Treasury systems provider Wall Street Systems is making its Wallstreet FX foreign exchange dealing system available via an ASP delivery model, which is also described as “software as a service.”
The company says that, by opting to run the application on Wall Street Systems' servers rather that their own, banks gain quick and easy access to customised, real-time trade processing services with 24x7 application management and support.
In addition to potentially reducing implementation time by more than 50 per cent, Wallstreet FX ASP is sold on a transaction-based pricing model that allows clients to pay according to their use of the system, rather than paying upfront licence fees. Not only does this make the software more accessible and cost-effective, but it also aligns the new pricing strategy with tangible benefits for clients by enabling them to book and process as many trades as possible.
Fully supported by Wall Street Systems, Wallstreet FX ASP offers full disaster recovery and the highest possible levels of uptime, availability and responsiveness, with each component being fully redundant. The solution has achieved SAS 70 certification, ensuring that clients needing to achieve compliance with regulations such as Sarbanes-Oxley have complete transparency and control over their operations.
"Our expertise lies in high performance trade processing, so by hosting Wallstreet FX we can ensure our clients get the best possible experience of this solution and are better equipped to take advantage of soaring FX trading volumes," explains Rick Schumacher, product manager at Wall Street Systems. "This software as a service offering relieves banks of a major technical responsibility and allows them to focus on their core business."
Hosted at a SAVVIS Class A data centre, Wallstreet FX ASP uses the SAVVIS IT Infrastructure, Utility Computing, Network, and Security which runs as a complete SAS 70 Type II operating environment and enables Wall Street Systems to deliver a secure, resilient and scaleable ASP solution. By partnering with SAVVIS, Wall Street Systems is able to focus on the management of the applications, while SAVVIS manages the security and the host environment.
"We are pleased to provide the data centre facilities, servers and storage systems, network backbone, management, and operations underpinning Wall Street Systems' FX solution," says Varghese Thomas, vice president of Financial Markets for SAVVIS. "Wall Street Systems is one of the first major trade processing system providers to make its product available as a true ASP model that allows customers to pay per transaction, rather than investing in costly locally-run and managed software."