Amsterdam 7 July 2008: is pleased to announce that ING has decided to license Framesoft Structured Products (FSP) and Framesoft Document Management (FDM).
ING has decided to implement FSP and FDM in order to streamline its processes for the
- Issuance of structured products and
- OTC trade workflows.
The application will be used at first in four ING locations worldwide and will be rolled out to total of about ten locations swiftly after the beginning of productive use, in order to achieve a complete coverage of all processes.
ING is creating the documentation of its most used EMTN Programmes for Structured Notes, with the intention to increase Programme and Product Coverage to other issuers and products after successful introduction of this first Milestone.
Each issue of a note is captured in FSP and the respective folder for archiving the received and related internal documentation will be created automatically in Framesoft's Document Management & Archiving Solution (FDM). Documents created automatically by FSP are transferred automatically into FDM.
Captured issues, trades and products will be transferred to in-house systems and external service providers for further processing, as well.
FSP is Framesoft's answer to the growing number of issues of more and more complex Structured Products via EMTN Programmes or as Stand Alone issues. With FSP, issue documentation becomes a highly automated and much better controlled process with the highest level of STP achievable. At the same time, procedures for checking and escalating critical issues, approving them and creating the documentation get aligned with each other by virtue of FSP's workflow engine.
FSP is based on Framesoft's Technology Platform FON, allowing at the same time Form and Document Based Data Capture and automatic, conditions based Creation of Documents and Approval Processes, which can be "negotiated" and edited in a workflow. Dynamical changes of the data model and workflow templates used permit the rapid creation and deployment of new product types and the respective issue documentation without any release change. Static Data Management for the data needed to create the documentation is also included.
FSP supports all types of structured products, including Fixed Income, Structured Notes (Shares and Index based) as well as all pay off structures through its powerful, object based Structured Products Data Model, which can be amended for new products and attributes at run time.
ING is a global financial services company providing banking, investments, life insurance and retirement services. ING serves more than 75 million customers in Europe, the United States, Canada, Latin America, Asia and Australia. Based on market capitalization (31 March 2008), ING is one of the 20 largest financial institutions worldwide.