70,000 members and $850 million in assets, Altra selected Connect for its consumer suite of Internet Banking, Mobile, and soon to be released Mobile Deposit Capture Solution.

Mary Isaacs, Executive Vice President and CFO said “We were seeking specific capabilities in the online channel, and Connect was the only provider we found that could deliver on those capabilities. The Connect team demonstrated a unique interest in understanding our members’ needs as well as our operational and business requirements, which we found very appealing. We are excited about taking advantage of all that Connect offers in their Online banking solution.”

According to Joe Long, Vice President of Connect, “Altra presented us with a series of unique and challenging requirements for their online delivery channel. We were able to spend time with their team to better understand what was needed, and offer the customization necessary to meet the desired outcomes presented to us.”


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