The Royal Bank of Scotland (RBS) has reached a legal settlement with software supplier Complex Systems, which will...
allow it to continue using its trading software.
Earlier in 2014, a US judge ruled RBS’s Holland operation, previously ABN Amro, had to stop using Complex Systems’ BankTrade software, used to process trading transactions.
However, RBS can now use the software across its business following a settlement.
"We are pleased to have reached a binding agreement to settle our litigation with Complex Systems Inc (CSI) and continue RBS's use of CSI's BankTrade software going forward. As a result of the settlement, RBS can continue to process all trade finance transactions for its clients across all its legal entities," said an RBS statement.
More on RBS and ABN Amro
"Our clients remain our primary focus and this settlement assures them of our continued commitment to our trade finance business. It provides them with the certainty they require for their immediate trade finance needs and their long-term strategic objectives," the statement added.
The problem occurred when RBS sold an ABN Amro unit that had the licence to use the software, but continued to use it itself.
RBS acquired Dutch banking giant ABN Amro, as part of a consortium, in late 2007. The consortium, which also includes Banco Santander of Spain and Belgian-Dutch Fortis, won the race to acquire the Dutch bank for £49bn.
Banks have a multitude of systems running across their diverse operations, and the takeover left the consortium with the challenge of integrating a large number of IT systems.
The case highlights the importance of understanding what software the business uses and ensuring that licences are up-to-date.