Fintecs, the leading financial IT consultancy, has launched MiFIDMap Workbench, the first visual MiFID software tool developed specifically to show compliance officers at a glance the MiFID regulations, how they relate to their own trading processes and - crucially - how far their business processes are compliant. The new software tool has the backing of Microsoft and will save weeks of effort for major financial institutions faced with the headache of becoming MiFID compliant before November.
Says Fintecs managing director Tony Gratton, 'By 1 November 2007, all organisations that trade in, or advise on financial instruments will have to make sure that their trading practices comply with the new MiFID regulations - or face legal penalties. Organisations have only months to put in place changes to their trading processes - a very demanding task for compliance officers. We have developed MiFIDMap Workbench specifically to save them weeks of time and effort in making sure their organisation is compliant.'
MiFIDMap Workbenchis (mifid-map.com) a fully interactive visual tool that visually guides compliance officers through the regulations, and shows how MiFID relates to their own trading processes and how far their business processes are compliant. Managers can interact with the Map, customising it with their own organisation's data to reflect changes in their processes in a see-at-a-glance 'heat map' format.
Fintecs MiFIDMap Workbench has the backing of Microsoft. Says Ian Warford, Industry Director for Securities and Capital Markets EMEA at Microsoft Financial Services, 'Together with our leading financial services partners, we are now offering a solution suite that helps financial institutions comply with MiFID main challenge areas, including Planning and Testing, of which Fintecs MiFIDMap WorkBenchis a key component. With the MiFID deadline only 10 months away, and with many financial institutions still working on making their systems compliant with the EU directive, Fintecs MiFIDMAP Workbench is an important tool that can enable them to visualise their compliance needs and map the progress of the organisations compliance process.'
According to Stephen Mitchell, Head of Compliance with Investment Manager Selection Ltd., 'MiFID is no doubt driving the most significant change in UK regulations since the creation of the FSA and all firms will need to be fully prepared for its implementation in November 2007. MiFIDmap has the potential to assist in both the analysis and project implementation of the MiFID changes and should save significant time and effort.'
As well as the fully interactive MiFIDMap Workbench, Fintecs has also announced the availability of a 'lite' version, MiFIDMap Reader, a visual guide and presentation tool. MiFIDMap Reader enables key staff to view the organisation's progress towards full compliance, as each updated version of the organisation's Map is distributed electronically by the company's compliance officer. MiFIDMap Reader is also an ideal stand-alone entry reference tool for the smaller organisation.
The combination of a fully interactive tool with a simpler low-cost read-only tool means that an organisation can buy a single licence for MiFIDMap Workbench for use by its compliance officer plus an appropriate number of Reader licences for other management staff.
Fintecs MiFIDMap Workbench is priced at £4,500 (ex VAT) for a 1-user licence, while Fintecs MiFIDMap Reader is priced at £1,450 (ex VAT) for a 1-user licence.
As well as being an Independent Software Vendor, Fintecs is also an experienced IT consultancy to the Financial Services industry. Fintecs can provide consultancy support to organisations in the implementation of MiFIDMap.
Fintecs also provides a low volume specialist service printing large-scale full colour compliance Maps and other Business Process Maps.
A trial version off Fintecs MiFIDMap Workbench can be downloaded from the Fintecs MiFIDMap website.
Founded in 2001, Fintecs (fintecs.com) is a Banking IT consultancy and Independent Software Vendor with in-depth expertise in banking and the financial services industry. Fintecs provides solutions, software development and consultancy services to financial clients and offers a unique approach to the visual documentation of systems, business processes and people. Fintecs has achieved full UKAS ISO 9001:2000 certification, and is a Microsoft Visio Partner.
Fintecs draws on a wealth of experience with all kinds of financial institutions from private banking to trust administration including specialities such as asset management for private and institutional clients.
Fintecs has carried out consultancy projects in countries throughout Europe as well as in Canada. Staff are English-French bilingual and have extensive experience of the Swiss banking system.
Fintecs consultancy work has included business process analysis from front-office to back, data flows, databases and a wide range of software applications, with extensive experience of Project Management, Project Implementation, Systems Integration, and Systems Replacement.
Fintecs is also an Independent Software Vendor and a Microsoft Visio Partner. Fintecs' MiFIDMap Workbench and MiFIDMap Reader are software tools that visually guide the user through the MiFID Directives, how they relate to the organisation and monitors the route to compliance.
Fintecs has carried out banking assignments which include:
On behalf of one of Switzerland's largest private Banks Fintecs managed the relocation of key IT systems between European capital cities while seamlessly maintaining 100% banking IT operations without interruption to the bank's staff or customers. To keep track of the immensely complex task, Fintecs employed its Visual Documentation technique to provide a series of maps showing every element of the system and how they interact.
On behalf of a major International Bank, Fintecs developed a means of communicating details of the Bank's main trading platform - developed in house - from the software development team to the IT operations staff to help them to understand the complexity of the system and be better able to run it on a day to day basis. The Fintecs solution employed the Visual Documentation techniques pioneered by Fintecs in the Banking industry, specifically to facilitate knowledge transfer.