Bank signs finance compliance systems deal

C Hoare & Co, the UK's only private deposit bank, has installed a reporting system to cut IT costs and help it to comply with...

C Hoare & Co, the UK's only private deposit bank, has installed a reporting system to cut IT costs and help it to comply with electronic reporting requirements.

The London-based bank, founded in 1672, will use software from STB Systems worth about £50,000.

The software modules will summarise daily transactions and account information downloaded from four IT systems and put it all into a single data format.

It also automatically produces electronic monthly reports for City regulator the Financial Services Authority and the Bank of England.

The family-owned bank said it had decided to look for new reporting software because its previous software package was not performing to the standard expected, but declined to name the supplier.

"Our previous project was not meeting timescales and not bringing us the benefits we had expected," said Cliff Crumpton, head of finance at C Hoare & Co.

"When we looked again at the market, things had moved on and we found that a complete system from STB Systems would cost us less than a single upgrade from the incumbent."

STB Systems also offers its users a free upgrade to meet new industry regulations. It extracts information from four systems at the bank: an in-house retail banking system; two systems from Financial Objects which handle foreign currency retail banking and treasury dealing; and an accounting system from Systems Union.

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