(PRWEB) February 28, 2003
FOR IMMEDIATE RELEASE
February 26, 2003
Headline: TAPÂs new Instrument Master product can save millions in global capital markets
VANCOUVER, BC ÂTAP Ventures Inc. (TAP) begins 2003 with the launch of TAPMaster, its new global capital markets instrument master for the international financial services industry. TAPÂs product addresses growing requirements to properly identify and verify, as well as compile, collate, and distribute accurate securities data to common business applications ranging from the trading floor through settlement and other back office operations.
ÂAs trading volumes and volatility increase, clients demand access to global exchanges, and the industry as a whole moves to improve clearing and settlement efficiency, organizations simply canÂt maintain a multiplicity of security master files to meet these growing daily operational requirements,Â says Marc Alvarez, Executive Director of Financial Industry Solutions at TAP. ÂTAPMaster provides a low cost, incremental approach to collating and deploying securities information that allows financial services firms to keep up with their clientsÂ demands without overspending in IT or clerical staff.Â
GartnerGroup and TowerGroup studies conclude that of the $200-billion in operating expenditures made by securities companies in 2000, $70-billion was spent on post-trade clearance and settlement activities. With shrinking margins, industry turbulence, and impending regulatory changes, financial services firms seek to dramatically reduce costs through automation, particularly in the back office. For instance, one third of financial institutions indicate that 90 per cent of their securities data must be updated manually, and 10 per cent of those institutions employ over 200 staff to correct mistakes. An accurate instrument master file is a crucial component for improved Straight Through Processing (STP) to reduce errors, as well as resource and infrastructure costs.
TAPMaster is a cross asset, cross data type application, built on MicrosoftÂs .NET technology platform. The application interfaces with standard vendor datafeeds found at most financial services centers to deliver a single, consistent view of the content regardless of its source. TAPMaster supports direct database querying using SQL, as well as a library of web services designed to provide specific enterprise business functions such as cross referencing, symbol lookup, and portfolio valuation. By providing a standard relational view of consolidated instrument data, TAPMaster allows organizations to efficiently redeploy resources and capital to develop additional applications that use this master copy of information, instead of maintaining multiple data sources, databases, and files.
TAPÂs product development efforts are the next logical step after several multi-year projects with some of North AmericaÂs leading financial services companies. ÂAfter 13 years of conducting quality business and technology consulting engagements in the financial services space, TAPMaster capitalizes on that knowledge, expertise, and customer service,Â says David Crouch, President and CEO of TAP. ÂOur instrument master product is intended to be easy to install and to use, and is available as a server product or on an ASP basis.Â
A track record in customer service excellence helped TAP quickly sign its first two beta clients for TAPMaster, one in Vancouver and the other in New York. Those two organizations will take possession of the product in February, while TAP continues the execution of its multi-product strategy for the global capital markets.
About TAP Ventures
TAP Ventures, Inc. provides next generation products and solutions to the financial services industry. Our products incorporate comprehensive, real-time support for reference data, record keeping, and business intelligence to assist customers, reduce operating costs, meet regulatory requirements, and generate new sources of revenue. To provide complete solutions, TAP also offers product implementation assistance, custom software development, and business consulting.
For further information please contact:
Executive Director, Sales
Executive Director, Financial Industry Solutions
TAP Ventures, Inc.
1052 Homer Street
Canada V6B 2W9
14 Wall Street, 20th Floor
New York, NY