Just a day after Ally Financial demonstrated the interest of major financial institutions in the retail space by acquiring TradeKing, we are seeing another product development which could reshape the structure of the retail trading market.
Two financial software development companies from Europe have partnered up to deliver a solution which could enable big banks to grant their retail clientele access to online trading. London headquartered Misys has partnered up with Hungarian company Dorsum Investment Software to implement a facilitating layer of software which could spare a lot of inconvenience for retail traders.
Instead of looking for an online brokerage that grants them access to a given market, some banks could start offering a new service to their retail clients that grants them direct access to certain markets.
Fusing Online Banking with Online Trading
The partnership between the companies will integrate the online brokerage functionality developed by Dorsum into the FusionBanking Essence solution developed by Misys. The new solution is called FusionBanking Essence Online Investments and it enables banks to run a full-scale online retail brokerage with retail clients being granted access from their existing banking accounts.
The Retail Channels Director at Misys, Alex Bray, commented on the announcement: “As digital banking has become ubiquitous, online investment capabilities are the next big differentiator for banks. By integrating Dorsum’s online brokerage tools into FusionBanking Essence, we can keep our clients one step ahead and help them to meet their clients’ expectations.”
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needs have shifted well beyond simple online banking as clients seek simpler access to their investment portfolio
The Misys FusionBanking Essence Online Investments product grants access to a wide range of markets including not only exchange-traded products but also OTC assets like equities, bonds and mutual funds.
The CEO at Dorsum, Róbert Kő, added: “The increasing popularity of digital tools requires banks to provide comprehensive digital solutions for their customers. Customers’ needs have shifted well beyond simple online banking as they seek simpler access to their investment portfolio. Our solutions are specifically designed for this market and will further extend the Misys portfolio of digital banking services.”
The end product suite is MiFID compliant as it is designed to assess the risk profile of every client before granting access to a bank’s brokerage product.
Finance Magnates has reached out to Misys for more information about the specific markets to which clients will get access and will update the article once the information becomes available.